Chap. 71.—An ACT to anthorize the Court of Norfoik County ta issue
registered’ Bounds,

Passed April 23, 1807.

Whereas the county of Norfolk has a large amount of its
debt due and unprovided for, and has accumulated a con-
siderable floating debt; and whereas it is Inexpedient to levy
atax suflicient to meet the present necds of the county:
Theretore,

1. Be it enacted by the general assembly of the state of
Virginia, That it shall be lawful for the e county court of Nor-
folk county to issue registered bonds, in sums not less than
one hundred dollars, be aring interest at the rate not exceed-
ing that allowed hy law, per annum, payable semi-annually,
and redeemable ten years from the first day of January,
eicliteen hundred and sixty-seven, for an amount not exceed:
ing thirty thousand dollars; and the county court of said
county is hereby authorized to levy and col Hect a tax for the
payment of interest on said debt, ‘and 1 required to provide
tor the redemption of the same in the followmeg manner, to
wit: The county court shall annually levy a tax for a sinking
fund, of not less than one per centum of the debt, for the
first year, beginning one year atter the date of the bonds
hereby authorized to be issued, and not less than two per
centum of the debt for the next succeeding year, and not
less than three per centum for the next sneceeding eight
years; and that whenever the treasurer of the said county
shall have to the eredit of the fund for the redemption of the
debt hereby authorized, the sum of three thousand dollars,
he shall advertise for proposals for redeeming the same
amount of said debt tor the space of ten days, and redeem
said amount on the most favorable terms offered: provided
that nothing in this act shall authorize said county court of
Norfolk county to use the bonds to be issued under this act,
save and except for the payment or tunding of its’ obliga-
tions, due at its passage: and provided further, that this act
is not to take effect until the court of Norfolk county, all the
justices thereof having been summoned for that purpose, and
a majority being present, shall adopt the same.