CHAP. 318.—An ACT to authorize the mayor and common coun-
cil of the towao of Chatham, in the county of Pittsylvania, to
borrow money for public improvements.

Approved February 20, 1892.

1. Be it enacted by the general assembly of Virginia,
That the mayor and common council of the town of Chat-
ham, be, and they are hereby, authorized and empowered
to borrow for said corporation, and for the purpose of
paving or macadamizing the streets of said town, asuam
of money not exceeding five thousand dollars, by the
issue and sale of the bonds of said corporation as herein-
after provided.

2. Said bonds shall be issued in denomination of five
hundred dollars, and bear six per centum interest per an-
num, said interest to be paid semi-annually on the first
of January and the first day of July, by the treasurer of
said town. The principal of said bonds shall be payable
in twenty years from date, or upon the call of said cor-
poration at any time. Said bonds shall be signed by the
mayor of said town and countersigned by the clerk of the
common council, and shall be sold and negotiated in such
manner as may be prescribed by the said mayor and com-
mon council: provided that said bonds shall not be sold
or negotiated for less than their par value.

3. In order to provide for the payment of the accruing
interest on said bonds and the principal thereof, the said
mayor and common council is hereby authorized and em-
powered to levy and collect a tax not to exceed in amount
twenty-five cents on the hundred dollars worth of prop-
erty, to be known as the public improvement tax, and to
be applied exclusively to the purposes of this act.

4, This act shall be in force from its passage.