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<br />_. <br /> <br /> -- <br />r- <br />ID <br />0 <br />10 <br />'" <br />.. <br />::;: <br />0:: <br />0 <br />"" <br />! <br />P- <br />o <br />> <br />. <br />Q <br />.s <br />" <br />0 <br />-" <br />." <br />~ ~ <br />c ~~ <br />." i <br />0 <br />i:Q <br />~ <br />'i <br />c <br />~ <br />~ <br />.{ <br />:; <br />e- <br />O <br />u <br />CJ <br />0 <br />0 <br />';:: <br /><.5 <br />,..~ <br />~ <br /> <br />said water supply system, the City of Martinsville shall issue its negotiable bonds <br />of the aggregate principal amount of $620,,000,,00 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 J27 of the <br /> <br />Constitution of Virginia, and, subject to the conditions prescribed by said clause, <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 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 centum (6%) <br /> <br />per annum. Said bonds shall mature wi thin a period of not more than thirty years <br /> <br />beginning with the date of said bonds in such annual installments as the Council of <br /> <br />said City may determine in accordance with laVlo All details of the bond issue <br /> <br />hereby authorized, not hereby determined, shall be hereafter determined by the <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 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 />- <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 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 entor an order directing <br /> <br />the proper election officers of said City to take such steps and prepare such means <br />