Chap. 11.—An ACT to authorize the city of Charlottesville to issue bonds to
redeem certain outstanding bonds of said city, and for other purposes, and to
convey in trust its water-works, and gas and light-works, to secure the pay-
ment of said bonds.

Approved December 14, 1895.

Whereas the city of Charlottesville has been authorized by a vote
of the council and people of said city, taken in pursuance of section
twenty-three of the charter of said city, to refund its outstanding
water bonds, amounting to ninety-one thousand dollars, and its out-
standing gas bonds, amounting to sixteen thousand and two hundred
and fifty dollars, in bonds bearing a lower interest, and to issue and
negotiate thirty-five thousand dollars of bonds to be used in paying
off a deficit, and in the improvement of Main and other streets;

And whereas the said city desires to issue these bonds at the
lowest possible rate of interest:

1. Be it enacted by the general assembly of'Virginia, That the
city of Charlottesville be, and is hereby, authorized to issue its nego-
tiable coupon bonds to the amount of one hundred and forty-two
thousand two hundred and fifty dollars, in such form and of such
denominations as said city has determined or may determine for the
purposes specified in the preamble of this act. But those of said
bonds issued for the purpose of refunding bonds now outstanding
shall be issued only when and as outstanding bonds of an equal or
greater amount are called in, paid and cancelled, so that the debt of
said city shall not be increased by said refunding.

2. That the city of Charlottesville is authorized to execute and
deliver a deed conveying all of said city’s interest in its water-works
and gas and light-works to a trustee or trustees to be held in trust to
secure the payment of the principal and interest of the said one
hundred and forty-two thousand two hundred and fifty dollars of
bonds; said deed of trust to be recorded in the office of the clerk of
the corporation court of the city of Charlottesville, and in the office
of the clerk of the county court of the county of Albemarle.

3. That this act shall be in force from its passage.