CHAP. 2.--An ACT to authorize the mayor and the council of the town of Parksley, in the county of Accomac, to borrow not exceeding $25,000 and issue bonds therefor for the purpose of erecting and equipping a school building in said town.

1. Be it enacted by the general assembly of Virginia, That the mayor and the council of the town of Parksley, in the county of Accomac, be, and they are hereby, authorized and empowered to issue and sell bonds of the said town in an amount not to exceed twenty-five thousand dollars, as hereinafter provided, or as much thereof as, added to the present indebtedness of the said town, shall not exceed the constitutional limitation of eighteen per centum, the proceeds of which shall be used by the said town for the purpose of erecting and equipping a school building within the said town.

2. The said bonds shall be coupon bonds and shall be issued in denominations of one 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, or any interest date thereafter, at the option of the said council. 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 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, 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.

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