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CHARTER Ch. 11, § 4 CHAPTER 11. BOND ISSUES Sec. 1. Purposes for which bonds may be issued. The council may issue bonds of the City of Martinsville for any municipal purpose provided for in this act [Charter] or in any general-law now or hereafter in effect. (Acts 1981, Ch. 201, § 1) Sec. 2. Election on question of the issuance of bonds. Except as otherwise provided in this chapter, no bonds of the City of Martinsville shall be issued until the question of issuing these shall have first been submitted to the qualified voters of the city at a general or special election and shall have been approved by a majority of such voters voting on the question of such issue. The question or propositions submitted to the voters as aforesaid shall state in general terms the purpose or purposes of the proposed bond issue and the actual or maximum amount of the bond issue. All other details of the bond issue shall be left to be determined by ordinance adopted by the council of the City of Martinsville. Any election held pursuant to this chapter shall be conducted in accordance with, and the form of ballot used in such election shall be in such form as prescribed by, general law now or hereafter in effect. No question as to the validity of such an election, or as to the determina- tion of the result thereof shall be raised in any court except in an action or proceeding commenced in the Circuit Court of the City of Martinsville within ten days (10) days after the determination of the result of said election. No election shall be required with respect to any indebtedness described in Article VII, Section 10 (a) (1) of the Constitution of Virginia of nineteen hundred seventy-one (1971). (Acts 1981, Ch. 201, § 1) Sec. 3. When bonds to be made payable. All bonds of the City of Martinsville hereafter issued shall be made payable within the probable life of the improvement or undertaking on account of which they are to be issued. The determination of or by the council as to the probable life of any such improvement or undertaking shall be conclusive. The probable life of any improvement or undertaking shall not be deemed to be more than thirty (30) years; provided, however, that the probable life of real property acquired by the City may be deemed to be as long as.forty (40) years. In case of a bond issue for a hydroelectric project, the probable life of the improvement or undertaking requiring said bond issue, and of any real property acquired therefor, may be deemed to be as long as fifty (50) years. In case of a bond issue for several different purposes, having different probable periods of usefulness, the council shall determine the average of said period, taking into consideration the amount of bonds to be issued on account of each purpose for which a period is determined and the bonds shall mature within such average period. (Acts 1980, Ch. 7, § 1) Sec. 4. Bonds to be serial or term. Bonds of the City of Martinsville may be issued as serial or term bonds, or any combina- tion thereof. Serial bonds shall mature in annual installments commencing not later than five Supp. No. 28 25