Chap. 12.—An ACT to amend and re-enact an act entitled an act to authorize
and empower the board of supervisors of the county of Brunswick to
issue bonds of the said county to an amount not exceeding $57,000.00 in
exchange for and to raise funds to pay off the outstanding bonds of said
county, issued by it in payment of its subscription to the capital stock vf
the Atlantic and Danville Railway Company, approved January 30, 1914;
to ratify the action of the said board of supervisors to the extent that it
has issued bonds of the county pursuant to said act; to authorize the said
board of supervisors to issue coupon bonds, or registered bonds as pro-
vided in said act, in exchange for and to raise funds to pay off the balance
of the outstanding bonds of said county issued by it in payment of its
subscription to the capital stock of the said Atlantic and Danville Railway
Company ; and to authorize the said board of supervisors, in its discretion,
to issue coupon bonds authorized by this act in exchange for the registered
bonds of the said county heretofore issued pursuant to said act approved

’ January 30, 1914. (H. B. 36)

Approved February 5, 1915.

Section 1. Be it enacted by the general assembly of Virginia, That
an act entitled an act to authorize and empower the board of super-
visors of the county of Brunswick to issue bonds of the said county to
an amount not exceeding fifty-seven thousand dollars, in exchange for
and to raise funds to pay off the outstanding bonds of said county issued
by it in payment of its subscription to the capital stock of the Atlantic
and Danville Railway Company, approved on January thirtieth, nine-
teen hundred and fourteen, be amended and re-enacted so as to read as
follows : ;

Whereas, the county of Brunswick on the twenty-first day of January,
vighteen hundred and eighty-nine, issued its bonds to the amount of
seventeen thousand and five hundred dollars to the Atlantic and Dan-
ville Railway Company, payable on the twenty-first day of January, nine-
teen hundred and fourteen, and afterwards on the fifth day of March,
eighteen hundred and ninety, the said county issued its bonds to the
said Atlantic and Danville Railway Company to the amount of seventy-
one thousand and seven hundred and fifteen dollars, in full payment
of the subscription made by the said county to the capital stock of the
said Atlantic and Danville Railway Company, pursuant to the provisions
of an act of the general assembly of Virginia incorporating the said
Atlantic and Danville Railway Company, approved on the twenty-first
day of April, eighteen hundred and eighty-two; and

Whereas, the said county afterwards from time to time redeemed
and paid off certain of the said bonds, leaving a balance of said bonds
now outstanding in denominations of five hundred dollars each, to the
amount of fifty-seven thousand dollars, thirteen thousand dollars, and
five hundred dollars of which became due and payable on the twenty-
first day of January, nineteen hundred and fourteen, and the residue
of which wiil become due and payable on the fifth day of March, nineteen
hundred and fifteen: and

Whereas, by an act of the general assembly of Virginia, approved
on the thirtieth day of January, nineteen hundred, the board of super-
visors of said county was authorized to issue bonds of the said county
to be exchanged for or used in paying off the bonds of said county,
issued by the said county in payment for the stock of the Atlantic and
Danville Railway Company, as aforesaid, and relieving the said board
of supervisors from providing a sinking fund for the payment of said
outstanding bonds; which act, however, refers in its title to said out-
standing bonds as being payable in nineteen hundred and fifteen, and
in other respects is not deemed sufficiently specific in its provisions; and

Whereas, the said board of supervisors, having been unable to nego-
tiate the sale of said bonds at a satisfactory rate of interest to persons
not residing in the said county, has resolved that the board is of opinion
that the interest of the county would be promoted by issuing said bonds
as registered bonds to tax payers of the county of Brunswick, at a rate
of six per cent interest, so that the county will derive the benefit of
taxing said bonds and such further benefits as may accrue from said
bonds being held by citizens of the county; provided, however, that in
event of the sale of said bonds to tax payers of the county, they shall
in addition to being registered, contain a provision to the effect that
in consideration of the rate of interest at which they are issued, the
said bonds shall not be transferable to any person who is not a tax payer
of the county; and it is also the sense of the board that in the event
of the issuance of said bonds to tax payers of the county, the general
assembly of Virginia be requested to enact a statute providing that the
county of Brunswick shall be and remain the situs for the taxation of
said bonds for both State, county and district purposes, and that such a
bill be introduced in the general assembly of Virginia by the member
of the house of delegates for the county of Brunswick, and by the mem-
ber of the senate of Virginia from the twenty-fifth senatorial district,
as may be necessary or expedient to enable said board of supervisors to
carry out substantially the purpose of said board as expressed in said
resolution, and the general assembly of Virginia be requested to enact
the same as an emergency bill; therefore,

