Chap. 111.—An ACT to empower the town of Colonial Beach, in the county of
Westmoreland, to borrow money and issue bonds.

Approved February 29, 1908.

1. Be it enacted by the general assembly of Virginia, That the council
of the town of Colonial Beach be, and hereby is, authorized to borrow
money for said town for the purpose of putting in a sewerage system,
providing proper public buildings, improving the streets, and for such
other purposes of public improvement as the council may deem neces-
sary, a sum of money not exceeding forty-seven thousand dollars, by
the issue and sale of bonds of the corporation, this issue not exceeding
the constitutional limitation, as no bonds were issued under the act
approved March tenth, nineteen hundred and two.

2. The said bonds shall be registered, or coupon, shall be issued in
denominations of one lundred dollars, or any multiple thereof, as the
council may prescribe, and shall bear interest at a rate not to exceed
six per centum per annum, payable annually, or semi-annually, as the
said council may prescribe. The principal of said bonds shall be payable
twenty-five years after date.

3. The said bonds shall be signed by the mayor of said town, and
countersigned by the clerk of said council, with the corporate seal at-
tached, 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 at less than their par value. The council shall have power to
make annual appropriations out of the revenue of the corporation to
pay interest on said bonds and to provide a sinking fund for the re-
demption of said bonds when due.

4, Nothing herein shall authorize the issuing of the bonds herein
mentioned until an election be held in said town, as the law provides,
for the purpose of deciding upon the question of bond issue.