Chap. 106.—An ACF to amend and re-enact section 7 of an act entitled
an act to provide for the issuing of county bonds for permanent road
or bridge improvement in the magisterial districts of the counties of
the State. ap}:roved March 18, 1912. (H. B. 108)

Approved March 17, 1915.

1. Be it-enacted by the genera] assembly of Virginia, That section
seven of an act entitled an act to provide for the issuing of county bonds
for permanent road or bridge improvement in the magisterial districts
of the counties of the State, approved March thirteenth, nineteen hundred
and twelve, be amended and re-enacted so as to read as follows:

%. After issuing such bonds or any of them, when the next levy
is made or tax imposed in said county, a tax shall be levied on all
property subject to local taxation in such magisterial district as voted
on the said bond issue, to pay the interest on the bonds so issued, and to
create a sinking fund to redeem the principal thereof at maturity; and
from year to year said levy or assessment shall be made until the debt
and interest are paid, which levy shall not exceed ninety cents on the
hundred dollars of taxable property within the said magisterial district
of said county. The amount levied for and set apart as a sinking fund,
and the interest accruing thereon, shall be used for the payment of the
principal of said bonds, and for no other purpose. Should, for any
reason, the county in any way, have to assume any payment on account
of said bond issue, either interest or principal, it is hereby provided that
the board of supervisors shall levy such tax in said magisterial district
as may be necessary to defray the amount assumed by the county.

The board of supervisors is hereby authorized and empowered to
apply any part or all of said sinking fund to the payment or purchase
of any of said bonds, at any time and all bonds so paid off or purchased
by said board of supervisors shall be immediately cancelled, and shall not
be re-issued, and the board of supervisors are 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 deposit in bank at
interest, all accumulations of money to the credit of said sinking fund,
provided, as aforesaid, and to collect and reinvest the same and the
interest accruing thereon from time to time, so often as may be neces-
sary or expedient, until such bonds become subject to call; provided that
no money to the credit of said sinking fund shall be loaned out or de-
posited or invested by the said board of supervisors, unless said loan,
deposit or investment 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 of said
county, which approval shall be entered of record in the order book
of said court.

The revenue of the State being affected, an emergency is declared
to exist, and this act shall be in force from its passage.