CHAP. 274.--An ACT authorizing the town council of the town of Wachapreague in Accomac county to borrow not exceeding $10,000, and to issue bonds therefor, for the purpose of improving streets and sidewalks in the said town; also authorizing the said c...

Approved March 15, 1922.

1. Be it enacted by the general assembly of Virginia, That the town council of the town of Wachapreague in Accomac county, Virginia, be, and is hereby, authorized and empowered to borrow not to exceed the sum of ten thousand dollars, and to issue bonds therefor, for the purpose of improving the streets and sidewalks in said town.

2. The said bonds may be either coupon or registered, in such denomination as the said council may prescribe, and shall bear interest at a rate of not exceeding six per centum per annum. The principal of said bonds shall be payable in thirty-four years from their date, or at such other time or times as the said council may provide. The said bonds shall be signed by the mayor of said town and countersigned by the clerk, and shall be negotiated or sold in such manner as may be prescribed by the town council, provided they shall not be sold or negotiated for less than their par value, and the same shall not be issued until the question of whether or not the said bonds shall be so issued and sold for the purposes named shall first be submitted to the qualified voters of the town of Wachapreague, at an election to be called, at any time within one year from the passage of this act, by the said council by proper ordinance, which election shall, in all respects, be conducted under the general law governing special elections; provided, further, that the ordinance calling said special election shall recite the total amount of bonds proposed to be issued, and the rate of interest to be paid. If, at the election to be so called, a majority of the qualified voters voting favor the issue and sale of such bonds as proposed in said ordinance, then, the council shall proceed to issue and sell the same as herein provided.

3. The town council of the town of Wachapreague is hereby authorized and empowered to levy and collect such taxes on real estate and tangible personal property in the town of Wachapreague as the council of said town may determine, and a further tax at a rate not in conflict with the general laws of the State of Virginia, on all intangible personal property in the said town, as may be necessary to provide for the payment of the principal and interest of said bonds.

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

CHAP. 274.--An ACT authorizing the town council of the town of Wachapreague in Accomac county to borrow not exceeding $10,000, and to issue bonds therefor, for the purpose of improving streets and sidewalks in the said town; also authorizing the said council to levy a tax on the property in said town to pay the interest on the principal of said bonds.
Acts and Joint Resolutions (Amending the Constitution) of the General Assembly of the State of Virginia, Session Which Commenced at the State Capitol on Wednesday, January 11, 1922
Richmond, Virginia
March 15, 1922
2 pages, pp. 466-467