CHAP. 240.--An ACT to authorize, under certain conditions, the mayor and council of the town of Cape Charles, in the county of Northampton, to issue bonds and borrow money for the enlargement, extension, repair, improvement and maintenance of the water...

1. Be it enacted by the general assembly of Virginia, That, subject to the provisions of this act, the mayor and council of the town of Cape Charles, in the county of Northampton, be, and they are hereby, authorized and empowered to issue and sell bonds of the said town, in an amount not to exceed in the aggregate the sum of twenty thousand dollars, as hereinafter provided, or so much thereof as, added to the present indebtedness of the said town, shall not exceed the constitutional limitation, the proceeds of which shall be used by the said town for the purpose of enlarging, extending, repairing, improving and maintaining the water and sewer systems of the said town and to refund certain sewer and water bonds maturing in the year nineteen hundred and twenty-three, or for either or any of the said purposes that may be prescribed by the said mayor and council, and to meet such expenses connected therewith, as may be determined upon by the said mayor and council.

2. The said bonds shall be coupon bonds and shall be issued in denominations of five hundred dollars, or any multiple thereof, as the said mayor and council may prescribe, and shall bear interest at a rate not to exceed six per centum, payable semi-annually. They shall be made to mature at the end of twenty years from the date of their issuance, but redeemable after five years, at the option of the said council, at the end of any interest-bearing period. The said bonds shall be signed by the mayor 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 and negotiated for less than par value. The
council shall have power to make annual appropriations out of the revenue of the corporations 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, may levy a special tax annually not to exceed fifteen cents on every one hundred dollars' worth of property subject to local taxation within the limits of said town for said purposes, not in conflict with general law.

3. The bonds provided for in this act, however, shall not be issued unless and until a majority of the qualified voters of the town of Cape Charles voting in the next regular election, or in a special election to be called for the purpose by the judge of the circuit court of Northampton county, upon a petition of ten per centum of the qualified voters of said town, shall approve the issuance of the same.

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