Chap. 7.—An ACT to authorize the Town of Jarratt in Sussex County to issue bonds
in the amount of $17,000.00 for the purpose of constructing a water works and
water supply and sewer system, to authorize the redemption of such bonds, and
to provide for the levy of a tax to pay interest on said bonds and to retire the
same as they mature. [H B 15]

Approved February 7, 1940

1. Be it enacted by the General Assembly of Virginia as follows:

Section 1. The council of the Town of Jarratt in Sussex County
may, without an election with reference thereto, issue bonds of the
Town of Jarratt in the aggregate principal sum of seventeen thousand
dollars ($17,000.00), or any part thereof, for the purpose of construct-
ing a water works and water supply and a sewerage system for the
said town. The said bonds shall be numbered consecutively from one
upward, shall be of the denomination of one thousand dollars each,
shall bear such date as shall be fixed by the council, shall be payable
one thousand dollars each year beginning five years after date, and
shall bear interest at a rate, to be fixed by the council, not exceeding
four per centum per annum, payable semi-annually. The said bonds
shall be in coupon form, shall be signed by the mayor and attested by
the clerk of the town, and the corporate seal of the said town shall be
thereunto affixed, and the coupons to be attached to the said bonds
shall be authenticated by the facsimile signatures of the said mayor
and clerk. Such bonds shall be negotiable, and the council may pro-
vide that on and after ten years from date such bonds may be re-
deemed at any interest period, after such notice as may be prescribed
by the council of the said town, upon payment of the principal and
interest then due and a premium of one and one-half per cent upon
the said principal. If all of the bonds outstanding at any one time
are not called for redemption, the particular bonds to be redeemed
shall be selected by lot. Such bonds may be sold privately, but shall
not be sold at less than par.

Section 2. The said bonds shall in any suit or proceeding involv-
ing their validity be deemed conclusively to have been authorized,
issued, sold, executed and delivered in conformity with this act, and
with all other provisions and statutes applicable thereto, and shall be
incontestable, anything herein or in other statutes to the contrary
notwithstanding, unless such suit, action or proceeding is begun prior
to the delivery of such bonds.

Section 3. Until the principal and interest of the said bonds shall

cus. 7, 8| ACTS OF ASSEMBLY 17

be fully paid, there shall be levied and collected annually by tax on
all property in the Town of Jarratt subject to taxation by the said
town under the general laws of the State of Virginia, a sum sufficient
to pay the interest on all of the said bonds outstanding as it becomes
due, and a further sum sufficient to retire said bonds as they shall
mature.

Section 4. This act shall be complete authority for the issuance
of the said bonds regardless of any general act that may be passed at
the same session of the General Assembly.

2. An emergency existing, this act shall be in force from its
passage.