Chap. 409.—An ACT to authorize the town of Cape Charles to borrow $70,000.00
and issue bonds therefor for the purpose of refunding outstanding notes or
certificates of indebtedness. fH B 517]

Approved March 24, 1926.

1. Be it enacted by the general assembly of Virginia, That in
addition to any other indebtedness of the town of Cape Charles and
the certificates of debt or bonds which the said town has, from time
to time, issued, the council of said town may, by four-fifths vote of
said council, in the name of and for the-use of said town, cause to be
issued, bonds or certificates of indebtedness (the form of which shall
be prescribed by the council), to the amount of seventy thousand
dollars, bearing interest at a rate not exceeding six per centum per
annum and payable in the discretion of the council in not more than
thirty (30) years, which said bonds may be sinking fund or serial
bonds, as the council may determine, but the said bonds shall not be
sold upon a basis which will cost the municipality more than six per
centum interest per annum. The amount received from the sale of
these bonds shall be used and applied by the town in the payment
and redemption of a like amount of outstanding notes, or certificates
of indebtedness of said town issued by it during the years nineteen
hundred and twenty-four and nineteen hundred and twenty-five for
the financing of street paving costs, or of any renewals of such notes
or certificates of indebtedness.

2. While said bonds or any of them remain outstanding, the
council of said town shall levy annually a tax upon all real and per-
sonal property in said town sufficient to pay the interest on said bonds
and to create a sinking fund for the payment of the principal at
maturity.

3. An emergency existing, this act shall be in force from its
passage.