Chap. 93.—An ACT to authorize the town council of the town of Culpeper to
fund its bonded indebtedness.

Approved January 22, 1898.

Be it enacted by the general assembly of Virginia, That the town
council of the town of Culpeper be, and they are hereby, authorized and
empowered to fund any existing bonded indebtedness of said town
which it may now be, or may hereafter become, entitled, or have the
right to pay and discharge by the issue and sale of new bonds of the
corporation, for a sum not to exceed the principal sum of its said
indebtedness, to be so discharged and paid; said bonds to be issued
and sold as hereinafter provided.

2. Said bonds shall be registered, and shall be issued in such denomi-
nations and bear such rate of interest, not to exceed five per centum
pet annum, as may be determined by the council, said interest to be
paid semi-annually. The principal of said new honds shall be payable
in thirty years from their date, or upon the call of the council at any
time after the expiration of twenty vears from their date. Said bonds
shall be signed by the mayor of the town and countersigned by the
recorder, and shall be sold or negotiated in such manner as the council
may prescrihe, but they shall not be sold for less than their par value:
provided, however, that the council may, in funding the present bonded
indebtedness of the town, which was enacted under the author ity of an
act of the general assembly of Virginia, approved March the ninth,
eishteen hundred and eighty, entitled an act to authorize the town of
Culpeper to borrow money, issue the bonds of the town payable in a
shorter period, with a right to call in and pay the same in a shorter
period than the times hereinbefore prescribed, and bearing interest not
exceeding six per centum per annum; but in all other respects to con-
form to the provisions of this section. <All moneys arising from the
sale or negotiation of any bonds of said town issued under this act
shall be immediately applied to the payment and discharge of the prin-
‘ipal of the bonded indebtedness of said town, and shall he used for no
ther purpose whatsoever.

3. This act shall be in force from: its: passage.