Chap. 429.—An ACT to authorize and enable the town of Warrenton to call
in the outstanding bonds of the town issued pursuant to acts of the general
assembly of Virginia, and to replace them by a new issue of bonds bearing
a less rate of interest, and to borrow money, and to extend the time of pay-
ment of the bonded indebtedness of the said town.

Approved February 20, 1900.

Whereas by an act of the general assembly of Virginia, approved
March fourth, eighteen hundred and ninety, the town of Warrenton is
‘uthorized and empowered to borrow the sum of twenty thousand dol-
lars, and issue interest-bearing bonds for that amount, at six per
-entum per annum, and the said amount was borrowed pursuant to said
ict, and bonds of the denomination of five hundred dollars each were
ssued with the privilege upon the part of the town to call in any of
said bonds after five vears from the date of their issue; and

Whereas some of said bonds have been paid off, and the bonds can-
elled, leaving the present indebtedness under said loan, seventeen
housand dollars: and

Whereas pursuant to power conferred upon the council of the town
yf Warrenton, sixteen bonds of the denomination of five hundred
lollars each were issued April first, eighteen hundred and ninetv-four,
yearling six per centum interest, pavable in nineteen hundred and four.
vith the privilege upon the part of the said town to call in any of said
yonds after five vears from the date of their issue; and

Whereas by like power conferred, four bonds of the denomination of
five hundred dollars each were issued July first, eighteen hundred and
ninety-five, with interest at six per centum per annum, payable in
nineteen hundred and five, with the privilege upon the part of the town
to call in any of said bonds after three years from the date of their
issue; and

Whereas the present indebtedness amounts to the sum of twenty-
seven thousand dollars, and the interest paid thereon is six per centum
per annun, it is desired to call in these bonds pursuant to a right given
to the town of Warrenton, to call in all of said bonds within five and
three years from the dates of their issue, and replace the same with
bonds bearing a less rate of interest, and to extend the time of payment
of the present outstanding indebtedness of the town; now, therefore,

1. Be it enacted by the general assembly of Virginia, That it shall
be lawful for the town of Warrenton, Fauquier county, Virginia, and it
is hereby, empowered to call in the present bonded indebtedness of the
said town, and to issue new bonds at a less rate of interest sufficient to
cover all of the said bonds called in and cancelled; which said bonds
to be issued, shall not exceed the sum of twenty-seven thousand dollars;
which said new bonds shall be payable on and after twenty years from
the date of their issue.

2. The said bonds issued to take up the old bonds shall be issued in
such denominations and bear such rate of interest, not exceeding five
per centum per annum, as may be determined by the council of the said
town. The principal of said bonds shall be payable twenty years from the
date of their issue, or upon the call of the said town at any time after
five years from said date, and the interest thereon to be paid semi-
annually. They shall bear the corporate seal of the said town; shall
be signed by the mayor, and countersigned by the recorder thereof;
and shall have printed on the face or back of said bonds that they are
issued pursuant to the provision of this act. The said bonds shall
be negotiated and sold in such manner as may be prescribed by the said
council, but not at less than par, and for no greater amount than may
be necessary for the purpose aforesaid, of raising a sufficient amount to
retire and pay off all of the present outstanding bonds.

The old bonds, when called in, shall be cancelled by direction of the
council of the town of Warrenton.

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