Chap. 362.—An ACT to Authorize the Common Council of the city of Pe-
tersburg to Borrow Money, and issue and sell coupon bonds of said city.
to an amount not exceeding $800,000, bearing interest not exceeding twelve per centum per annum.

Approved October 31, 1870.

1. Be it enacted by the general assembly of the common-
wealth of Virginia, That it shal] be lawful for the common
council of the city of Petersburg, in the name and for the use
of said city, to borrow money to an amount not exceeding the
sum of three hundred thousand dollars, at a rate of interest
not exceeding twelve per centum per annum; and for that
purpose, said common council shall have power and authority
to provide by ordinance for the making, issuing, and selling of
coupon bonds of the said city of Petersburg, to an amount not
exceeding the sum of three hundred thousand dollars, in such
sums, anid payable at such times, and bearing such rate of in-
terest, not exceeding twelve per centum per annum, payable
semi-annually, as said council may prescribe. -

2. Be it further enacted, That it shall be the duty of said
common council to use and apply the money borrowed, or
realized by the sale of bonds as aforesaid, first, to the payment
of the principal and interest of the bonds of the former town
of Petersburg, and of the city of Petersburg, which are now
due and payable. The residue of said money, if any, shall be
used and applied to and for the uses of said city, in such man-
ner as said council may prescribe.

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