Chap. 288.—An ACT to authorize The James River and Kanawha
Company to execute a Mortgage, and to subscribe to the Capital Stock
of The Buchanan and Clifton Forge Railroad Company, and to autho-
rize the City of Richmond to guarantee such subscription, in whole or
in part.

Approved March 29, 1875.

1. Be it enacted by the general assembly of Virginia, ‘That
it shall be lawful for the president and directors of the
James river and Kanawha company to execute a mortgage,
conveying all its works, property, franchises, and net reve-
nues, to secure a loan not to exceed in amount the sum of
seven hundred and fifty thousand dollars.

2. It shall be lawful for said company to subscribe to the
capital stock of the Buchanan and Clifton Forge railway
company, and the city of Richmond is hereby authorized to
guarantee the payment of bonds which may be issued undé:
said mortgage, or to guarantee the payment of interest on
said bonds, or to exchange tho bonds of said city for thc
bonds so to be issued under said mortgage, to the amount of
said subscription of said James river and Kanawba company
or any part thereof, upon such terms as may be agreed upon
between the said city and the said company; but before any
guarantee of said bonds or of their interest, or any exchange
of said bonds is made, the sense of the qualified voters of
said city shall be taken on the question, and if three-fourths
of those voting. shall be ip favor of said guarantce or ex-
change, and if the said three-fourths shall include a majority
of the registered freeholders of said city, then said guarantee
or exchange may be made by said city. It is expressly en-
acted, that if the city of Richmond shall guarantee the pay-
ment of said bonds or of their interest, or any exchange of
said bonds is made, that for the purposes of this act the said
city may excced the limit imposed on its bonded. or interest
bearing debt, which is prescribed by its charter, and the debt
which said city may assume, or incur, or guarantee under
this act, shall not be taken into account in estimating its said
debt in reference to said limit. a ,

3. The proceeds of said loan shall be expended exclusively
in payment of the subscription of sail company to the capital
stock of said railway company, as authorized by this act, and
in the improvement of the canal of said company from Rich-
mond to Buchanan.

4. This act shall be in force from its passage.