Chap. 120.—An ACT authorizing the mayor and council of the town of Lexing-
ton to issue new bonds to refund the indebtedness of the said town.

Approved February 1, 1894.

1. Be it enacted by the general assembly of Virginia, That it shall
be lawful for the mayor and council of the town of Lexington, on
behalf of and in the name of the said town, to make and issue, and
the said mayor and council are hereby authorized and empowered
to make and issue, bonds of said town, which may be either coupon
or registered, in denominations of one hundred dollars or multiples
thereof, to bear a rate of interest not exceeding six per centum per
annum, payable semi-annually, to be payable not exceeding thirty
years after date, and redeemable after such time as the said mayor
and council may prescribe; to be in such form as may be prescribed
by the said mayor and council and not to exceed in their aggregate
amount the aggregate sum of the existing outstanding bonds of the
said town heretofore issued. The bonds hereby authorized to be
issued shall be issued and used under the orders of the said mayor
and council exclusively for the purpose of retiring the outstanding
bonds of the said town, and the said mayor and council may stipu-
late and provide that said bonds shall be exempt from taxation by
the town of Lexington.

2. The mayor and council of the said town of Lexington shall an-
nually include in the levy on the property and lawful subjects of
taxation in the said town, as a part of the annual town levy, a sum
and tax sufficient to pay the interest on the bonds issued under this
act, as well as the interest on any outstanding bonds heretofore issued,
and to create a sinking fund sufficient to pay off all of said bonds at
or before their maturity. The treasurer shall keep a separate ac-
count of the fund arising from the tax so levied, and the same shall
be applied, first, to the payment of the interest on the bonds issued
under this act and any other outstanding bond in force against the
said town, and the balance shall be applied, under the orders of the
said mayor and council or under the provision of such agency as
they may appoint, to the purchase of the bonds issued under this act
or of any other outstanding bonds in force against the said town;
and in the event that none such can be purchased at or under par
to the redemption of bonds under this act, in their numerical order,
distributing the same equitably between the different denominations
of the bonds redeemed, and no portion of the fund arising from the
gaid tax shall be applied to any purpose whatever other than that
prescribed in this section.

3. This act shall not be construed as affecting the validity of any
valid bonds now outstanding against the said town of Lexington.

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