Chap. 345.—An ACT to authorize the town of Onancock, in the county of
Accomac, Virginia, to borrow money. {H B 399]

Approved March 16, 1918.

1.. Be it enacted by the general assembly of Virginia, That
the mayor and council of the town of Onancock, be, and they are
hereby, ‘authorized and empowered to borrow for said corporation,
and for school purposes, a sum of money not exceeding fifteen
thousand dollars by the issue and sale of the bonds of said cor-
poration as hereinafter provided.

2. Said bonds shall be issued in denomination of one hundred
dollars, or the multiple thereof, and bear interest at a rate not
exceeding six per centum per annum. Said interest to be paid
semi-annually on the first day of January, and the first day of July,
by the treasurer of said town, at his office in said town. The prin-
cipal of said bonds shall be payable in thirty years from date or
upon the call of said corporation at any time after the expiration
of five years from the date of issue. Said bonds shall be signed
by the mayor of said town and countersigned by the clerk of the
council, and shall be sold and negotiated in such manner as may be
prescribed by the said mayor and council; provided, that said bonds
shall not be sold for less than their par value.

3. Said bonds shall not be issued until the question of issuing
the same shall have been submitted to the qualified voters of the
said town at such time as the mayor shall designate and after thirty
days’ notice, given by proclamation of the mayor of the date and
purpose of said election. The ballot to be issued in such election
shall be prepared as ballots issued in other elections and shall con-
tain the words “for the issue of bonds for school purposes,” and
“against the issue of bonds for school purposes,” and if, upon the
canvass of the ballots cast it shall be found that a majority of
those voting are in favor of such bond issue, the fact shall be so
reported by the judges of election to the council of the said town
which shall proceed immediately to prepare, execute and negotiate
such bonds accordingly.