Chap. 2.—An ACT to authorize the mayor and the council of the town of Parksley,
in the county of Accomac, to borrow not exceeding $25,000 and issue bonds
therefor for the purpose of erecting and equipping a school building in said
town. [H B 24}

Approved February 5, 1924.

1. Be it enacted by the general assembly of Virginia, That the
mayor and the council of the town of Parksley, in the county of Accomac,
be, and they are hereby, authorized and empowered to issue and sell
bonds of the said town in an amount not to exceed twenty-five thousand
dollars, as hereinafter provided, or as much thereof as, added to the
present indebtedness of the said town, shall not exceed the constitu-
tional limitation of eighteen per centum, the proceeds of which shall be
used by the said town for the purpose of erecting and equipping a
school building within the said town.

2. The said bonds shall be coupon bonds and shall be issued in
denominations of one hundred dollars, or any multiple thereof, as the
said mayor and council may prescribe, and shall bear interest at a rate
not to exceed six per centum, payable semi-annually. They shall be
made to mature at the end of twenty years from the date of their
issuance, but redeemable after five years, or any interest date there-
after, at the option of the said counvil. The said bonds shall be signed
by the mayor and countersigned by the clerk of the council and shall
be sold and negotiated in such manner as may be prescribed by the
said mayor and council, provided that said bonds shall not be sold and
negotiated for less than 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 or when redeemed before maturity,
as aforesaid, and if necessary, may levy a special tax annually not to
exceed fifteen cents on every one hundred dollars worth of property
subject to local taxation within the limits of said town for said pur-
poses.

3. An emergency existing, this act shall be in force from its pas-
sage.