Chap. 110.—An ACT to authorize and empower the town council of the town
of Shenandoah, in Page county, to borrow not to exceed the sum of forty
thousand dollars for the purpose of liquidating the indebtedness of said
town on account of the construction and completion of the hydro-electric
dam and fixtures, by the issue and sale of bonds of said town. [S B 68]

Approved February 28, 1920.

Whereas, the town of Shenandoah, in Page county, in the con-
struction and completion of its hydro-electric dam and fixtures has
incurred an indebtedness of forty thousand dollars, for which there 1s
no provision for payment ; therefore,

1. Be it enacted by the general assembly of Virginia, That the
town council of the town of Shenandoah, in Page county, be, and is
hereby, authorized and empowered to borrow not to exceed the sum
of forty thousand dollars for the purpose of liquidating said indebted-
ness, by the issue and sale of bonds of the said town for said purpose.

2. Said bonds may be either coupon or registered, in denomina-
tions of five hundred dollars or multiples thereof, to bear interest at
the rate of not to exceed six per centum per annum, payable semi-
annually. The principal of said bonds shall be payable in thirty
years from their date, or upon call of said town at any time after
twenty years from their date. The said bonds shall be signed by
the mayor of said town, and shall have afhxed to them the seal of
said town attested by the clerk of said town, and shall be negotiated
or sold in such manner as may be prescribed by the town council,
provided they shall not be sold or negotiated for less than their
face value.

3. An emergency existing for the reasons herein stated, this act
shall be in force from its passage.