CHAP. 167.--An ACT to authorize and empower the council of the town of Parksley, in the county of Accomac, to borrow money and issue bonds for the purchase, construction, repair and improvement of the water and lighting systems of said town.

1. Be it enacted by the general assembly of Virginia, That the council of the town of Parksley, in the county of Accomac, be, and it is hereby, authorized to borrow money for said town not exceeding twelve thousand dollars, for the purchase, construction or improvement of water and lighting systems in said town by the issuing of bonds of the corporation for the said sum, with the entire indebtedness of said town not exceeding the constitutional limitation.

2. The said bonds shall be registered or coupon as the said council determine and shall be issued in denominations of one hundred dollars, or any multiple thereof, as the council may prescribe, and shall bear interest at a rate not to exceed six per centum per annum, payable annually or semi-annually, as the said council shall prescribe. The principal of the said bonds shall be payable thirty years after date, but in the discretion of the council of said town may be redeemed at any time after twenty years and before maturity.

3. The said bonds shall be signed by the mayor of said town, whose signature shall be attested by the clerk of said council, with the corporate seal attached, and shall be sold and negotiated in such manner and upon such terms as the council shall prescribe; provided, that said bonds shall not be sold at less than their par value, when bearing interest as great as six per centum per annum. The council shall have power to make annual appropriations out of the revenue of the corporation 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, shall levy a special tax on all property subject to local taxation within the limits of said town for said purposes.

4. Nothing herein shall authorize the issuing of bonds herein mentioned until an election shall be held in said town for the purpose of deciding upon the question of this bond issue, said election to be held under the terms of the general law, prescribing the method of holding elections in towns for the purpose of deciding upon the question of bond issues.