Chap. 167.—An ACT to authorize and empower the council of the town of
Parksley, in the county of Accomac, to borrow money and issue bonds
for the purchase, construction, repair and improvement of the water
and lighting systems of said town. {H B 293]

Approved March 14, 1918.

1. Be it enacted by the general assembly of Virginia, That the
council of the town of Parksley, in the county of Accomac, be, and
it 1s hereby, authorized to borrow money for said town not exceed-
ing twelve thousand dollars, for the purchase, construction or
luprovement of water and lighting systems in said town by the
Issuing of bonds of the corporation for the said sum, with the entire
aucebtedness of said town not exceeding the constitutional limita-

lon.

_ 2. The said bonds shall be registered or coupon as the said coun-
cil may determine and shall be issued in denominations of one hun-
dred 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 pavable thirtv
years after date, but in the discretion of the council of said town
may be redeemed at any time after twenty years and before
maturity.

8. The said bonds shall be signed by the mayor of said town,
whose signature shall be attested by the clerk of said council, with
the corporate seal 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, when bearing interest as great as six per centum per annum.
The council shall have power to make annual appropriations out
of the revenue of the corporation to pay the interest on said bonds
und to provide a sinking fund for the redemption of said bonds
when due, or when redeemed before maturity, as aforesaid, and, if
necessary, shall levy a special tax on all property subject to local
taxation within the limits of said town for said purposes.

4. Nothing heréin shall authorize the issuing of bonds herein
mentioned until an election shall be held in said town for the pur-
pose 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 bond issues. :