Chap. 8.—An ACT to authorize and empower the board of supervisors of
Greensville county to issue bonds of the county to be exchanged for or
used in paying off the bonds of said county issued in payment for the
stock of the Atlantic and Danville Railway Company, payable in 1914,
providing a sinking fund for the payment of said bonds. (HB. 78.)

Approved January 31, 1914.

1. Be it enacted by the general assembly of Virginia, That
the board of supervisors of the county of Greensville shall have
power and authority to issue the bonds of said county to an amount
not exceeding the principal of the bonds of said county now out-
standing, and issued in payment for the capital stock of the Atlantic
and Danville Railway Company, the said bonds to be coupon or
registered, in the sums of five hundred dollars, or any multiple
thereof, and payable at such time or times as a whole or in series
as the said board may think best, bearing interest not exceeding
six per centum per annum, the interest to be payable on the first

' of January of every year, the said bonds to be signed by the chair-

man of the board of supervisors, be countersigned by the clerk,
and have the seal of said board attached.

2. The said board is authorized and empowered to exchange
at par the bonds issued under this act for the outstanding bonds of
the county of Greensville mentioned in the preceding section when-
ever the holders of said bonds shall be willing to make the exchange.

3. If the said holders shall not be willing to exchange their
bonds for those authorized by this act, but shall be willing to ac-
cept the face value in payment, then and in that event the said
board shall at once issue and sell at not less than par as many of
the bonds hereby authorized as may be necessary to pay off the said
bonds so offered by the holders.

4. If the said board shall not be able to exchange the bonds
authorized by this act for those now outstanding, and shall not be
able to pay off said bonds as hereinbefore provided, then the bonds
now authorized, or so many of them as have not been issued for
exchange or payment as aforesaid, when the boards shall issue and
dispose of the same at not less than par, and with the proceeds shall
as soon as due pay off and cancel the said outstanding bonds.

5. For the purpose of negotiating said bonds, the board shall
have power and authority to appoint such agent or agents as it
may think proper. And in case of such appointment the said board
shall cause the bonds issued under this act to be delivered to said
ugent or agents, but before such delivery the agent or agents, as the
case may be, shall execute before the board bond in a penalty greater
than the amount of the bonds delivered to him or them, and with
security to be approved by said board, and conditioned for the
faithful discharge of his or their trust as such agent or agents.

6. Whenever the bonds authorized by this act shall be issued
the board shall embrace in its annual levy a sum sufficient to pay
the interest on Said bonas; and whether all of said bonds snali be
made payable at the same time, or issued in series and made payable
at different times; the said board shall also provide by levy from
year to year a sinking fund not exceeding ten cents on the one hun-
dred dollars of taxable property within said county, which sinking
fund shall be securely invested by said board of supervisors in such
securities as they shall think safe, the same to be applied to the pay-
ment of said bonds at the time or times when they shall become due
and payable.

7. The interest on all bonds issued under this act shall cease
at the maturity of the bonds, whether said bonds are presented for
payment or not.

8. All bonds of the county of Greensville now outstanding or
issued under this act, shall, as soon as paid, be so cancelled and
mutilated in the presence of the board of supervisors that they
cannot be again negotiated or used. And if coupon bonds shall be
issued, the said coupons, as soon as paid, shall be cancelled and .
mutilated by the treasurer, and after his settlement with the board,
in which said coupons shall be used as vouchers, the board may, by
order describing said coupons, require them to be destroyed in its
presence.

9. These bonds shall be exempt from taxation except by the
State.

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