Chap. 122.—An ACT to amend and re-enact an act entitled “an act to amend and
re-enact article 10 of an act to incorporate the town of Phebus, in Elizabeth
City county,” approved January 22, 1900, and amended by an act approved
April 2, 1902.

Approved March 12, 1904.

1. Be il enacted by the general assembly of Virginia, That article ten
of an act entitled “an act to amend and re-enact article ten of an act to
incorporate the town of Phoebus, in Elizabeth City county, approved
January twenty-second, nineteen hundred,” approved April second, nine-
teen hundred and two, be amended and re-enacted so as to read as fol-
lows:

Article 10, Section L. The council of said town is hereby authorized
and empowered to borrow money in such sum or sums, not exceeding in
the aggregate fifty thousand dollars, upon the faith, credit, and property
of the said town, and to issue bonds therefor, signed by the mayor and
altested by the recorder: but provided, that such bonds shall not be sold
at less than: their par value and bear interest at a rate not exceeding six
per centum per annum. ‘The money hereby authorized to be borrowed
shall be used for any one or more of the following purposes, namely:
To provide a suitable equipment against fire, erecting of school build-
ings and improving the same; grading, paving, or otherwise improving
any one or more of the streets or avenues in said town, or any part or
parts thereof, or of locating, instituting, and maintaining sewers and. cul-
verts in and along any of such streets or avenues, or any part or parts
thereof, or for their permanent municipal improvements. The council
of the said town shall make proper provision for the payment of the an-
nual interest upon such bonds as may be issued under this article, and
shall provide a sinking fund for their redemption at maturity. The
coupons thereof shall be receivable for town taxes.

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