Chap. 471.—An ACT to authorize the mayor and council of the town of Clarks-
ville, in the county of Mecklenburg, to issue bonds and borrow money for
the purpose of constructing, improving and maintaining the roads and streets
of said town. [S B 420!

Approved March 24, 1920.

1. Be it enacted by the general assembly of Virginia, That the
mayor and the council of the town of Clarksville, in the county o:
Mecklenburg, be, and they are hereby, authorized and empowered
to issue and sell bonds of the said town in an amount not to exceed
fourteen thousand and five hundred dollars for the purpose of con-
structing, improving and maintaining the roads and streets of the
said town, and to meet such expenses in connection therewith as mav
be determined upon by the said mayor and council.

2. The bonds authorized by this act shall be coupon or registered
bonds and shall be issued in such denominations as the mayor and
council may prescribe; they shall bear interest at a rate not exceeding
SIX per centum per annum, payable at such times and places as the
said mayor and council may prescribe; they shall be made to mature
at the end of thirty years from their date, but redeemable after fifteen
years at the option of the mayor and council at any time; and thes
shall be signed by the mayor and countersigned by the clerk of said
council for and in behalf of the said town of Clarksville with the sei
of the town attached. But the said mayor and council shall not pro-
ceed to issue the said bonds until the question of whether or not the
said bonds shall be so issued and sold for the purposes named. shal:
first be submitted to the qualified voters of the town of Clarksville a:
a special election to be called by the council for that purpose at am
time within two years from the passage of this act, which said special
election shall be called by the proper ordinance, and in all other re-
spects be conducted under the general laws governing special elections.
The ordinance calling said special election shall recite the total amount
of bonds proposed to be issued, the rate of interest they shall bear
and the amount to be issued, and said ordinance shall provide that
such election is to be held in order that the qualified voters may vote
as to whether or not there shall be an issue of bonds for the purposes
aforesaid. If, at the election to be so called, a majority of the quali-
fied voters voting should cast their ballots in favor of the issue of said
bonds for said purposes, then the council shall proceed to issue and
sell the same as herein provided. The 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 by proper tax levy or appropriation for the payment of inter-
est on same and the creation of a sinking fund to retire said bonds
at maturity.