Chap. 60.—An ACT to authorize the council of the town of Salem, in Roanoke
county, to retire and refund certain bonds of said town.

Approved February 4, 1903.

Whereas, the council of the town of Salem, in the county of Roanoke,
under authority given by its charter, approved February eighteenth, anno
domini, eighteen hundred and ninety, did legally issue certain bonds of
said town, known as improvement. bonds, for the municipal purposes
thereof, which bonds bear date of the nineteenth day of September, anno
domini, eighteen hundred and ninety-two, bearing interest at the rate of
six per centum per annum from their date, pay able on December first.
nineteen hundred and eleven, with the privilege reserved to said town to
pay the same in ten vears from date of same, which bonds to the amount
of nincteen thousand dollars constitute a valid bonded indebtedness of
said town, and are now outstanding and unpaid; and,

Whereas, the said town is desirous of retiring said outstanding bonds
by the issuance of refunding bonds of said town, in place thereof ; now,
therefore,

1. Be it enacted by the general assembly of Virginia, That the council
of the town of Salem, in Roanoke county, be, and is hereby, authorized
and empowered to issue the bonds of said town, either coupon or regis-
tered, to the amount of nineteen thousand dollars, to be known
as refunding bonds, of the denomination of one thousand dollars
or five hundred dollars each, as to the town council mav scem proper, and
bearing interest at a rate not exceeding six per centum per annum,
payable semi-annually, the principal payable in gold coin of the Unite d
States of America, of the present standard of weight and fineness, at the
expiration of twenty years from their date: principal and interest payable
at some national bank or trust company of and in the city of New York.
in the State of New York, for the purpose of refunding and retiring said
Improvement bonds of said town to the amount of nineteen thousand dol-
lars; and when issued said refunding bonds to be exempt from taxation,
either special or general, for town purposes.

2. That the council of said town is hereby authorized to, and it shal]
annually, make provision for the levy of an annual tax upon all the tax-
able property in said town sufficient to pay the interest upon said bonds.
as it becomes due, and to provide a sinking fund to pay the principal
thereof when it becomes due.

3. This act shall take effect and he in force from and after its passage.