Chap. 124.—An ACT authorizing the common conncil of the city of Win-
chester, Virginia, to borrow the sum of fifty thousand dollars ($50,000.00)
and issue the bonds of the city of Winchester therefor. (H. B. 129).

Approved March 18, 19135.

Be it enacted by the general assembly of Virginia, That in order to pay
existing debts due by the city of Winchester not now evidenced by bonds
issued under express authority of the general assembly of Virginia, that
the common council of the city of Winchester is authorized to provide
by ordinance for the issue of bonds in an amount not to exceed fifty
thousand dollars ($50,000.00) with the proceeds whereof the said in-
debtedness due by the city of Winchester may be liquidated. Said bonds
may be either registered or coupon and shall be sold to the highest
bidder for cash; provided, no such bonds shall bear a higher rate of
interest than six per cent per annum, and shall mature at such time
as the common council shall determine, not to exceed thirty years after
date of issue; said bonds shall be payable in lawful money of the United
States and a sinking fund shall be created by ordinance of the common
council and maintained sufficient to redeem said bonds at maturity and
shall be applied to such redemption and to no other purpose. It appears
that the aggregate indebtedness of the city of Winchester will not exceed
the limit fixed by the Constitution after the bonds herein authorized
shall have been issued.