Chap. 1.—An ACT authorizing the town of Culpeper to borrow money.

Approved December 10, 1895.

1, Be it enacted by the general assembly of Virginia, That the
wn council of the town of Culpeper be, and they are hereby, au-
horized and empowered to borrow for said corporation, for the pur-
oe of completing the erection of the system of water-works in
sid town, now in process of erection, a sum of money not exceed-
ng fifteen thousand dolJars, in addition to the sum of money here-
fore borrowed for that purpose, by the issue and sale of the bonds
f said corporation for the same as hereinafter provided.

2. Said bonds shall be registered and shall be issued in such de-
ominations, and bear such rate of interest, not exceeding six per
ntum per annum, as may be determined by said council, said in-
rest to be payable semi-annually. The principal of said bonds
ll be payable in thirty years from their date, or upon the call of
¢ said corporation, at any time after the expiration of twenty years
om their date. Said bonds shall be signed by the mayor of said
wo and countersigned by the recorder, and shall be sold or nego-
ated in such manner as may be prescribed by the council; pro-
ded they shall not be sold for less than par value.

3. Said council may select a depository for the money arising
om the sale or negotiation of said bonds; provided that they shall
quire such security therefor as may be approved by the recorded
te of at least two-thirds of all the council elected.

4, The existence of an indebtedness previously contracted shall
it prevent the borrowing of such additional sum of money as may
) borrowed according to fhe terms and in the manner hereinbefore
t forth.

This act shall be in force from its passage.