CHAP. 16.—An ACT to permit and authorize the city of Lynchburg
to issue bonds for the purpose of retiring its outstanding funded in-
debtedness,

Approved March 28, 1879,

1. Be it enacted by the general assembly, That the city of
Lynchburg be and hereby is authorized and empowered to make
and issue coupons or registered bonds of such denominations
as it may deem advisable, payable thirty-four years after date,
with interest payable semi-annually, which bonds are to be used
solely for the purpose of retiring the present funded indebted-
ness of said city, and shall not cxceed in amount the amonnt
of such indebtedness; and except as hereinafter provided, the
rate of interest thereon shall not exceed six per centum per
annum.

2. To the extent which it may deem it advisable, and for the
purpose above set forth, the said city shall have power to de-
clare the said bonds and interest thereon forever free and exempt
from all municipal taxation and assessment thereafter to be
levied or imposed by its corporate authorities, and such decla-
ration shall be deemed a part of the obligation of the bonds so
issued under this section, and shall bind said city as though
fully set forth therein: provided, however, that bonds issued
under this section shall not exceed five per centum per annum
in their rate of interest.

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