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<br />the aggregate pt'incipa.l amount of $155,000.00 pursuant to and in accordance with <br />."-- <br />Chapter 193 of 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, 1950~ Said bonds shall be issued <br />under and in compliance with the provisions of Clause (b) of Section 127 of the <br />Constitution of Virginia, and, subject to tho conditions prescribed by said clause" <br />shall not be included ivithin the othorvtiso authorized indebtedness of said City. <br /> <br /> - <br />r- <br />'" <br />0 <br />10 <br />'" <br />.. <br />;.;: <br />0:: <br />0 <br />"" <br />~ <br />~ <br />P- <br />o <br />> <br />1: <br />_S <br />" <br />'0 <br />.-0 <br />~ ~ <br />;j <br />~ ~~ <br />0 <br />.., i <br />0 <br />:a <br />,..; <br />i <br />0 <br />0 <br />" <br />0 <br />c;; <br />" <br />-~ <br />. <br />0 <br />~ <br />0 <br />co <br />0 <br />" <br />;:;, <br />U <br />d <br />.-" <br />..;; <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 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 />pol' ~um. Said bonds shall mature vdthin a period of not more than thirty years <br /> <br />beginning with tho date of such bonds in such annual installments as the Council of <br /> <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 determined by the <br /> <br />C ounc il of the City of Martinsville 0 <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 />Q.ualified 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 regis-tered voters owning real estate in said City and voting in such <br /> <br />election on such question. <br /> <br />- <br /> <br />Section 6. The Q.uestion whether the bonds horeby authorized shall be <br /> <br />issued shall be submitted to the qualified voters of the City of Martinsville at <br />a ~pecial election to be held on April 14, 1953. The Circuit Court of the City of <br />Martinsville, or a Judge thereof, is hereby requosted to enter an ordor directing <br /> <br />tho proper election officers of the City to take such steps and prepa!"c such moans <br />