Chap. 21.—An ACT to authorize the town of Abingdon to issue bonds to pay
its bonded indebtedness.

Approved February 2, 1901.

Whereas the town of Abingdon issued its bonds under the provisions
of section number twelve hundred and forty-three of the Code of eigh-
teen hundred and eighty-seven, to the amount of twenty thousand dollars ;
and under authority of an act of the general assembly of Virginia, ap-
proved on the fourth day of March, eighteen hundred and eighty-four,
for the sum of eightcen thousand dollars, which said bonds are now out-
standing and unpaid; and

Whereas it is the desire of the council of said town to retire the said
bends by the issue of new bonds for an equal sum, which they believe
can be negotiated at a lower rate of interest than is being paid on the
present bonds; therefore

1. Be it enacted by the general assembly of Virginia, That the council
of the town of Abingdon be, and it is, hereby authorized and empowered
to issue coupon bonds to an amount not exceeding thirty-eight thousand
dollars, with which to pay off and retire the said bonds now outstanding.
or may sell said bonds for the purpose of raising money to pay off said
outstanding bonds. Said bonds shall be of the denomination of one hun-
dred dollars, or its multiple, bearing interest at a rate not exceeding six
per centum per annum, interest payable semi-annually at such place as
may be designated by the said council; shall be in such form as the
council may prescribe; shall be signed by the mayor of said town, coun-
tersigned by the clerk of the said council, under the seal of the said town,
Said bonds shall run for a period not to exceed forty years, redeemable
at the pleasure of the town after twenty years from the date of their issue

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