1. Be it enacted by the general assembly of Virginia, That the
board of supervisors of the county of Brunswick be, and it is hereby,
authorized and empowered to execute registered bonds of said county,
in denominations of five hundred dollars each to an amount sufficient
to pay off the principal of the bonds of said county issued in payment
for the capital stock of the Atlantic and Danville Railway Company,
and now outstanding as aforesaid, not to exceed the sum of fifty-seven
thousand dollars, and deliver the same at par to any tax payers of the
said county of Brunswick (whether officers of said county or not) in
the order of their subscriptions, who may subscribe and pay therefor
the par value of said bonds in cash, or by exchanging the outstanding
bonds aforesaid of the said county at par for the new bonds authorized
to be issued by this act; the said bonds to be dated at such time as the
board of supervisors may determine, and thirteen thousand and five
hundred dollars thereof to bear interest at the rate of six per centum
per annum from the twenty-first day of January, nineteen hundred
and fourteen, and the residue to bear such interest from the fifth day
of March, nineteen hundred and fifteen, until paid, and the principal of
said bonds to be payable at the office of the treasurer of said county,
im series of two thousand dollars annually, on the first day of January,
nineteen hundred and nineteen, and on the first days of January of
each year thereafter, until the outstanding principal shall be reduced
below the sum of two thousand dollars, and the residue so remaining
shall be made payable on the first day of January next thereafter, and
the interest on each of said bonds to be payable semi-annually at the
office of said treasurer on the first day of each July and January after
the date of said bonds, until the maturity of said bonds.

Sec. 2. The registered bonds authorized by this act shall be signed
by the chairman and countersigned by the clerk of said board of super-
visors, and the seal of said board affixed thereto, and shall be in form
substantially as follows: :

UNITED STATES OF AMERICA,
COMMONWEALTH OF VIRGINIA,
COUNTY OF BRUNSWICK.

Number. $500.00.
The county of Brunswick, in the State of Virginia, acknowledges
itself indebted to ......... ccc eee ee ees , in the sum of five hundred

dollars ($500.00), which it promises to pay in lawful money of the
United States of America, at the office of the treasurer of said county,
on the first day of January, nineteen hundred and ............ , with
interest thereon at the rate of six per centum per annum, payable in
such lawful money aforesaid, on the first day of July and January of
each year, until the maturity of this bond.

This bond is issued pursuant to an order this day entered by the
board of supervisors of said county, under and by virtue of the pro-
visions of an act of the general assembly of Virginia, approved on
eee e eee eee eeee (here insert date this act shall be approved),
nineteen hundred and fourteen; and is one of a series of like denomina-
tion issued by said county of Brunswick in pursuance of the act of the
general assembly aforesaid.

In consideration of the rate of interest at which this bond is issued,
the same is not transferable to any person who is not a tax payer of
the county of Brunswick; and in the event that such transfer shall be
made in violation of this ‘stipulation, the county of Brunswick and the
district thereof in which the person making such transfer resided at
the time of the transfer shall be and remain the situs for the taxation of
this bond, for state, county and district purposes.

In testimony whereof, witness the signature of the chairman of the
board of supervisors of said county of Brunswick, and the seal of said
board of supervisors hereto affixed, duly attested by the countersignature
of the clerk of said board of supervisors, this ........ day of ........
nineteen hundred and ............

Countersigned by
Clerk of the Board of Supervisors.

And on the reverse side of such bonds there may be such form of
transfer and such other words and figures for the convenient designation
thereof as the said board of supervisors may deem proper.

Sec. 3. Registered bonds authorized by this act and issued to tax
payers of the county of Brunswick shall not be transferable to any
person who is not a tax payer of said county, and in the event that such
transfer shall be made in violation of the provisions of this act, the
said county of Brunswick, and the district thereof in which the tax
payers resided at the time of the transfer, shall be and remain the situs
for the taxation of said bonds for state, county and district purposes,
and the treasurer of said county is hereby authorized and empowered, in
the event of such transfer to a person who is not a tax payer of the
county of Brunswick, to deduct from the interest accruing on such
bonds all taxes and levies assessed and charged against said bonds at
the time such interest may become payable, which taxes and levies, when
so deducted by the treasurer, shall be accounted for by him in his settle-
ments with the auditor of public accounts and the board of supervisors
of said county, as other taxes and levies received by him are required
by law to be accounted for.

