Chap. 275.—An ACT to authorize the mayor and council of the town of Cape
Charles, in the county of Northampton, and State of Virginia, to issue
bonds and borrow money for the enlargement, extension, repair, improve-
ment and maintenance of the water and sewer systems of the said town.

{[H B 366]
Approved March 19, 1920.

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 eigh-
teen per centum, the proceeds of which shall be used by the said town
for the purpose of constructing, extending, repairing, improving, and
maintaining the water and sewer systems 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 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.