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bonds, in accordance with section eight of article ten, of the constitution of West Virginia..

6.

The bonds

authorized to be

issued under this Bonds exact shall be exempt from taxation for municipal pur- empt from poses, which fact shall appear on the face thereof as part of the contract with the purchaser.

city taxation.

(House Bill No. 305.)

CHAPTER 117.

AN ACT authorizing the Council of "The Town of Point Pleasant," Mason County, to fund the bonded indebtedness of said town.

[Passed February 12, 1901. In effect 90 days from passage. Approved February 15, 1901.]

Be it enacted by the Legislature of West Virginia:

1.

cil of Pt.

Pleas- Bonds; counthirty Pleasant, denomina- authorized September sell; kind;

to issue and

amount;

That the council of "The Town of Point ant" is hereby authorized to issue and sell thousand dollars of refunding bonds of the tion of five hundred dollars each, dated first, one thousand nine hundred and one, and payable when payto bearer in thirty-four years after date, with inter- able, etc. est thereon at the rate of four per centum per annum, -rate of payable annually; said bonds and the interest coupons interest. thereto attached shall be payable at the Merchants' -where national bank of West Virginia at Point Pleasant, bonds and West Virginia. But any of such bonds shall be redeemable and payable at the pleasure of said any time after ten years from the date thereof.

town at

interest paid.

bonds may

be paid,
when.

Annual tax

2. There shall be levied and collected by a direct annual tax sufficient sum of money to pay annually to pay. the interest on said bonds and the principal thereof within and not exceeding thirty-four years.

proceeds,

3. Nothing herein contained shall be construed as No increase authorizing any increase of the bonded indebtedness of bond debt; of said town; nor shall the bonds issued under this how applied. act, or the proceeds of sale thereof, be used for or applied to any other purpose than the payment and redemption of the present bonded indebtedness of said

town.

Bonds; how sold.

4. Said bonds shall be sold at not less than their par value; and shall be issued and sold pursuant to the provisions of the ordinance passed by the council of said town on the fifth day of February, nineteen hundred and one.

Bond debt of Shepherdstown

be funded;

how and

when.

(House Bill No. 222.)

CHAPTER 118.

AN ACT authorizing the corporation of Shepherdstown to refund its bonded indebtedness by the issue of new bonds at a lower rate of interst than six per cent.

[Passed February 19, 1901. In effect 90 days from passage. Approved February 21, 1901.]

Be it enacted by the Legislature of West Virginia:

1. That the mayor, recorder and common council of the corporation of Shepherdstown, in the county of authorized to Jefferson, is hereby authorized, when its present bonded indebtedness becomes due and payable, to fund the same, or any part thereof, by the issue and sale of new bonds of the denomination of one hundred dollars, or multiplies thereof, payable in twenty years from the date of their issue, with the right reserved to pay same at any time after ten years from date. Said new bonds to bear interest at a rate of not exceeding five per centum per annum, payable annually.

-rate of interest

No increase

2. Nothing in this act shall authorize any increase of bond debt. of the bonded indebtedness of said corporation; nor -bonds sold shall said new bonds be sold or disposed of for less at par. than par, or the proceeds thereof be used for or applied to any other purpose than the payment and redemption of the present outstanding bonds of said corporation.

-proceeds used only, for what pur

poses.

(Senate Bill No. 126.)

CHAPTER 119.

AN ACT conferring additional authority on the Council of the City of Grafton, Taylor County, in relation to funding the bonded indebtedness of said City and to increase its bonded indebtedness.

[Passed February 11, 1901. In effect from passage. Approved February 18, 1901.]

Be it enacted by the Legislature of West Virginia :

of

said city of Grafthousand ton; council not to issue

and

but

of, authorized

bonds; re- amount;

That the council of the city of Grafton, Taylor county, shall have authority to issue bonds city not to exceed the sum of one hundred dollars, payable in not less than ten years to exceed thirty-four years from their date, deemable at the pleasure of said city, at any after ten years from their date; which said so many thereof as may be issued, shall bear at the rate of four per centum per annum, semi-annually.

or redeema

time when payable bonds, or ble, rate of interest, etc. interest payable

of

For what

may be used.

