Chap. 129.—An ACT to authorize the town of Suffolk to borrow money.

Approved January 27, 1898.

1. Be it enacted by the general assembly of Virginia, That the council
of Suffolk be, and they hereby, are authorized to borrow for said cor-
poration in addition to the amount now authorized by law for the pur-
pose of purchasing, constructing, erecting, or enlarging an electric ight
plant, or such other plant for lighting said town, and for such other pur-
poses of said town as the council may deem necessary, a sum of money
not exceeding twenty-five thousand dollars, by the issue and sale of
bonds of the said corporation.

2. The said bonds shall be registered or coupon; shall be issued in
such denominations as said council shall prescribe, and shall bear in-
terest at a rate not to exceed six per centum per annum payable seni-
annually. The principal of said bonds shall be payable thirty years
after their dates. The said bonds shall be signed by the president of
the council, attested by the clerk of the council of said town with the
corporate seal attached, and shall be sold and negotiated in such manner
and upon such terms as the council shall prescribe: provided, that said
bonds shall not be sold for less than their par value.

3. The council of said town shall have power to make annual appro-
priations out of the revenue of the corporation to pay such interest and
to provide a sinking fund for the redemption of said bonds.

4. All acts or parts of acts inconsistent with this act are hereby re-
pealed.

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