Chap. 240.—An ACT to authorize, under certain conditions, the mayor and
council of the town of Cape Charles, in the county of Northampton, to issue
bands and borrow money for the enlargement, extension, repair, improve-

‘ment and maintenance of the water and sewer systems of the said town,
and to refund certain sewer and water bonds maturing in the ft 1923.

H B 494]
Approved March 15, 1922.

1. Be it enacted by the general assembly of Virginia, That, sub-
ject to the provisions of this act, the mayor and council of the town
of Cape Charles, in the county of Northampton, be, and they are
hereby, authorized and empowered to issue and sell bonds of the
said town, in an amount not to exceed in the aggregate the sum of
twenty thousand dollars, as hereinafter provided, or so much thereof
as, added to the present indebtedness of the said town, shall not
exceed the constitutional limitation, the proceeds of which shall be
used by the said town for the purpose of enlarging, extending, repair-
ing, improving and maintaining the water and sewer systems of the
said town and to refund certain sewer and water bonds maturing in
the year nineteen hundred and twenty-three, or for either or any of
the said purposes that may be prescribed by the said mayor and
council, and to meet such expenses connected therewith, as may be
determined upon by the said mayor and council.

2. The said bonds shall be coupon bonds and shall be issued
in denominations of five hundred dollars, or any multiple thereof,
as the said mayor and council may prescribe, and shall bear interest
at a rate not to exceed six per centum, payable semi-annually. They
shall be made to mature at the end of twenty years from the date
of their issuance, but redeemable after five years, at the option of
the said council, at the end of any interest-bearing period. The said
bonds shall be signed by the mayor 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 and negotiated for less than par value. The
council shall have power to make annual appropriations out of the
revenue of the corporations to pay the interest on said bonds and
to provide a sinking fund for the redemption of said bonds when due
or when redeemed before maturity, as aforesaid, and if necessary,
may levy a special tax annually not to exceed fifteen cents on every
one hundred dollars’ worth of property subject to local taxation
within the limits of said town for said purposes, not in conflict with
general law.

3. The bonds provided for in this act, however, shall not be
issued unless and until a majority of the qualified voters of the town
of Cape Charles voting in the next regular election, or in a special
election to be called for the purpose by the judge of the circuit court
£ Northampton county, upon a petition of ten per centum of the
ualified voters of said town, shall approve the issuance of the same.

4. An emergency existing, this act shall be in force from its
aSssage.