Chap. 84.—An ACT to authorize the board of supervisors of Alleghany county
to borrow the sum of $80,000, to be used in building a new courthouse
and in building bridges in each of the magisterial districts of said county,
ar tae purpose to issue the bonds of the county for the said sum
) ,000.

Approved March 2, 1910.

1. Be it enacted by the general assembly of Virginia, That the board
of supervisors of Alleghany county be, and it is hereby, authorized and
empowered to borrow the sum of eighty thousand dollars ($80,000.00),
of which amount the sum of forty thousand dollars ($40,000.00) shall be
used in the erection of a new courthouse on the county property situated
In the town of Covington, and the residue shall be apportioned equally
among the three magisterial districts of the said county, and as so ap-
portioned, and not otherwise, shall be used in defraying the costs of erect-
ing bridges in each of the said districts at such places as the said board of
supervisors shall deem proper. Said board of supervisors is hereby
authorized and empowered to issue coupon bonds of the said county for
the said sum of eighty thousand dollars ($80,000.00), which said bonds,
to be known as “courthouse and bridge bonds,” shall be of the denomi-
nation of one thousand dollars ($1,000.00) each, shall be numbered con-
secutively from one to eighty, inclusive, shall be payable in thirty years
from the date of their issuance, shall bear interest at a rate not to ex-
eced five per centum per annum, payable semi-annually at the office of
the treasurer of said county, and shall be signed by the chairman of the
said board of supervisors and attested by its clerk and shall have the seal
of the board affixed thereto.

2. It may be provided by the board of supervisors that any or all of
said bonds shall be payable, at the option of the county, after the expira-
tion of the period of ten years from the date of their issuance, and in the
event of the said board making such provisions there shall be stated in
the face of the bonds the said option to pay the same, that if less than all
of said bonds are redeemed under said option, they shall be redeemed in
their inverse numerical order, that they shall be redeemed upon the
expiration of at least thirty days after written notice to the owner or
owners thereof, which said notice shall be given by sending the same by
registered mail to the last known postoffice address of the original pur-
chaser or purchasers of the bonds to be redeemed under said option, and
that upon the expiration of the said period of at least thirty days, interest
upon any bond so elected by said county to be paid shall cease: provided,
that the notice aforesaid of at least thirty days shall expire on one of the
dates upon which interest on said bonds shall become payable.

3. The said board of supervisors shall have full power to negotiate
the said bonds through an agent or agents, or in any way it may deem
best, and the proceeds of the said bonds shall be received by the treasurer
of Alleghany county, and for the money so received he shall be liable upon
his official bond. The said bonds shall not be sold at less than their par
value. The county treasurer shall keep separate accounts of the money
arising from the sale of said bonds, one account to be kept of the amount
set aside for the erection of the courthouse, and other accounts be kept
of the amount set aside for the erection of bridges in each of the said
magisterial districts. The county treasurer shall pay the money so re-
ceived by him on warrants issued by the said board of supervisors against
each of the respective funds aforesaid, which said warrants shall be signed
by the chairman of the board and attested by its clerk, and for his ser-
vices in receiving and disbursing the proceeds of said bonds the said
county treasurer shall receive such compensation as the said board of
supervisors shall deem proper.

4. The said board of supervisors shall annual] include in the levy upon
the property and lawful subjects of taxation in said county, as a part of
the annual county levy, a sum equal to the annual interest on said bonds
then outstanding, and in addition, a sum equal to three and one-third per
centum of the principal of the said bonds, which said additional sum equal
to three and one-third per centum of the principal of said bonds shall
constitute a sinking fund for the redemption thereof. All of the said
bonds and coupons paid off or redeemed by the said board of supervisors
shall be forthwith destroyed in the presence of the board. The said board
of supervisors is authorized and empowered to lend out, upon real estate
security, the loan not to exceed fifty per centum of the assessed value of
such real estate, or to deposit in bank at interest, all accumulations of
money to the credit of said sinking fund, and to collect and reinvest the
same, and the interest accrued thereon, from time to time so often as it
may deem necessary or expedient: provided, that no money to the credit
of said sinking fund shall be loaned out on real estate security unless said
loan shall be first approved by the circuit court of said county, or the
judge thereof in vacation, and the form of the security be examined and
approved by the Commonwealth’s attorney for said county, which ap-
proval shall be entered of record in the order book of the said court.

5. The said board of supervisors shall keep a record in which shall be
eet out the respective numbers of the bonds and the names and residences
of the respective purchasers thereof.

6. On account of the necessity of immediate use of the money to be
raised this act is declared an emergency act, and shall be in force from its
passage.