Sec. 22. Refunding bonds; rate of interest.
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
semi-annually; 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 councils 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.
