Chap. 294.—An ACT to authorize the Council of the town of Luray,
in the county of Page, to borrow money.

Approved March 4, 1884.

1. Be it enacted by the general assembly of Virginia, That
the council of the town of Luray, be, and it is hereby
authorized and empowered to borrow for said corporation,
and for the purpose of improving the streets and alleys of
said town, and other public improvements, a sum of money
not exceeding five thousand dollars, by the issue and sale of
the bonds of said corporation, as hereinafter provided.

2. Said bonds shall be coupon bonds, and shall be issued
in such denominations, and bear such rate of interest, not
exceeding six per centum per annum, as may be determined
by said council—the coupons of said bonds to be receivable
for all taxes due said corporation. The principal of said
bonds shall be payable in ten years from their date, or upon
the call of said corporation at any time after the expiration
of two years from their date. Said bonds shall be sizned by
the mayor of said town, and countersigned by the secretary
of said council, and shall be sold and negotiated in such man-
ner as may be prescribed by the said council: provided that
said bonds shall not be sold for less than their par value.

3. The said council shall sect apart each year the sum of
four hundred dollars as a sinking fund for the redemption of
the principal of said bonds, and it shall be so stated on the
face of the said bonds.

4. The said council shall levy and collect such an amount
of taxes as may be necessary to comply with the provisions
of this act.

> All acts and parts of acts in conflict with this act, are
hereby repealed.

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