Sec. 25. Refunding bonds.
The council of said City of Charlottesville is hereby authorized
to make and issue the registered or coupon bonds
of said corporation, payable not exceeding forty years after
their date, bearing interest at not more than five per centum
per annum, payable semiannually; said bonds to be used exclusively
in paying off and discharging the principal and interest
of the present bonded debt of the corporation of
Charlottesville. The said council shall not be authorized to dispose
of such bonds at less than par value, except by a recorded
affirmative vote of all the members elected to the council.
Said registered and coupon bonds shall be regularly
numbered, signed by the mayor, clerk and treasurer of the
city, and recorded in a book kept for that purpose.