Sec. 4. The said board of supervisors shall cause all of said regis-
tered bonds issued under this act to be registered by the clerk of said
board, in a book to be provided and kept for that purpose, in the names
of the persons to whom the same are issued, showing the date of issue
and the districts in which such persons reside and the dates and num-
bers of said bonds, and when the same become payable, and in which
book also each transfer of the said bonds shall likewise be registered
by the said clerk, and copies of such registration of said bonds and of
such transfer thereof shall be furnished by the said clerk to the treas-
urer and the commissioners of the revenue of said county.

And whereas, pursuant to said act, the said board of supervisors, at
a meeting of said board held on the twenty-third day of February, nine-
teen hundred and fourteen, issued to J. R. Temple seven registered
bonds, to E. P. Buford fourteen registered bonds, and to Nelly Brodnax
three registered bonds; and at a meeting of said board held on the
thirteenth day of May, nineteen hundred and fourteen, issued to E. P.
Buford one registered bond, and at a meeting of said board held on
the twenty-second day of June, nineteen hundred and fourteen, issued
to E. P. Buford one registered bond; which registered bonds so issued
are in denominations of five hundred dollars each, bearing date on the
twenty-first day of January, nineteen hundred and fourteen, and were
delivered to the said J. R. Temple, E. P. Buford and Nelly Brodnax,
respectively, in exchange for and upon surrender by them of the same
numbers of bonds of the said county issued by it to the said Atlantic
and Danville Railway Company as aforesaid, of like denomination, which
matured on the said twenty-first day of January, nineteen hundred and
fourteen; therefore |

Sec. 2. Be it further enacted by the general assembly of Virginia,
That the action of the said board of supervisors in so issuing the said
registered bonds of the said county to the persons aforesaid be, and the
same is, hereby ratified and confirmed.

And whereas, the said board of supervisors may be unable to ex-
change or sell to citizens and tax payers of said county a sufficient num-
ber of registered bonds of said county, provided for in said act approved
on the thirtieth day of January, nineteen hundred and fourteen, to pay
off and retire the balance of the said outstanding bonds of the said county,
issued by it as aforesaid in payment of its subscription to the capital
stock of the Atlantic and Danville Railway Company, which will mature
and become payable on the fifth day of March, nineteen hundred and
fifteen ; therefore

Sec. 3. Be it further enacted by the general assembly of Virginia,
That the said board of supervisors be, and it is hereby authorized and
empowered to execute negotiable coupon bonds of the said county in
denominations of five hundred dollars each and in sufficient numbers to
pay off and retire the balance of the said outstanding bonds of the said
county, issued by it as aforesaid in payment of its subscription to the
capital stock of the said Atlantic and Danville Railway Company, which
bonds shall bear interest at a rate not exceeding six per centum per
annum, and shall not be sold or exchanged at a price below the par
value thereof. The said coupon bonds authorized by this section may
be dated on the first day of January, nineteen hundred and fifteen, with
interest thereon, evidenced by detachable coupons, payable semi-annually,
on the first days of July and January thereafter until maturity of said.
bonds, or the said board of supervisors may, in its discretion, cause said
bonds to be dated on, and the interest thereon to commence from, any
other day that it may see fit. The principal of said coupon bonds shall
be payable at the office of the treasurer of said county, in series not to
exceed two thousand dollars annually not earlier than the first day of
January, nineteen hundred and nineteen, and on the first day of Jan-
uary of each year thereafter until all of said bonds shall be paid off
and discharged, except that the coupon bonds mentioned in this section
shall not be made payable on the first day of January of any year, when
registered bonds of said county issued pursuant to the said act approved
on January thirtieth, nineteen hundred and fourteen, to the amount
of two thousand dollars will be payable, unless said registered bonds
shall be exchanged for coupon bonds and retired as provided in the next
succeeding section.

Sec. 4. The said board of supervisors may exchange at par the
coupon bonds mentioned in the preceding section for like amounts of
the said outstanding bonds of the said county issued by it as aforesaid
in payment of its subscription to the capital stock of the Atlantic and
Danville Railway Company, or may sell the said bonds for a price not
less than the par value thereof and apply the proceeds to the payment
of said outstanding bonds; and by and with the consent of the holders
of the registered bonds aforesaid issued pursuant to the act approved
on the thirtieth day of January, nineteen hundred and fourteen, may
exchange coupon bonds authorized by this act for like amounts of said
registered bonds, or may likewise sell a sufficient number of coupon
bonds to pay off and retire said registered bonds.

