Chap. 231.—An ACT to authorize the city council of Fredericksburg, Vir-
ginia, to issue its coupon or registered bonds for the purpose of redeeming
its seven per cent. indebtedness, and paying off the same.

Approved March 15, 1906.

Whereas the city of Fredericksburg, Virginia, did, in pursuance of
an act of the general assembly of Virginia, approved January third, eigh-
teen hundred and seventy-six, issue its coupon bonds bearing seven per
ventum interest, dated May first, eighteen hundred and seventy-six, and
pavable on the first day of May, nineteen hundred and six; and

Whereas there are now outstanding and unpaid of said issue of bond:
the sum of one hundred and nineteen thousand four hundred dollar:
which mature and become due and payable on the first day of May, nine-
teen hundred and six; and

Whereas the city of Fredericksburg is desirous of issuing her bonds
hearing four per centum interest to the amount of one hundred and
nineteen thousand four hundred dollars for the purpose of refunding and
discharging the aforesaid seven per centum indebted ness ;

1. Be it enacted by the general assembly of Virginia, That it shall be
lawful for the council of the city of Fredericksburg, Virginia, in order te
refund and discharge its seven per centum coupon bond indebtedness
issued in pursuance of the act of the general assembly of Virginia, ap-
proved January third, eighteen hundred and seventy-six, to issue coupon
or registered bonds, in sums not less than one hundred dollars, to an
amount not to exceed the par value of one hundred and nineteen thousand
four hundred dollars, to bear interest at a rate not to exceed four per
rentum per annum, payable semi-annually, said bonds to be payable thirty
years after the date of their issue. 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.

2. That the council of the city of Fredericksburg shall use said bonds
so issued or their proceeds, for the purpose of refunding and discharging
the aforesaid seven per centum bond indebtedness of the city, and for no
other purpose whatever.

3. That the city council shall annually levy and collect taxes sufficient
to pay the interest on all bonds issued under this act as the same shall
accrue and become payable, and said council shall provide for the payment
af the principal of said bonds when the same shall mature; and shall
provide a sinking fund for their payment at maturity.

4. That the city council shall have authority to exempt all the bonds
issued under this act from all taxation by the city of Fredericksburg, or
by the city council, and to make all the coupons of said bonds as they
mature receivable for all taxes due the city.

5. That the bonds issued under this act shall not be sold at less than
their par value, and the council may make the coupons payable at such
bank, or banks, in or out of the State, or at the office of the city treas-
urer, or both, as said council may see fit.

6. Whereas certain outstanding bonds of the city of Fredericksburg
will fall due on May the first, nineteen hundred and six, and must be paid
when due, therefore an emergency exists, and this act shall be in force
from its passage.