Chap. 313.—An ACT to authorize and empower the council of the town
of Chilhowie, in the county of Smyth, to borrow money and issue bonds
for equipment of the fire department, and for the construction and
improvement of water and sewerage systems of the said town.

(H. B. 520.)
Approved March 20, 1916.

1. Be it enacted by the general assembly of Virginia, That
the council of the town of Chilhowie, in the county of Smyth,
be, and it is, hereby authorized to borrow money for said town
not exceeding twenty-five thousand dollars, for the purpose of
purchasing equipment for the fire department, and for con-
structing and improving the water and sewerage systems of
the said town by issuing bonds of the corporation for the said
sum, with the entire indebtedness of said town not exceeding
the constitutional limitation. |

2. The said bonds shall be registered or coupon, and shall
be issued in denominations of one hundred dollars, or any mul-
tiple thereof, as the council may prescribe, and shall bear in-
terest at a rate not to exceed six per centum, payable annually
or semi-annually, as the said council shall prescribe. The prin-
cipal of the said bonds shall be payable thirty years after date,
but in the discretion of the council of said town may be re-
deemed at any time before maturity with the consent of the
holders thereof.

3. The said bonds shall be signed by the clerk of said coun-
cil with the corporation seal attached, and shall be sold and
negotiated in such manner and upon such terms as the council
shall prescribe; provided, that such bonds shall not be sold at
less than their par value. The council shall have power to
make annual appropriations out of the revenue of the corpo-
ration to pay the interest on said bonds, and to provide a sink-
ing fund for the redemption of said bonds when due, or when
redeemed before maturity as aforesaid.

4. Nothing herein shall authorize the issuing of bonds here-
in mentioned until an election shall be held in said town, at such
time as the said council may decide, for the purpose of deciding
upon the question of this bond issue, said election to be held
under the terms of the general law prescribing the method of
holding elections in towns for the purpose of deciding upon the
question of a bond issue.

5. Owing to the necessity for securing for the fire depart-
ment and making immediate improvements in the water and
sewerage systems of said town, an emergency exists, and this
act shall be in force from its passage.