2. The council of said city shall have authority to appropriate a sufficient number of bonds issued by purposes said council that may be necessary to fund so much such bonds and such parts of the present bonded indebtedness said city as remains unpaid, and the proceeds arising from the sale of the residue of the issue shall be applied to the general improvement of the streets, alleys, sewerage and the general improvement of said city of Grafton.

Annual levy

to pay bonds.

3. The council of the said city shall annually levy a sum not to exceed fifty-five cents on the one hundred dollars valuation of the taxable property in the said city of Grafton, which said sum shall thereupon be applied to the payment of said bonds by said council, beginning at the lowest number of bonds, and the -order of bonds so paid together with the coupons thereto at- payment. tached, or belonging, shall thereupon be cancelled and annulled by the council, and a proper record of said cancellacancellation shall be kept, giving the number, date record. and amount of each bond and coupon so cancelled and annulled.

tion and

4. No bonds shall be issued by the said city of Grafton, under and by virtue of the authority given thorize issue.

Voters, to au

Authority

in this act, unless all questions connected with the
same shall have been first submitted to the qualified
voters of the said city of Grafton and shall have re-
ceived a majority of all the
the same.

votes cast for and against

5. The council of said city of Grafton shall given council, have the authority, by proper ordinances, to carry into full force and effect the provisions of this act.

how and for what.

Acts repealed

6.

All acts or parts of acts relative to the said city of Grafton inconsistent with this act are hereby re

pealed.

Bonds; Braxton county authorized to

(House Bill No. 213.)

CHAPTER 120.

AN ACT to authorize the County Court of Braxton County to fund at a lower rate of interest one hundred and sixteen Five Hundred Dollar Bonds.

[Passed February 4, 1901. In effect 90 days from passage. Approved February 6, 1901.]

Be it enacted by the Legislature of West Virginia:

1. The county court of Braxton county is hereby authorized, at any time within one year from the passage of this act, to issue not exceeding fifty-eight issue; when; thousand dollars of coupon bonds of said county, in amount; in such form as may be provided by the county court, and of the demoninations of one hundred dollars and five hundred dollars, bearing four per centum interest, payable semi-annually, the principal of which bonds shall not be demandable for thirty-three years from the date of issue.

terest; principal when payable.

Bonds may be paid, when.

Sale of such bonds.

2. The said bonds, or any portion thereof, may be paid at any time after ten years, and this proviso shall be expressed on the face of the bonds.

3. The county court of Braxton county shall sell and dispose of the bonds issued under this act at not less than the par value, or so much of them as is necessary to pay off the bonded indebtedness, unpaid, of the said county.

visions as to

bonds Further proadopt- such sale. advantage

4. The county court shall dispose of the hereby authorized in conformity with any plan ed by it, for selling such bonds to the best and for the most money.

5. The county court shall provide for the payment Further proof interest on the bonds hereby authorized.

vision as to interest.

Further pro

payment of

6. The bonds to be paid shall be designated by their numbers and public notice of the time of pay- visions as to ment shall be given for three weeks, by advertisement bonds. in one or more newspapers in said county.

7. The bonds authorized under this act shall be Exempt from exempt from taxation for county, district and munici- taxation. pal purposes as a part of the contract with the purchasers thereof.

8. Nothing in this act shall authorize any increase No increase of in the bonded debt of said county; nor shall the bonds bond debt. issued under this act, or the proceeds thereof, be is--only for sued or applied for any other purpose than the pay- pose, bonds ment and redemption of the outstanding bonds of said etc., to be county.

what pur

applied.

(Senate Bill No. 91.)

CHAPTER 121.

AN ACT to amend and re-enact sections one, two, six and nine of chapter one hundred and four of the Acts of the Legislature of one thousand eight hundred and ninety-seven, and add a new section thereto numbered forty-five.

[Passed February 15, 1901. In effect 90 days from passage. Approved February 16, 1901.]

Be it enacted by the Legislature of West Virginia:

That sections one, two, six and nine of chapter Acts amended. one hundred and four of the acts of the legislature of

one thousand eight hundred and ninety-seven be amended and re-enacted, and that section forty-five be added thereto, so as to read as follows:

1. That the corporate limits of the city of Hinton Hinton; corshall be as follows:

Beginning at a stone, corner of the Chesapeake and Ohio railway company's land, and corner to the form

porate limits.

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