CHAP. 59.--An ACT to authorize the town of Onancock, in the county of Accomac, Virginia, to borrow money.

1. Be it enacted by the general assembly of Virginia, That the mayor and council of the town of Onancock be, and they are hereby, authorized and empowered to borrow for said corporation, and for the purpose of extending the water works in said town and for other purposes, a sum of money not exceeding ten thousand dollars by the issue and sale of the bonds of said corporation as hereinafter provided.

2. Said bonds shall be issued in denomination of one hundred dollars, or the multiple thereof, and bear interest at a rate not exceeding six per centum per annum. Said interest to be paid semi-annually on the first day of January and the first day of July, by the treasurer of said town, at his office in said town. The principal of said bonds shall be payable in thirty years from date or upon the call of said corporation at any time after the expiration of ten years from the date of issue. Said bonds shall be signed by the mayor of said town 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 for less than their par value.