‘CHAP. 213.—An ACT to authorize and empower the council of
the town of Luray to borrow money fcr the use of ssid corpora-

tion.

Approved February 17, 1890.

1. Be it enacted by the general assembly of Virginia,
That the council of the town of Luray, in the county of
Page, be, and it is hereby, authorized and empowered to bor-
jrow for said cerporation, and for the purpose of improv-
Jing the streets and alleys of said town, providing a water
supply, and for such other public improvements as the
ouncil may designate, and also for the purpose of retir-
ng and refunding the present outstanding bonded indebt-
fedness of the town, issued under the act approved March
fourth, eighteen hundred and eighty-four, a sum of money
not exceeding five thousand dollars by the issue and sale
of the bonds of said town as hereinafter provided.

2. Said bonds shall be coupon bonds, and shall be
issued in such denominations and bear such rate of inte-
rest, not exceeding six per centum per annum, as may be
determined by said council, the coupons of said bonds to
be receivable for all taxes and levies due said corporation.
The principal of said bonds shall be payable in twenty
years from their date, or upon the call of said corporation
at any time after the expiration of five years from their
date. )

3. Said bonds shall be signed by the mayor and recorder
of said town, and the corporate seal affixed, and shall be
sold and negotiated in such manner as may be prescribed
by the said council: provided, that said bonds shall not
be sold for less than ninety per centum of their par value.

4. The said council shall set apart each year the sum of
two hundred and fifty dollars as a sinking.fund for the
redemption of the principal of said bonds: provided, that
if the full amount of bonds authorized to be issued under
this act be not issued or sold, that then a proportionate
amount shall be set apart each year as a sinking fund for
the redemption of the bonds which have been issued or
sold. ° 4

5. The said council shall levy and collect such an amount
of taxes as may be necessary to comply with the provisions
of this act. |

6. All acts and parts of acts in conflict with this act are
hereby repealed.

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