Chap. 54.—An ACT authorizing the council of the town of Hampton to burrow
money and issue bonds therefor to the amount of thirty thousand dollars.

Approved January 13, 1900.

1. Be it enacted by the general assembly of Virginia, That the council
of the town of Hampton be, and it is hereby, authorized to issue coupon
bonds upon the faith, credit, and property of the said town to an amount
not exceeding thirty thousand dollars; such bonds shall bear interest at
a rate not exceeding six per centum per annum, and shall be payable not
less than twenty nor more than forty years after the date of their issue;
they shall be sold at not less than their par value. Such bonds may be
issued at such times and in such series as the council may elect: provided,
that no issue of bonds under this act shall be made unless the ordinance
or resolution providing for the same shall receive the vote of a majority
of all the members of the council of the said town.

2. The proceeds of the sale of the bonds hereby authorized shall be
applied as follows: Not exceeding eight thousand dollars to the credit
of the fire department; not exceeding seventeen thousand dollars for the
purpose of paving, widening, or otherwise improving any of the streets,
or any parts thereof, in the said town, and not exceeding five thousand
dollars for establishing and maintaining a system of sewerage therein,
and the issue and sale of the said bonds for these respective purposes
may be made at the same time or at different times, as the said council
may determine: provided, that the purchaser or purchasers of the bonds
issued under the authority of this act shall not be responsible for the
appropriation by the said council of the proceeds or the sale thereof.

3. Full power and authority is hereby given to the said council to pre-
pare and issue the said bonds in such form, and each for such sum as they
shall prescribe; each of the said bonds shall be signed by the mayor and
treasurer and countersigned by the clerk of the said town, with the
corporate seal thereof affixed thereto, and each of the coupons shall have
the name of the treasurer affixed thereto. The finance committee of the
town council is hereby authorized to make sale of the said bonds, or any
part or parcel thereof, as they may deem expedient, subject to the pro-
visions of section one of this act.

4. The coupons of the said bonds shall be receivable in payment of all
dues and taxes levied or assessed by the municipal authorities of the
town of Hampton. The fund derived from the sale of the said bonds
shall be deposited by the town treasurer to the credit of the especial
account for which they are issued.

5. The council of the town of Hampton is hereby authorized to
annually levy and collect an improvement tax sufficient to pay the
interest on such bonds as it may issue under this act, and after ten years
from the issue of such bonds may create a sinking fund, to be applied
to the redemption and payment thereof at maturity, which shall be pro-
vided by a special tax not exceeding a rate which will be sufficient to
redeem such bonds when due. The funds arising to the credit of the
sinking fund hereby authorized shall be deposited in such bank or
banks as the council may direct, and the mayor, the chairman of the
finance committee of the council, and the treasurer of the said town,
are hereby constituted a board of sinking fund commissioners, who are
authorized to invest such sinking fund in the bonds of the United States
government, those of the town of Hampton, and such other interest-bear-
ing securities as shall meet the approval of the said council.

6. This act shall be in force from and after its passage.