Chap. 430.—An ACT to authorize and empower the council of the town of Luray
to borrow money for the purpose of retiring and refunding the present outstand-
ing — indebtedness of the town, issued under the act approved February
17, 1890.

Approved February 21, 1898.

1. Be it enacted by the general assembly of Virginia, That the council
of the town of Luray, in the county of Page, be, and it is hereby,
authorized and empowered to borrow for the said corporation for the
purpose of retiring and refunding the present outstanding bonded indebt-
edness of the town, issued under the act approved February seventeenth,
eighteen hundred and ninety, a sum not exceeding four thousand dollars
by the issue and sale of the bonds of said town as heretofore provided.

2. Said bonds shall be coupon bonds and shall be issued in such
denominations and bear such rate of interest, not exceeding five per
centum per annum, as may be determined by said council, the coupons
of said bonds to be receivable for all taxes and levies due said corpor-
ation. The principal of said bonds shall be payable in twenty years
from their date, or upon the call of said corporation at any time after the
expiration of fifteen years from their date.

3. Said bonds shall be signed by the mayor and recorder of said town
and the corporate seal thereto affixed and shall be sold and negotiated in
such manner as may be prescribed by the said council: provided, that
said bonds shall not be sold for less than ninety per centum of their par
value. ,

4. The said council shall set apart each year the sum of two hundred
dollars as a sinking fund for the redemption of the principal of said
bonds: provided, that if the full amount of bonds authorized to be
issued under this act be not issued or sold, that then a proportionate
amount shall be set apart each year as a sinking fund for the redemption
of the bonds which have been issued and sold.

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

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repealed.

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