Chap. 119.—An ACT authorizing the council of the town of Hampton to
borrow money and issue bonds therefor to the amount of fifteen thousand
dollars.

Approved Fevruary 13, 1901.

1. Be it enacted by the general assembly of Virginia, That the coun-
ci] of the town of Hampton be, and is, hereby authorized to issue coupon
bonds upon the faith, eredit and property of the said town to an amount
not exceeding fifteen thousand dollars; such bonds shall bear interest
at a rate not exceeding six per centum per annum, and shall be payable
not less than twenty nor more than forty years after the date of their
issue. Such bonds may be issued at such times and in such series as the
council may select: provided, that no issue of bonds shall be made under
this act unless the ordinance or resolution providing for same shall re-
ecive the vote of a majority of all the members of the council of the
said town.

2. The proceeds of the sale of the bonds hereby authorized shall be
applied to street improvements, and for such other uses as the council
of the town of Hampton may determine, and the issue and sale of said
bonds may be made at the same time or at different times, as the said
council may determine: provided, that the purchaser or purchasers of the
bonds issued under the authority of this act shall not be responsible for
the appropriation by the said council of the proceeds of the sale thereof.

3. Full power and authority is hereby given to the said council to
prepare and issue the said bonds in such form, and cach for such sum
as they shall prescribe. Fach of the said bonds shall be signed by the
mayor and treasurer, and countersigned by the clerk of the said town,
with the corporate seal thereof affixed thereto. The finance committee
of the said town council is hereby authorized to make sale of the said
bonds, or any part or parcel thereof, as they may deem expedient, subject
to the provisions of section one of this act.

The coupons of the said bonds shall be receivable in payment of
all dues and taxes, levied or assessed by the municipal authorities of the
town of Ilampton. The fund derived from the sale of the said bonds
shall be received and deposited by the finance committee to the credit
of mn account for which they are issued.

The council of the town of Hampton is hereby authorized to annu-
ally levy and collect an improvement tax sufficient to pay the interest
on such bonds as it may issue under this act: and after ten years from
the issue of such bonds may ereate a sinking fund, to be applied to the
payment and redemption thereof at maturity. which shall be provided
by a special tax, not exceeding a rate which will be suflicient to redeem
such bonds when due. The funds arising to the eredit of the sinking
fund hereby authorized shall be deposited in such bank or banks as
the council may direct ; and the mayor, the chairman of the finanee com-
mittee of the said council, and the treasurer of the said town are hereby
constituted a board of sinking fund commissioners, who are authorized
to invest such sinking fund in the bonds of the United States, or of the
town of Hampton, or such other interest-bearing securities as shall meet
the approval of said council.
6. This act shall be in force from its passage.