Chap. 40.—An ACT to authorize the town council of the town of Wachapreague
in the county of Accomac, to berrow not exceeding $15,000.00 and to issue
bonds therefor, for the purpese of installing a water supply and sewer
system. (S B 53]

Approved February 26, 1926.

1. Be it enacted by the general assembly of Virginia, That the
council of the town of Wachapreague, in the county of Accomac, Vir-
ginia, be, and it is hereby, authorized and empowered to borrow
money not to exceed fifteen thousand dollars, and to issue bonds there-
for, for the purpose of installing a water supply and sewer system for
the said town.

2. The said bonds may be either coupon or registered and in such
denominations as the said council shall prescribe, and shall bear in-
terest at a rate not exceeding six per centum per annum. The prin-
cipal of said bonds shall be payable in twenty years from their date,
or at such other time or times as the said council may determine.
The said bonds shall be signed by the mayor of the said town, with
the corporate seal affixed thereto and attested by the clerk, and shall
be negotiated and sold in such manner as may be prescribed by the
town council, provided they shall not be sold or negotiated for less
than their par value. The council shall have power to make annual
appropriations out of the revenue of the said town to pay the in-
terest on said bonds, and to previde a sinking fund for the redemption
of the said bonds when due, and, if aecessary, shall annually levy a
special tax on all property subjéct td local taxation within the limits
of the said town for said purposes.

3. But this act is subject to this qualification, that no bonds
shall be issued under this act unless and until at a special election to
be held in said town on such date as may be fixed by the council, a
majority of the qualified voters living within the corporate limits of
said town and voting in said election shall vote in favor of such bonds.
And it is hereby made the duty of the regular election officers to pre-
pare the ballots and otherwise provide for the submission of the said
question to the voters at the said election: On each ballot shall be
printed in separate lines the following:

For Bond Issue
Against Bond Issue

Voters desiring to vote in favor of the issuance of said bonds shall
strike out the words “against bond issue,”’ and voters desiring to vote
against bond issue shall strike out the words ‘“‘for bond issue.’’ Voters
striking out or erasing the words “‘for’”’ or ‘“‘against’’ shall be deemed
to have stricken out or erased the entire line. But it is moreover
expressly provided that the said council may, if it so desires, provide
for the submission of the said question to the voters aforesaid at the
regular election to be held in the said town on the second Tuesday
in June, nineteen hundred and twenty-six, instead of having a special
election as aforesaid.

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