CHaP. 146.—An ACT to empower the council of the town of Chatham, in
the county of Pittsylvania, to issue and sell bonds for the purpose of
improving the streets, improving the water system and establishing
a sewerage system in said town: provided, that the question of such
bond issue for the purposes named be first submitted to the qualified
voters of said town, and to authorize said council to call an election
for the submission of the same to the voters.

Approved March 12, 1912.

1. Be it enacted by the general assembly of Virginia, That
the council of the town of Chatham, in Pittsylvania county, be
and it is hereby, authorized to issue and sell bonds of the said
town to an amount not exceeding thirty thousand dollars, the
revenue from which is to be used by said town for street im-
provements, for improving the water supply or system, and for
the installation of a sewerage system, or for either, provided the
full sum of thirty thousand dollars shall not be used for any one
of the purposes named.

2. The bonds herein provided for shall be coupon bonds; they
shall be issued in such denominations as the council may pre-
scribe; they shall bear interest at a rate not exceeding six per
centum per annum payable at such time and place as the said
council may prescribe; they shall be made to mature at the end
of thirty years from their date, but redeemable after fifteen
years, at the option of the council at any time; and they shall
be signed by the mayor and countersigned by the clerk of said
council, with the seal of the town attached.

3. But said council shall not proceed to act hereunder until
the question of whether or not the said bonds shall be so issued
and sold for the purposes named shall first be submitted to the
qualified voters of the town of Chatham, at an election to be
called, at any time within one year from the passage of this
act, by the said council by proper ordinance, which election shall,
in all other respects, be conducted under the general law govern-
ing special elections, except the commissioners of election shall
make their return directly to the county clerk of Pittsylvania
county and to the council of said town; provided, further, that
the ordinance calling said special election shall recite the total
amount of bonds proposed to be issued, the rate of interest to
be paid, and the amount to be issued for each of the several pur-
poses named herein; but such ordinance may provide that such
election is to be held in order that the qualified voters may vote
as to whether or not there shall be an issue of bonds for any
one or more of the purposes aforesaid, but the amount proposed
for each purpose shall be named in the ordinance; provided, fur-
ther, that said council shall not provide for the issue and sale
of bonds in a sum exceeding twenty thousand dollars for street
improvements, or for more than fifteen thousand dollars for the
two purposes of improving the water system and establishing a
sewerage system, or for either one of said purposes, if the coun-
cil may so determine. If, at the election to be so called, a ma-
jority of the qualified voters voting favor the issue and sale of
such bonds as may have been proposed in said ordinance, then,
the council shall proceed to issue and sell the same as herein
provided.

4. Said council shall prescribe the manner of sale and the
terms upon which said bonds shall be sold; provided, the same
shall not be sold for less than par. It shall provide for the pay-
ment of the interest on same and the creation of a sinking fund
to retire the same at maturity.

5. It appearing that an emergency exists on account of* the
bad condition of the streets of said town and on account of the
inadequate water supply, it is ordered that this act shall be in
force from and after its passage.