Sec. 5. The coupon bonds authorized by this act shall be signed
by the chairman and countersigned by the clerk of said board of super-
visors and the seal of said board of supervisors affixed thereto, and shall,
with the interest coupons thereto attached, be in form substantially as
follows:

UNITED STATES OF AMERICA,
COMMONWEALTH OF VIRGINIA,
? COUNTY OF BRUNSWICK.
Number. $500.00.

The county of Brunswick, in the State of Virginia, for value received,
hereby acknowledges itself indebted and promises to pay to bearer the
sum of five hundred dollars ($500.00), on the first day of January,
19..., with interest thereon at the rate of ......... per centum per
annum, payable semi-annually on the first day of July and January
in each year, after the date of this bond, on presentation and surrender
of the respective coupons, hereto annexed, as they severally become due;
both principal and interest being payable, in lawful money of the United
States of America, at the office of the treasurer of said county of Bruns-
wick, at Lawrenceville, Virginia.

This bond and the issue of which it is a part are issued under and in
pursuance of, and in strict compliance with, the constitution and statutes
of the State of Virginia, including among others an act of the géneral
assembly of Virginia entitled an act to amend and re-enact an act en-
titled an act to authorize and empower the board of supervisors of the
county of Brunswick to issue bonds of the said county to an amount
not exceeding fifty seven thousand dollars in exchange for and to raise
funds to pay off the outstanding bonds of said county, issued by it in
payment of its subscription to the capital stock of the Atlantic and
Danville Railway Company, approved January thirtieth, nineteen hun-
dred and fourteen; to ratify the action of the said board of supervisors
to the extent that it has issued bonds of the county pursuant to said
act; to authorize the said board of supervisors to issue coupon bonds, o1
registered bonds as provided in said act, in exchange for and to raise
funds to pay off the balance of the outstanding bonds of said county
issued by it in payment of its subscription to the capital stock of the
said Atlantic and Danville Railway Company; and to authorize the said
board of supervisors, in its discretion, to issue coupon bonds authorized
by this act in exchange for the registered bonds of the said county here-
tofore issued pursuant to said act approved January thirtieth, nineteen
hundred and fourteen, approved ................ » nineteen hundred
and fifteen (here insert the date of the approval of this act), and pur-
suant to an order of the board of supervisors of the said county entered
of record on the ........ ences day of .............. , nineteen hun-
dred and fifteen.

It is hereby certified and declared that all acts, conditions and things
required to exist, happen and be performed precedent to and in the issu-
ance of this bond, have existed, happened and been performed in due time,
form and manner as required by law; and that the amount of this bond,
together with all other indebtedness of said county does not exceed any
jimit prescribed by the Constitution or statutes of said State for said
county.

In witness whereof, the said county of Brunswick has by its board of
supervisors caused this bond to be signed by the chairman of said board
of supervisors, and countersigned by the county clerk of said county and
ex-officio clerk of the said board of supervisors, under the seal of said
board, and has caused the interest coupons hereto attached to bear the
fac-simile signatures of said chairman and clerk, and this bond to be
dated the ............ day of ...........06. » nineteen hundred and
fifteen.

Chairman Board of Supervisors,
Brunswick County, Virginia.

County clerk and ex-officio clerk of the Board of Supervisors.

(Form of coupon)
No. $

July

On ‘the first day of January .................. , the county of
Brunswick, Virginia will pay to bearer in lawful money of the United
States of America at the office of the county treasurer of said county at
Lawrenceville, Virginia, .............. dollars (§.......... ) being
six months interest then due on bond issued in payment of bonds issued
to the Atlantic and Danville Railway Company, dated ................
nineteen hundred and fifteen, number ...............

Chairman.
And on the reverse side of such bond there may be such form of
transfer and such other words and figures for the convenient designation
thereof as the said board of supervisors may deem proper.

Section 6. Nothing in this act shall be construed as impairing or
in any way affecting the power and authority of the said board of
supervisors to issue registered bonds of the said county for the purposes
and in the manner provided in the said act approved on January thirtieth,
nineteen hundred and fourteen as amended and re-enacted by this act;
it being the purpose of this act to authorize and empower the said board
of supervisors to issue registered or coupon bonds for the purposes and
in the manner and form set forth in this act, as in the discretion of the
said board of supervisors may be for the best interest of the said county.

Section 7.. All acts and parts of acts inconsistent with the provisions
of this act are hereby repealed. :

Section 8. An emergency arising requiring the immediate issue
of the bonds herein provided for, this act is declared an emergency act,
and shall be in force from its passage.