Chap. 35.—An ACT to empower the council of the town of Wakxefieid, in the
county of Sussex, to issue and sell bonds to the amount of and not exceed-
ing $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 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 35]

Approved February 10, 1920.

l. Be it enacted by the general assembly of Virginia, That the
countil 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 pur-
pose of borrowing money to erect, equip and operate a plant for the
manufacture, distribution and sale of electricitv, 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 an-
num 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 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 time
within one year from the passage of this act, by the said council
by proper ordinance, which election shall, in all respects, be con-
ducted 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 pro-
posed 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
interest on the same and the creation of a sinking fund to retire
the same at maturity.

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.