Chap. 215.—An ACT to authorize the city of Fredericksburg, Virginia, to issue
coupon or registered bonds of the city for the purpose of improving and en-
larging the city water works, and for improving the city gas works.

Approved March 15, 1904.

1. Beit enacted by the general assembly of Virginia, That it shall be
lawful for the council of the city of Fredericksburg, in order to enlarge
and extend the city water works, and in order to repair and improve the
city gas works, to issue coupon or registered bonds in sums not less than
one hundred dollars, to an amount not to exceed the par value of twenty
thousand dollars, to ‘bear interest at a rate not to exceed four per centum
per annum, payable semi-annually. Said bonds may be made payable
and may be redeemable at the option of the council at such time ag the
council may declare on the face of the bond. The said bonds shall be
signed by the mayor and the city treasurer, and attested by the clerk of
the council, with the corporate seal of the city affixed thereto, and the
coupons shall each bear the signature of the city treasurer signed thereto.
The said bonds shall be exempt from any and all taxation by the city of
Fredericksburg or the city council, and shall not be sold for less than
their par value.

2. That the council may secure the payment of the principal and in-
terest of so many of said bonds, the proceeds of which are used to enlarge
and extend the city water works, by a deed of trust upon said water
works, and may secure the payment of the principal and interest of so
many of said bonds, the proceeds of which are used to repair and im-
prove the city gas works, by a deed of trust upon said gas works, the
said deed of trust to be executed by the mayor, with the corporate seal
of the city affixed thereto.

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