Chap. 2.—An ACT to authorize the city council of Fredericksburg to issue
coupon or registered bonds of the city for the purpose of constructing
sewers and improving the streets.

Approved January 29, 1901.

Whereas by an act of the general assembly entitled “an act to author-
ize the city couneil of Fredericksburg to issue its conpon or registered
bonds for the purpose of constructing and improving streets, and for
other purposes of internal improvements and benefit to the city.” ap-
proved February first, eighteen hundred and ninety-six, the city council.
in order to establish a system of sewerage for the said city, and for the
purpose of grading, paving, curbing, macadamizing, blocking or other-
wise improving its streets, was authorized, under the conditions set forth
in said act, to issue coupon or registered bonds in sums not less than one
hundred dollars to an amount not to excecd the par value of fifty thou-
sand dollars, to bear interest at a rate not to exceed five per centum per
annum, payable semi-annuaJly, said bonds payable thirty years after the
date of their issue, and any or all of said bonds redeemable at the option
of the city council at any time after ten years from the date of their
issue; said bonds to be signed by the mayor and the city treasurer and
attested by the clerk of the council with the corporate seal of the city
altixed thereto and the coupons signed by the city treasurer; and said
bonds to be exempt from taxation by the city and not to be sold for less
than their par value; and

Whereas under and by virtue of an act of the general assembly entitled
“an act to authorize the city council of Fredericksburg to issue its coupon
or registered bonds for the purpose of obtaining an electric plant for
lighting the city,” approved January eleventh, nineteen hundred, the
city council was authorized to issue bonds of the par value of twelve
thousand dollars, being part of the issue of fifty thousand dollars of
bonds provided for in the aforesaid act of February first, eighteen hun-
dred and ninety-six; and hence there remains but thirty-cight thousand
dollars of said bonds not issued; and

Whereas said thirty-eight thousand dollars is now needed to enable the
city council to establish a system of sewerage and for the improvement of
the streets of the city; therefore,

1. Be it enacted by the general assembly of Virginia, That it shall be
lawful for the council of the city of Fredericksburg, for the purposes set
forth in the foregoing preamble, in its discretion, to forthwith issue and
dispose of coupon or registered bonds, not to exceed the par value of
thirty-eight thousand dollars; said bonds to conform to the requirements
of section one of the aforesaid act of February first, eighteen hundred
and ninety-six, except that said bonds, or any of them, may be made pay-
able and may be redeemable at the option of the council at such time as
the council may declare on the face of the bonds.

2. That the city council be authorized annually to levy and collect
taxes sufficient to pay the interest on all bonds issued under this act,
and said council shall provide for the payment of the principal of said
bonds when the same shall mature and become payable, and in their dis-
eretion may create a sinking fund to be applied to the redemption and
payment of said bonds.

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