Chap. 110.—An ACT to authorize the mayor and council of the town of Cape
Charles, in the county of Northampton, and State of Virginia, to issue
bonds and borrow money for the purpose of paving the streets of the
said town. [H B 218]

Approved March 2, 1922.

1. Be it enacted by the general assembly of Virginia, That
the mayor and the council of the town of Cape Charles, in the county
of Northampton, be, and they are hereby authorized and empowered
to issue and sell bonds of the said town, in an amount not to exceed
in the aggregate the sum of forty thousand dollars, as hereinafter
provided, or as much thereof as, added to the present indebtedness of
the said town, shall not exceed the constitutional limitation of eigh-
teen per centum, the proceeds of which shall be used by the said
town for the purpose of street paving within the said town, and to
meet such expenses connected therewith, as may be determined upon
by the said mayor and council.

2. The said bonds shall be coupon bonds and shall be issued in
denominations of five hundred dollars, or any multiple thereof, as
the said mayor and council may prescribe, and shall bear interest at
a rate not to exceed six per centum payable semi-annually. They
shall be made to mature at the end of twenty years from the date
of their issuance, but redeemable after five years, or any interest
date thereafter, at the option of the said council. The said bonds
shall be signed by the mayor and countersigned by the clerk of the
council and shall be sold and negotiated in such manner as may be
prescribed by the said mayor and council, provided that said bonds
shall not be sold and negotiated for less than par value. The council
shall have power to make annual appropriations out of the revenue of
the corporation to pay the interest on said bonds and to provide a
sinking fund for the redemption of said bonds when due or when
redeemed before maturity, as aforesaid, and if necessary, may levy
a special tax annually not to exceed fifteen cents on every one hundred
dollars worth of property subject to local taxation within the limits
of said town for said purposes.