Chap. 797.—An ACT to authorize the common council of the town of Chatham
to issue bonds.

Approved March 6, 1900.

1. Be it enacted by the general assembly of Virginia, That the
common council of the town of Chatham, in Pittsylvania county, be, and
it is hereby, authorized and empowered to borrow money for said cor-
poration for the purpose of retiring any outstanding bonds and for
general improvements, subject to the direction of said council, a sum
not exceeding twenty-five thousand dollars ($25,000) by the issue and
sale of coupon bonds of said town as hereinafter provided.

2. Said bonds shall be issued in denominations of five hundred dol-
lars ($500.00) and bear five per centum interest per annum, which interest
shall be payable semi-annually on the first day of January and the first
day of July by the treasurer of said town.

3. The principal of said bonds shall be payable in thirty (30) years from
their date or upon call of the council of said town at its option or will
after ten years.

4. Said bonds shall be signed by the mayor of said town and counter-
signed by the clerk of the council.

5. They shall be sold or negotiated in such manner as the common
council may direct.

6. The council of said town shall have free and unlimited control of
the expenditure of the funds derived from the sale of said bonds: pro-
vided, that said bonds shall not be sold or negotiated for less than their
par value: and provided also, that said loan shall not be made or nego-
tiated until the question has been submitted to a vote of the people
of said town, and it shall appear by the report of the board of commis-
sioners, which shall be appointed by the judge of the county court of
Pittsylvania county, that a majority of the qualified voters of said
town voting upon the question are in favor of issuing said bonds, and
that said majority include a majority of the votes cast by freeholders
at such election and a majority of the registered voters of said town.

7%. The question shall be submitted to the voters of said town on the
fourth Thursday in March, nineteen hundred, said election to be held
under and by the direction of the mayor and council of said town for the

urpose of ascertaining the sense of the voters concerning such loan.

8. Said bonds may, by consent of the council, be exempt from taxa-
tion.

9. This act shall be in force from its passage.