CHAP. 345.--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 school purposes, a sum of money not exceeding fifteen 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 five 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.

3. Said bonds shall not be issued until the question of issuing the same shall have been submitted to the qualified voters of the said town at such time as the mayor shall designate and after thirty days' notice, given by proclamation of the mayor of the date and purpose of said election. The ballot to be issued in such election shall be prepared as ballots issued in other elections and shall contain the words "for the issue of bonds for school purposes," and "against the issue of bonds for school purposes," and if, upon the canvass of the ballots cast it shall be found that a majority of those voting are in favor of such bond issue, the fact shall be so reported by the judges of election to the council of the said town which shall proceed immediately to prepare, execute and negotiate such bonds accordingly.