Chap. 274.—An ACT authorizing the town council of the town of Wachapreague
in Accomac county to borrow not exceeding $10,000, and to issue bonds
therefor, for the purpose of improving’ streets and sidewalks in the said
town; also authorizing the said council to levy a tax on the property in
said town to pay the interest on the principal of said bonds. S B 436

Approved March 15, 1922.

1. Be it enacted by the general assembly of Virginia, That the
town council of the town of Wachapreague in Accomac county, Vir-
ginia, be, and is hereby, authorized and empowered to borrow not
to exceed the sum of ten thousand dollars, and to issue bonds therefor,
for the purpose of improving the streets and sidewalks in said town.

2. The said bonds may be either coupon or registered, in such
denomination as the said council may prescribe, and shall bear in-
terest at a rate of not exceeding six per centum per annum. The
principal of said bonds shall be payable in thirty-four years from their
date, or at such other time or times as the said council may provide.
The said bonds shall be signed by the mayor of said town and coun-
tersigned by the clerk, and shall be negotiated or sold in such manner
as may be prescribed by the town council, provided they shall not
be sold or negotiated for less than their par value, and the same
shall not be issued until the question of whether or not the said bonds
shall be.so issued and sold for the purposes named shall first be
submitted to the qualified voters of the town of Wachapreague, 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 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 voting 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.

3. The town council of the town of Wachapreague is hereby
authorized and empowered to levy and collect such taxes on real
estate and tangible personal property in the town of Wachapreague
as the council of said town may determine, and a further tax at a
rate not in conflict with the general laws of the State of Virginia
on all intangible personal property in the said town, as may be
necessary to provide for the payment of the principal and interest
of said bonds.

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