Chap. 387.—An ACT to authorize the town council of the town of St. Paul, Wise

county, to refund outstanding bonds of said town, issued on behalf of said town.
[H B 204]
Approved March 29, !932

Whereas, at an election held on the fourteenth day of June, nine-
teen hundred and twenty-one in the town of St. Paul, Wise county,
Virginia, under an order of the judge of the circuit court of Wise
county, Virginia, entered in vacation, a majority of the qualified voters
of the said town of St. Paul voting on the question of issuing bonds
for the purpose of providing the town with a complete water system
and adequate supply of water, voted in favor of the same and author-
ized the issuance of bonds of said town to an amount not exceeding
sixty-five thousand dollars; and,

Whereas, by an act of the general assembly of Virginia approved
February twenty-eight, nineteen hundred and twenty-two and known
as chapter one hundred and six of the Acts of the General Assembly
of nineteen hundred and twenty-two, page one hundred and sixty-two,
the said election held in the said town of St. Paul on the fourteenth
day of June, nineteen hundred and twenty-one, the ordinances of the
town of St. Paul, relative to said bond issue and the issuance of said
bonds, and all of the acts of the town council in connection therewith,
were validated, approved, ratified and confirmed; and the sixty-five
thousand dollars ($65,000.00) of bonds as authorized and provided for
in said ordinances and authorized in said election were validated, rati-
fied, approved and confirmed and declared to be valid and binding
obligations of the said town of St. Paul; and,

Whereas, the mayor and council of the town of St. Paul, in pur-
suance of the authority conferred upon them as above set forth, issued
said bonds all of which will be due and payable on the first day of
September, nineteen hundred and forty-one; and,

Whereas, the said bonds, according to the terms thereof are re-
deemable on the first day of December of any year after December
first, nineteen hundred and thirty in the discretion of the said town
council of the town of St. Paul, Virginia; and,

Whereas, the bonds so issued bear interest at the rate of six per
centum per annum; and,

Whereas, the said town council, has retired the sum of three thou-
sand and five hundred dollars ($3,500.00) of said bonds so there is now
outstanding the sum of sixty-one thousand five hundred dollars ($61,-
500.00) of said bonds; and, | ,

Whereas, the town council of the town of St. Paul desires to refund
the said bonds at a rate of interest not exceeding five per centum per
annum, payable semi-annually; now, therefore,

1. Be it enacted by the general assembly of Virginia, That the said
town council of the town of St. Paul, Wise county, Virginia, may, in
its discretion, redeem the said sixty-one thousand five hundred dollars
($61,500.00) of outstanding bonds on any redeemable date as provided
in said bonds, after the first day of July, nineteen hundred and thirty-
two, in the manner provided in said bonds, and said proceedings, and
for that purpose may issue bonds of the town of St. Paul in an aggre-
gate amount not exceeding sixty-one thousand five hundred dollars
($61,500.00), which bonds shall run not longer than twenty years from
their date, and shall bear interest at a rate not exceeding five per centum
per annum, payable semi-annually, and shall be issued in such form, in
such denominations and with such provisions as to time and place and
medium of payment as the said town council of the town of St. Paul
may determine, subject to the limitations and restrictions of this act.
Said bonds may be coupon or registered bonds, and shall be signed by
the mayor and countersigned by the clerk of the town council of the
town of St. Paul for and on behalf of the said town of St. Paul, and
the delivery of said bonds signed by the said officers in office at the time
of such signing shall be valid and binding, notwithstanding any change
in officers occurring after such signing.

The said town council may sell the said bonds at not less than par
and accrued interest at any time not more than ninety days prior to
the date which shall have been fixed by the said town council as the
date upon which said outstanding bonds shall be redeemed. The pur-
chasers of said bonds shall be without responsibility to see to the ap-
plication of the funds received in payment for said outstanding bonds.