Chap. 141.—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 im-
prevement of water and sewerage systems of the said town. [H B 236]

Approved March 13, 1918.

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
itis, hereby authorized to borrow money for said town not exceed-
ing ten thousand dollars, for the purpose of purchasing equipment
for the fire department, and for constructing 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 multiple
thereof, as the council may prescribe, and shall bear interest at a
rate not to exceed six per centum, payable annually or semi-annu-
ally, as the said council may prescribe. The principal of the said
bonds shall bé payable as follows: twenty-five hundred dollars in
five years: twenty-five hundred dollars in ten years; twenty-five
hundred dollars in fifteen years. and twenty-five hundred dollars in
twenty years after date, but in the discretion of the council of said
town may b2 redeemed at any time before maturity with the con-
sent of the holders thereof.

3. The said bonds shall be signed by the mayor and clerk of
said council 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 corporation to pay the
interest on said bonds, and to provide a sinking fund for the
redemption of said bonds when due, or when redeemed before matur-
ity as aforesaid.

4 Nothing herein shal] authorize the issuing of bonds herein
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 elec-
tions in towns for the purpose of deciding upon the question of a
bond issue.

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