Chap. 66.—An ACT to authorize and empower the council of the town of Bedford
City todssue bonds for S1O0,000, at a lower rate of interest than six per centum
perannum, for the purpose of redeeming outstanding six per cent. bonds of
sud town to said amount, and to further anthorize and empower said council to
secure the payviment of said issue of bonds by deed of trust on the water-works
of said town and the franchises thereto appertaming.

Approved January 1S, 180s,

1. Beat enaeted by the general assembly of Virginia, That the town
of Bedford City. in the county of Bedford, hw. and it is hereby, author-
ized and empowered to issue the bonds of said town to an Amount not
exceeding one liundred thousand dollars. either at one time, or from
tine fo thine, as may he requisite to pay soimuch of the outstanding
bonds heretofore issued by the town of Liberty, or the town of Bedford
City (formerly Liberty). as may be now redeemable, or may he here.
after required. And such part of said one hundred thousand dollars
may not be required to redeem and pay off bonds now redeemable, or
acquired as aforesaid, may be issued from time to time as any part of
said existing bonds become redeemable or may be acquired, until the
whole of said authorized anount shall be issued,

2. The said bonds authorized by this act shall be of such denomina-
tion, run for such Jength of time, hear such date or dates, and be at
such rate of interest: less than six per eentum per annuin, as mav be
determined upon by the councilof said town, They may be registered
or coupon and interchangeable, and if the council of said town so deter-
mine may be exempt from taxation by said) town, and the interest
thereon shall be payable semi-annually.

&. The payment of principal and interest of said) issue or issues of
bonds to an amount not exceeding one hundred thousand dollars mav
he secured by a deed of trust on the water-works of said town and the
franchises thereto appertaining or belonging. And the trustees in the
existing deeds of trust on said water-works are hereby authorized and
directed to release and mark same satisfied when the bonds thereby
shall be redeemed.

4. The said bonds shall be sold at not less than par, and all monevs
arising from the sale thereof shall be used in payment of the expenses
attendant upon the issue of the bonds hereby authorized, and the pay-
nent of the present outstanding six per centum bonds of the said town
in whichever of said names they may have been issued.

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