Chap. 109.—An ACT to authorize the city of Fredericksburg, Virginia, to issue
coupon or registered bonds of the city, for the purpose of erecting a public
school building for said city.

Approved February 29, 1908.

1. Be it enacted by the general assembly of Virginia, That it shall
be lawful for the council of the city of Fredericksburg, in order to
enable said city to defray the cost of erecting a suitable public school
building for the needs of the white children of the city, to issue coupon
or registered bonds, in sums not less than one hundred dollars, to an
amount not to exceed the par value of fifteen 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 redeem-
able, at the option of the council, at such time as 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 Fred-
ericksburg or the city council, and shall not be sold for less than their
par value: provided, that such hond issue, together with the existing
indebtedness of said city, shall not exceed the limit fixed by section one
hundred and twenty-seven of the Constitution of Virginia and the
statute made in pursuance thereof.

2. 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 discre-
tion, may create a sinking fund, to be applied to the redemption and
payment of said bonds, as provided by general law,