Chap. 251.—An ACT to authorize the council of the town of Hampton to borrow
$25,000, and issue bonds therefor.

Approved May 15, 1903.

1. Be it enacted by the general assembly of Virginia, That the council
of the town of Hampton, Virginia, be, and it is hereby, authorized and
empowered to issue bonds upon the faith and credit of the said town to an
amount not exe ‘eeding twenty-five thousand dollars, such bonds to be of
such denominations and to be made payable at such time or times, not
kes than twenty nor more than forty vears after their date, as the said
council shall determine. None of the bonds issued under the authority
of this act shall bear a greater rate of interest than five per centum, or be
sold for less than par.

The proceeds of the sale of the said bonds shall be applied by the
said couneil to the permanent improvement of the whole or any part of
Locust. Wine, Hope, Holt, and Queen streets and Melrose avenue in the
said town: provided, however, that no purchaser of the said bonds shall be
hed responsible for the application of the proceeds arising from the sale
Here

. The treasurer of the said town shall keep a separate account of the
monev arising from the sale of the said bonds hereby authorized to be is-
sued, and <hall disburse the same under the direction of the council. The
treasurer's Compensation for receiving the money arising under this act,
and for disbursing the same under the orders of the said council, shall be
two per centum.

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