CHAP. 468.—An ACT to empower thecouncil of the town of Cape
Charles to borrow money and issue bonds therefor to erect or
contribute to the erection of an academy of learning.

Approved February 29, 1892.

1. Be it enacted by the general assembly of Virginia,
That the council of Cape Charles be, and they are hereby,
authorized to borrow for said corporation, for the purpose
of erecting or contributing to the erection of an academy
of learning in said town, a sum of money not exceeding
one thousand dollars, by the issue and sale of the bonds of
the said corporation.

2. The said bonds shall be registered, shall be issued in
such denominations as said council shall prescribe, and
shall bear interest at a rate not exceeding six per centum
per annum, payable annually. The principal of said
bonds shall be payable three years after their dates. The
said bonds shall be signed by the president of the coun-
cil, attested by his clerk, with the corporate seal attached,
and shall be sold and negotiated in such manner and
upon such terms as the council shall prescribe: provided
that the said bonds shall not be sold for less than their
par value.

8. The council of said town shall have power to make
annual] appropriations out of the revenue of the corpora-
tion to pay the interest and provide a sinking fund for the
redemption of said bonds.

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