CHAP. 194.--An ACT to authorize the mayor and council of Cape Charles, in the county of Northampton, and State of Virginia, to issue bonds and borrow money for the construction, repair, improvement, enlargement, extension and maintenance of the lightin...

1. Be it enacted by the general assembly of Virginia, That the mayor and the council of the town of Cape Charles, in the county of Northampton, be, and they are, hereby authorized and empowered to issue and sell bonds of the said town, in an amount not to exceed in the aggregate the sum of fifteen thousand dollars, as hereinafter provided, or as much thereof as, added to the present indebtedness of the said town, shall not exceed the constitutional limitation of eighteen per centum, the proceeds of which shall be used by the said town for the purpose of constructing, repairing, improving, enlarging, extending and maintaining the lighting system of the said town, or for either or any of the said purposes that may be prescribed by the said mayor and council, and to meet such expenses connected therewith, as may be determined upon by the said mayor and council.

2. The said bonds shall be coupon bonds and shall be issued in denominations of five hundred dollars, or any multiple thereof, as the said mayor and council may prescribe, and shall bear interest at a rate not to exceed six per centum, payable semi-annually. They shall be made to mature at the end of twenty years from the date of their issuance, but redeemable after five years, at the option of the said council, at the end of any interest-bearing period. The said bonds shall be signed by the mayor and countersigned by the clerk of the council and shall be sold and negotiable in such manner as may be prescribed by the said mayor and council, provided that said bonds shall not be sold and negotiable for less than par value. The council shall have power to make annual appropriations out of the revenue of the corporation to pay the said interest on said bonds and to provide a sinking fund for the redemption of said bonds when due or when redeemed before maturity, as aforesaid, and if necessary, may levy a special tax annually not to exceed fifteen cents on every one hundred dollars worth of property subject to local taxation within the limits of said town for said purposes.