Chap. 101.—An ACT to authorize the town of Cape Charles to borrow $58,-
000.00 and issue bonds therefor for the purpose of refunding outstanding
notes or certificates of indebtedness. [H B 94]

Approved March 6, 1928

1. Be it enacted by the general assembly of Virginia, That in
dition to any other indebtedness of the town of Cape Charles and
he certificates of debt or bonds which the said town has, from
ime to time, issued, the council of said town may, by four-fifths
‘ote of said council, in the name of and for the use of said town,
‘ause to be issued, bonds or certificates of indebtedness (the form
which shall be prescribed by the council), to the amount of
ifty-eight thousand dollars, bearing interest at a rate not exceed-
ng six per centum per annum and payable in the discretion of
he council in not more than thirty (30) years, which said bonds
nay be sinking fund or serial bonds, as the council may determine,
yut the said bonds shall not be sold upon a basis which will cost
‘he municipality more than six per centum interest per annum. The
amount received from the sale of these bonds shall be used and
applied by the town in the payment and redemption of a like
amount of outstanding notes, or certificates of indebtedness of
said town issued by it during the years nineteen hundred and
twenty-four and nineteen hundred and twenty-five for the financ-
ing of street paving costs, or of any renewals of such notes or
certificates of indebtedness.

2. While said bonds or any of them remain outstanding, the
council of said town shall levy annually a tax upon all real and
personal property subject to local taxation in said town sufficient
to pay the interest on said bonds and to create a sinking fund for
the payment of the principal at maturity.

3. An emergency existing, this act shall be in force from its
passage.