CHAP. 77.--An ACT to authorize the town of Cape Charles to borrow $20,000.00 and issue bonds therefor for the purpose of refunding outstanding school bonds.

1. Be it enacted by the general assembly of Virginia, That in addition to any other indebtedness of the town of Cape Charles, which the said town has, from time to time created, the council of said town may, by two-thirds vote of said council, in the name of and for the use of said town, cause to be issued, bonds or certificates of indebted-ness (the form of which shall be prescribed by the council), to the amount of twenty thousand dollars, bearing interest at a rate not exceeding six per centum per annum and payable, in the discretion of the council, in not more than thirty (30) years, which said bonds may be sinking fund or serial bonds, as the council may determine, but the said bonds shall not be sold upon a basis which will cost the municipality more than six per centum interest per annum. The amount received from the sale of these bonds shall be used and applied by the town in the payment and redemption of a like amount of outstanding bonds of said town issued by it during the year nineteen hundred and eleven for financing the erection of a high school building.

2. While said bonds or any of them remain outstanding, the council of said town shall levy annually a tax upon all real and personal property subject to local taxation in said town sufficient to pay the interest on said bonds and to create a sinking fund for the payment of the principal at maturity.

3. An emergency existing therefor, this act shall be in force from its passage.