Chap. 467.—An ACT to authorize the submission to the legal voters of the
city of Winchester the question whether or not they will favor the issuance
of not more than $75,000.00 of bonds for’ the construction of a municipal
electric light and power plant and to authorize the issuance of said bonds,
if a majority of those voting vote in favor of such issuance. ([(S B 340]

Approved March 24, 1920.

1. Be it enacted by the general assembly of Virginia, That

First: The common council of the city of Winchester, Virginia,
is authorized at any time within two years after the passage of this
act to order a special election in which the voters of the said city
qualified to vote in general election under the laws of this State may
vote upon the question whether or not they will favor or oppose the
issuance of not more than seventy-five thousand ($75,000) dollars of
bonds for the construction of a municipal electric light and power
plant, said bonds to bear such interest as the common council of Win-
chester may determine, not to exceed five per centum per annum, to
be in such denominations as the council may determine, and to mature
at such time as the council may determine, not to be more than sixty
years after date. If a majority of those voting shall vote in favor of
the issuance of said bonds said common council, by proper resolution
or ordinance, may direct that they be issued and executed on behalf
of the city of Winchester and signed by such officers or parties as
the council may name; provided, said bonds shall not exceed the aggre-
gate hereinbefore named.

Second. The proceeds from said bonds shall be wholly expended
in the construction of a municipal electric light and power plant.

Third. Said bonds shall be in such form as the common council
of said city may determine.

Fourth. Provision shall be made pursuant to existing law for the
creation of a sinking fund applicable to the retirement of said bonds;
and the said bonds may be made redeemable at the option of the city
of Winchester before maturity.