Chap. 82.—An ACT to authorize the city council of the city of Roanoke, Vir-
ginda, to redeem: the bonds of the town of Roanoke, ummounting to the sum of
fifteen thousand dollars, outst: anding under the provisions of the charter of the
town of Roanoke, approved Kebrnary 3, ISSZ, and authorized by an ordinance
of the town council of the town of Roanoke missed Anwust 15, 1S82, and for
the purpose to borrow money and issue its bonds therefor,

Approved Jan iary 22, 1598.

Whereas by an act of the general assembly of Virginia, entitled an
act to amend and re-enact an act entitled an act to Mecorporate the town
of Big Lick, approved) Febru: ary the twenty-elghth, @iehteen hundred
and seventy-four, and all acts amendatory thereof, it was enacted that
the said town of Big Lick, shall hereafter be called the town of Roanoke;
and

Whereas by the fourth section of said act it was provided that the
council of said town shall have all) the general powers vested in it by
the laws of the state and, in addition, shall have the following powers:
to contract loans for corporation purposes, and to issue therefor the
reaistered or coupon bonds or certificates of debt payable at not more
than thirty-two vears after date, and bearing mterest at arate not greater
than six per centum per annum: provided, that said Joans shall be
sanetioncd by a two-thirds vote of the members of the council: and

Whereas by an ordinanee passed June seventh, eighteen hundred and
vighty-two, by the said town council of the town of Roanoke, in order
to borrow money for corporation purposes, it was ordered. that twenty-
five hundred dollars worth of bonds of the town of Roanoke with cou-
pons attached and pavable to the bearer shall be issued in the denomi-
nation of five hundred dollars, and bearing interest at the rate of six per
eentum per annum, pavable semi-annually at the office of the treasurer
of said town upon the delivery of proper coupons attached thereto.
Said bonds are to be pavable twenty vears from the date thereof, but at
any thne after the expiration of ten vears from that date the council
nay, if it so decide, ly a majority of votes, require sd bonds to be de-
livered up at the office of the town treasurer to be redeemed at their peg
value; but notice of such redemption shall be printed at least two weeks
in some Newspaper published in this state, and from the date specified in
such notice such bonds shall cease to bear interest; and

Whereas by an ordinance passed the fifteenth dav of August, eighteen
hundred and eighty-two, by the town council of Roanoke it was further
provided that in order to borrow money for corporation purposes twelve
thousand five hundred dollars in bonds of the town of Roanoke, in the
state of Virginia, with coupons attached and pavable to bearer, shall be
issued, said bonds to be signed by the mavor and treasurer of the atore-
suid town of Roanoke and to have the seal of said town afhxed thereto,
The aforesaid bonds are to be of the denomination of five hundred dol.
lars, and to bear interest at the rate of six per centum per annum.
interest thereon pavable semi-annually at the office of the treasurer o
said town upon the delivery of the proper coupons attached thereto.
Said bonds to be payable twenty vears from date, but any time after the
expiration of ten years trom that date the council auagydf it so decide
by a majority of votes, require said bonds to be delivered up at the office
of the town treasurer to be redeemed at their par value, but notice of
their redemption shall be printed at least three weeks in some daily news-
paper in the state, and from the expiration of said notice said bonds are
to cease to bear interest; and

Whereas the said citv of Roanoke is the suecessor of the town of Roa-
noke aforesaid, and said city now has the right to redeem: said bonds if
it so desires: therefore

1. Be it enacted by the general assembly of Virginia, That it shall be
lawful for the common council of the city of Roanoke, for the purpose
of redeeming said outstanding bonds, to appoint an agent or agents to
negotiate a loan or loans at a rate of interest not to exceed six per cen-
tum, and to issue bonds to secure same for, and in the name of said
city. Said bonds may be either registered or with coupons attached, as
said council may prescribe; and at the time which the common council
of said city makes its levy for said city, it shall levy on all the lands and
other subjects Hable to state and city taxation in such city, a tax to pay
the amount of such loan or loans and the interest thereon, or to pay the
interest on the bonds of the city so issued, and to create a sinking fund
to redeem the principal thereof as said common council may deem
necessary or proper, and from year to year may repeat such assessments
until the debt and interest be fully paid, such assessments and the pro-
vision for the sinking fund aforesaid to be governed by the charter of
the citv of Roanoke now in effect. And such bonds shall he issued to
run fora period not excecding thirty-four years from that date, redeem-
able, however, at the pleasure of the city council of Roanoke upon its
eall at the office of the city treasurer of said city after fiftecn years from
the date of said bonds.

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