CHAP. 468.--An ACT to empower the council of the town of Cape Charles to borrow money and issue bonds therefor to erect or contribute to the erection of an academy of learning.

1. Be it enacted by the general assembly of Virginia, That the council of Cape Charles [City]
be, and they are hereby, authorized to borrow for said corporation, for the purpose of erecting or contributing to the erection of an academy of learning in said town, a sum of money not exceeding one thousand dollars, by the issue and sale of the bonds of the said corporation.

2. The said bonds shall be registered, shall be issued in such denominations as said council shall prescribe, and shall bear interest at a rate not exceeding six per centum per annum, payable annually. The principal of said bonds shall be payable three years after their dates. The said bonds shall be signed by the president of the council, attested by his clerk, with the corporate seal attached, and shall be sold and negotiated in such manner and upon such terms as the council shall prescribe: provided that the said bonds shall not be sold for less than their par value.

3. The council of said town shall have power to make annual appropriations out of the revenue of the corporation to pay the interest and provide a sinking fund for the redemption of said bonds.

4. This act shall be in force from its passage.