Chap. 77.—An ACT to authorize the town of Cape Charles to borrow $20,000.00
and issue bonds therefor for the purpose of refunding outstanding school bonds.
[H B 71]

Approved February 28, 1930

I. Be it enacted by the general assembly of Virginia, That in
addition to any other indebtedness of the town of Cape Charles, which
the said town has, from time to time created, the council of said town
may, by two-thirds vote of said council, in the name of and for the
use of said town, cause to be issued, bonds or certificates of indebted-
ness (the form of which shall be prescribed by the council), to the
amount of twenty thousand dollars, bearing interest at a rate not ex-
ceeding 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 munici-
pality 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
bonds of said town issued by it during the year nineteen hundred and
eleven for financing the erection of a high school building.

2. While said bonds or any of them remain outstanding, the council
of said town shall levy annually a tax upon all real and personal prop-
erty subject to local taxation 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 therefor, this act shall be in force from
its passage.