CHAP. 37.--An ACT to authorize the town of Cape Charles, in Northampton county, to issue bonds and borrow money thereon for the purpose of erecting, equipping and operating a plant for the manufacture, distribution and sale of electricity.

1. Be it enacted by the general assembly of Virginia, That for the purpose of erecting, equipping and operating a plant for the manufacture, distribution and sale of electricity for the supply of illumination and power within and for the town of Cape Charles, in Northampton county, or two and one-half miles of the said town, the council of the said town is hereby authorized and empowered to borrow a sum of money not exceeding ten thousand ($10,000.00) dollars, or so much thereof as may not exceed its constitutional limit of bond issues, and to issue coupon bonds therefor, signed by the mayor and attested by the clerk, payable not exceeding twenty (20) years from the date thereof, redeemable at the pleasure of the council five (5) years thereafter, and interest bearing at a rate not exceeding six per centum (6%) per annum, payable semi-annually wheresoever therein designated: provided, however, that such bonds shall not be sold for less than their nominal or par value.

2. An emergency existing by reason of the necessity of the said improvement, this act shall be in force from its passage.