Chap. 160.—An ACT to empower the town of Chatham, in the county of Pitt-
sylvania, to borrow money and issue bonds for public schools and street
and road improvement.

Approved March 14, 1910.

1. Be it enacted by the general assembly of Virginia, That the coun-
cil of the town of Chatham, in Pittsylvania county, be, and hereby is,
authorized to borrow money for said town not exceeding ten thousand
dollars, seven thousand dollars of which shall be used for street and road
improvements and three thousand dollars for public school buildings
and improvement, by the issuing and selling of bonds of the corpora-
tion, the said amount, with the entire indebtedness of the town, not
exceeding the constitutional limitation.

2. The said bonds shall be registered or couponed and shall be issued
in denominations of one hundred dollars or any multiple thereof, as the
council may prescribe, and shall bear interest at a rate not to exceed
six per centum per annum, payable annually or semi-annually, as the
said council shall prescribe. The principal of the said bonds shall be
payable thirty years after date.

3. The said bonds shall be signed by the clerk of said council, with
the corporate sea] attached, and shall be sold and negotiated in such
manner and upon such terms as the council shall prescribe: provided,
that said bonds shall not be sold at less than their 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.

4. Nothing herein shall authorize the issuing of bonds herein men-
tioned until an election shall be held in said town for the purpose of
deciding upon the question of this bond issue, said election to be held
under the terms of the general law prescribing the method of holding
elections in towns for the purpose of deciding upon the question of a
bond issue.