CHAP. 38.--An ACT to authorize the town of Cape Charles, in Northampton county, to issue bonds and borrow money thereon for the purpose of funding or redeeming certain outstanding bonds known as water bonds, maturing on the 11th day of May, A. D. 1916,...

1. Be it enacted by the general assembly of Virginia, That for the purpose of funding or redeeming certain of its outstanding bonds, bearing date on the eleventh day of May, Anno Domini eighteen hundred and ninety-six, and maturing on the eleventh day of May, Anno Domini nineteen hundred and sixteen, and in order to improve and extend the water and sewer systems, respectively, of the town of Cape Charles, in Northampton county, the council thereof is hereby authorized and empowered to borrow the sum of twenty thousand dollars, or so much thereof as may not exceed its constitutional limit of bond issues, and to issue coupon bonds therefor signed by the mayor and attested by the clerk, payable not exceeding twenty years from the date thereof, redeemable at the pleasure of the council five (5) years thereafter, and bearing interest at a rate not exceeding six per centum (6%) per annum, payable semi-annually wheresoever therein designated: provided, however, that such bonds shall not be sold for less than their nominal or par value.