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<br />,.........~~. <br /> <br /> -- <br />t- <br />"' <br />0 <br />10 <br />'" <br />.. <br />"" <br />0:: <br />0 <br />"" <br />ii <br />~ <br />P- <br />o <br />> <br />] <br />.S <br />0 <br />'0 <br />-" <br />"" <br />~ I <br />" ~~ <br />"" i <br />0 <br />O'i <br />,..; <br />~ <br />" <br />" <br />'-' <br />.~ <br />:; <br />C- <br />O <br />:.; <br />0 <br />"" <br /><.5 <br />" <br />.-" <br />~ <br /> <br />~- <br /> <br />the aggregate principal amount of $155,000.00 pursuant to and in accordance with <br />Chapter 193 or tho Acts of 1950 of Virginia.. and also Article 2 and Article 4 of <br />Chapter 19 of Title 15 of the Code of Virginia, 19500 Said bonds shall be issued <br />under and in compliance with tho provisions of Clause (b) of Section 127 of the <br /> <br />Constitution of Virginia, and" subject to tho conditions prescribed by said clause" <br /> <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 />the probable life of each of the improvements to said electric system, hereinbefore <br /> <br />described, is a period of thirty years. <br /> <br />Section 4. Said bonds shall be general obligations of the City of <br /> <br />Martinsville and tho 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 centum (6%) <br /> <br />PCI' ~um. Said bonds s hall mature wi thin a period of not more than thirty years <br /> <br />beginning with tlw date of such bonds in such annual installments as the Council of <br />said City may determine in accordance with law'. All details of tho bond issue <br /> <br />hereby authorized, not hereby determined, shall be hereafter deterndncd 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 />of said bonds shall have been approved by the affirmative vote of a majority of the <br /> <br />qualified voters of said City voting on the quostion of issuing said bonds, at an <br /> <br />election called for that purpose, which majority shall include a majority of the <br /> <br />qualified registerod voters O'Iming 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 />issued shall be submitted to the qualified voters of the City of Martinsvillo at <br />a ~pecial election to be held on April ili" 195'3. The Circuit Court of the City or <br />Martinsville, or a Judge thoro of, is hereby requested to onter an order directing <br />tho proper election officers of the City to take such steps and prepare such means <br />