Chap. 206.—An ACT to authorize the Board of Supervisors of War-
ren County, to borrow forty thousand dollars to pay off bonds on
account of subscription to Manassas Gap Railroad Company.

Approved February 24, 1886.

1. Be it enacted by the general assembly of Virginia, That
the board of supervisors of Warren county be and it is hereby
authorized and empowered to borrow, upon the credit and faith
of the county, such sums of money, not exceeding the sum of
forty thousand dollars, as may be necessary to pay the out-
standing bonds of said county, issued on account of its sub-
scription to Manassas Gap railroad company. ,

2. That said board of supervisors may issue the registered
bonds of said county in sums of five hundred dollars each, or
any multiple thereof, payable in twenty years from their date,
or upon the call of said board of supervisors at any:time after
five years from their date, bearing interest at not exceeding six
per centum per annum, the interest to be paid on first July and
first January of every year. Thesaid bonds shall be signed by
the chairman of the board of supervisors; be countersigned by
the county clerk, and have the seal of the county attached.

3. The said bonds, when so issued, may be delivered for ne-
gotiation to such agent or agents as said board of supervisors
may select; but before such delivery of said bonds to said agent
or agents, he or they, as the case may be, shall execute bond,
with good security, in such penalty as the board of supervisors
may think reasonable, conditioned for the faithful discharge of
their trust as such agent or agents. ,

4. Said bonds shall be negotiated at not less than par, and
the proceeds thereof shall be applied by such agent or agents
to the satisfaction and payment of the said outstanding bonds
of said county of Warren; and said bonds, when so paid by
such agent or agents, shall be taken up and delivered by him
or them to the said board of supervisors, to be by them can-
celled and destroyed. Such agent or agents shall receive such
compensation for his or their services herein as shall be agreed
upon by them and the board of supervisors of said county, not
exceeding two and one-half per centum upon the amount of
bonds negotiated.

5. The board of supervisors of said county of Warren, shall
embrace, in their annual levy, a sum sufficient to pay the an-
nual interest on said bonds; and shall also provide by levy,
from year to year, a sinking fund of not exceeding ten cents
on the one hundred dollars of taxable property within the said
county; which sinking fund shall be securely invested by the
said board of supervisors in such securities as they may think
safe, the same to be applied to the payment of said bonds at
the time when they may be payable.

6. This act shall be in force from its passage.