Chap. 310.—An ACT authorizing the town of Leesburg, Virginia, to issue bonds
with which to refund the present outstanding water bonds pacomung an
September 1, 1926. [S B 302}

Approved March 24, 1926.

Whereas, the town of Leesburg did under and by virtue of an
act of the general assembly of Virginia, entitled an act authorizing
the borrowing of money and issuing of bonds therefor by the towns
in this Commonwealth, etcetera, approved March tenth, nineteen
hundred and six, after having an election as required by law adopted
an ordinance authorizing the issuing of thirty thousand dollars of
bonds of the town of Leesburg in Virginia for the establishment of
a system of water works pursuant to the authority conferred by the
legal voters of said town at a special election held August twenty-
fifth, nineteen hundred and six; and

Whereas, said ordinance was duly approved and in conformity
therewith the said town of Leesburg did issue thirty thousand dollars
of bonds each in the denomination of one thousand dollars and
payable to bearer on the first day of September, nineteen hundred
and twenty-six, at the office of the town treasurer in said town
together with interest thereon from September first, nineteen hun-
dred and six, at the rate of four and one-half per centum per annum,
payable semi-annually, on the first day of March and September in
each year on the presentation and surrender of the coupons and
were annexed to said bonds for the interest as aforesaid as said cou-
pons respectively came due; and

Whereas, all of said bonds now outstanding aggregate the sum
of thirty thousand dollars and will mature for payment of the principal
with such interest as has accrued thereon on the first day of Sep-
tember, nineteen hundred and twenty-six, and whereas it is desired
by the said town to refund said outstanding bond issue by the issuance
on or before the first day of September, nineteen hundred and twenty-
six, of the bonds of said town each in the denomination of one thousand
dollars with interest thereon at a rate not to exceed five per centum
payable semi-annually and aggregating in all the principal sum of
thirty thousand dollars; now, therefore

1. Be it enacted by the general assembly of Virginia, That the
mayor and common council of the town of Leesburg, be, and they
are hereby clothed with all the power to issue the bonds of said town
to an amount not to exceed thirty thousand dollars in denominations
of one thousand dollars each with interest thereon at a rate not to
exceed five per centum per annum, payable annually, or semi-
annually, as they may desire, said bonds to be registered or coupon
bonds, convertible as said council may elect. Said bonds to be
payable at such a time not to exceed twenty years from September
first, nineteen hundred and twenty-six, as said council may elect.

The said council of Leesburg shall use the bonds so issued for the
purpose of the payment and refunding of the present outstanding
water bonds of said town, and for no other purpose, and may negotiate
said bonds at a price not lower than their par value.