Chap. 285.—An ACT to authcrize the council of the town of Phoebus to
borrow money and issue bonds therefor.

Approved March 15, 1906.

1. Be it enacted by the general assembly of Virginia, That the council
of Phoebus be, and hereby is, authorized to borrow for said corporation in
addition to the amount now authorized by law, for the purpose of paving
and grading its streets, and for such other purposes of said town as the
council may deem necessary, a sum of money not exceeding the sum of
fifty thousand dollars, this additional issue not being in excess of the con-
stitutional limitation by the issue and sale of bonds of the said corpora-
tion.

2. The said bonds shall be registered or coupon, shall be issued in such
denominations as said council shall prescribe, and shall bear interest at a
rate not to exceed six per centum, payable semi-annually. The principal
of said bonds shall be payable thirty years after their dates. The said
bonds shall be signed by the president of the council, attested by the clerk
of the council of said town, 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 said bonds shall not be sold for less than
their par value.

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