Chap. 306.—An ACT to amend and re-enact an act entitled an act to empower
the council of the town of Wakefield, in the county of Sussex, to issue and
sell bonds to the amount of and not exceeding $20,000.00, for the purpose
of borrowing money to erect, equip and operate a plant for the manufacture,
distribution and sale of electricity, or to contract for the manufacture of
same; provided, that the question of such bond issue for the purpose named
ta 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 February 10, 1920. . [H B 414]

- Approved March 19, 1920.

1. Be it enacted by the general assembly of Virginia, That an
act entitled an act to empower the council of the town of Wakefield,
in the county of Sussex, to issue and sell bonds to the amount of and
not exceeding twenty thousand dollars for the purpose of borrowing
money to erect, equip and operate a plant for the manufacture, dis-
tribution and sale of electricity, or to contract for the manufacture of
same ; provided, that the question of such bond issue for the purpose
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 February tenth, nineteen hundred and
twenty, be amended and re-enacted so as to read as follows:

1. That the council of the town of Wakefield, in Sussex county be,
and it is, hereby authorized to issue and sell bonds of the said town
to the amount of and not exceeding twenty thousand dollars, for the
purpose of borrowing money to erect, equip and operate a plant for
the manufacture, distribution and sale of electricity, or to contract
for the manufacture of same, for the supply of illumination and power
within and for the town of Wakefield, in Sussex county, or within ten
miles of 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 pre-
scribe; they shall be made to mature at the end of thirty years from
their date, but the whole issue or any part thereof may be redeemable
after five 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 purpose named shall first be submitted to the qualified voters
of the town of Wakefield, at an election to be called, at any ttme
within one year from the passage of this act, by the said council by
proper ordinance, which election shall, in all respects, be conducted
under the general law governing special elections; provided, further,
that the ordinance calling said special election shall recite the total
amount of bonds proposed to be issued, and the rate of interest to be
paid. If, at the election to be so called, a majority of the qualified
voters favor the issue and sale of such bonds as 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 payment of the inter-
est on the same and the creation of a sinking fund to retire the same
at maturity by proper levy on all real estate and tangible personal
property.

5. The necessity of raising the money for the purpose of install-
ing the said improvement in said town creates an emergency, and this
act shall be in force from its passage.