The free lance. (Fredericksburg, Va.) 1885-1926, 1906-02-10
CITY COUNCIL
TO Refund $llO,4OO Of Seven Per
Cent. Bonds.

The City Council met Thursday even.
ing at , O'Clock in response to a caii OF
the Finance Committee, looking to the
refunding of the 81 10, 400 Z per cent
bonds of the city on May |, 1906. There
were present President Cole and Council
men Rowe, Bradley, Embey, Dannehl
Young and Watson.
City Attorney st George Il. Fitzhugl
read the following paper. which was
presented 10y Chairman t. d. Cole, oil the
Finance Committee:
An Act to authorize the City Council ol
Fredericks burg, Virginia, to issue its
cupon or registered bonds for the Pnr'
pose OF redeeming its seven per cent. III
debtedness and paying of the same,
Whereas the city OF fredericksburg.
Virginia. did in pursuance OF an Act 81
the General Assembly OF Virginia, ap-
proved January Bird, 1870, issue It's
coupon bonds bearing Z per cent inter
est. dated May LIST, 1876, aud payable
on the first day of May, 1906;
And whereas there ARE now outstand'
ing and unpaid of said issue OF bonds the
sum of one hundred and nineteen thous'
and four hundred dollars which mature
and become due and payable on the hrs'
day OF May, 1906;
And whereas the city OF fredericksburg
is desirOus of issuing her bonds bearing
four Der cent. interest to the amount oil
one hundred and nineteen thousand
four hundred dollars for the purpose oi
reiuudng and discharing the aforesaid
seven per cent. indebtedness:
|. Be il enacted by the General As
sembly of Virginia. That il shall be law
ful for the Council OF the City OF Freder-
icksburg. Virginia. in order To refund
and discharge it's seven per cent coupon
bond Indebtedness, ISSUED IN pursuance
of the Act of the General Assembly OF
Virginia. approved January Bird. 1876
To issue coupon or registered bonds III
sums not less than one hundred dollars,
10 an amount not To exceed the par
value OF one hundred and nineteen
thousand. four hundred dollars To bear
interest AT "a rate not 70 exceed four per
centum per annun, payable seml-al-
nually said bonds 20 be payabl" thirty
years after the date of their issue. The
said bonds shall be- signed 10y the Mayor
aud City Treasurer and attested by the
Clerk sf the Council, with the Corporate
seal OF the city affixed thereto. aud the
coupons shalleach bear the signature Of
the City Treasurer signed thereto.
,. That the Council of the city OF
Fredericksburg shall use said bonds so
issued. or their proceeds, for the purpose
OF rounding and dischargiug the aiore-
said seven per cent bond indebtness OF
the city and for no other purpose what
ever.
3. That the City Council shall annu-
ally levy and collect taxes sufficient tn
pay the interest ON all bonds issued un.
der this act. as the same shall accrue aud
become payable. and said Council shall
provide for the payment OF the principal
of said bonds. when the same shall
mature; and shall provide sinking fund
for their payment at maturity.
(. That the City Council shall have
authority 10 exempt all the bonds issued
under this act from all taxation 10y the
city OF Fredericksburg OF by the City
Council, and 20 make all the coupons OF
said bonds, a. they mature receivable
for all taxes due the city
, 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 Treasupr,Or both, as said Coun-
ell may see iit
6. This act shall be in force from it,
passage.
Mr. Daunehl presented this resolution,
which was unanimously adopted:
The chairman Of the Fiuance Com
mittec having presented 10 the Council,
an act framed for the purpose ofenabllng
the city 70 redeem aud retire it, Z per
cent. bond indebtedness:
Resolved. That said act il approved
by the Council and copy Of the same il
directed to be sent by the Clerk OF the
Council 10 our Senator and Delegate IN
the General Assembly, with request that
they have said act enacted into law nj
this session
The Couucu adjourned