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<br />t- <br />"' <br />o <br />10 <br />'" <br />.. <br /> <br />::; <br />0:: <br />o <br />"" <br /> <br />~ <br />~ <br />. <br />p. <br /> <br />Q <br />> <br />" <br />Q <br />.S <br /> <br />o <br />o <br />-" <br />~ ~i' <br />i: e= <br />~ ';: <br />~ <br />z <br /> <br />~ <br />~ <br /> <br />.1 <br />:; <br />e- <br />o <br />u <br /> <br />u <br /> <br />'" <br /> <br /><.5 <br />--" <br />~ <br /> <br />said water supply system, the City of Martinsville shall issue its negotiable bonds <br />of the aggregate pt"incipal amount of $620,000400 pursuant to and in accordance with <br />Chapter 193 of the Acts of 1950 of Virginia, and also Article 2 and Article 4 of <br />Chapter 19 of Title 15 of the Code of Virginia, 1950. Said bonds shall be issued <br />under and in compliance with the provisions of Clause (b) of Section '127 of the <br /> <br />Constitution of Virginia, and, subject to the conditions prescribed by said clausel <br />shall not be included within the otherwise authorized indebtedness of said City. <br /> <br />Section 3. The City Council has ascertained and hereby determines that <br /> <br />.- <br /> <br />the probable life of each of the improvements to said water supply system, herein- <br /> <br />before described, is a period of thirty years. <br /> <br />Section 4. Said bonds shall be general obligations of the City of <br />Martinsville and the faith and credit of the City shall be pledged to their payment. <br />Said bonds shall bear interest at a rate which shall not exceed six per cent1.UU. (6%) <br /> <br />per annum. Said bonds shall mature within a period of not more than thirty years <br /> <br />beginning with the date of said bonds in such annual installments as the Councilor <br /> <br />said City may determine in accordance with lawo All details of the bond issue <br /> <br />hereby authorized, not hereby determined" shall be hero after determined by the <br /> <br />Council of the City of Martinsville. <br /> <br />Section 5. None of the bonds hereby authorized shall be issued until all <br /> <br />,.....-. <br /> <br />of said bonds shall have been approved by the affirmative vote of a majority of tho <br /> <br />qualified voters of said City voting on the question of issuing said bonds" at an <br /> <br />election called for that purpose, which majority shall include a majority of the <br /> <br />qualified registered voters owning real estate in said City and voting in such <br /> <br />election on such question. <br /> <br />Section 6. The question whether the bonds hereby authorized shall be <br /> <br />issuedl shall be submitted to the qualified voters of the City of Martinsville at a <br />special election to be held on April 14, 1953. The Circuit Court of the City of <br /> <br />Martinsville, or a Judge thereof, is hereby requested to enter an ordor directing <br /> <br />the proper election officers of said City to take such steps and propare such lOOaIlS <br />