CHAP. 366.—An ACT to empower the council of the town of Stuart in
the county of Patrick, to issue and sell bonds for the purpose of pay-
ing the floating indebtedness of said town; provided, that the ques-
tion 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.

(H. B. 681.)
Approved March 20, 1916.

1. Be it enacted by the general assembly of Virginia, That
the council of the town of Stuart, in Patrick county, be and it
is hereby authorized to issue and sell bonds of the said town to
an amount not exceeding five thousand dollars, the proceeds
from which to be used by said town for the purpose of paying
the floating indebtedness of the said town.

2. The bonds herein provided for shall be coupon bonds;
they shall be issued in such denominations as the council may
prescribe; 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.

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 Stuart, 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 governing
special elections, except the commissioners of election shall make
their return directly to the county clerk of Patrick county and
to the council of said town; provided, further, that the ordi-
nance calling said special election shall recite the total amount
of bonds proposed to be issued, and the interest to be paid. If
at the election to be so called, a majority 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
necessity for paying certain debts of the said town in the near
future this act shall be in force from its passage.