Chap. 283.—An ACT to provide for the redemption of district and county
road bonds under certnin conditions. {H B 186]

Approved March 16, 1918.

1. Be it enacted by the general assembly of Virginia, That when-
ever the holders of the majority amount of any issue of bonds made
by any road district in the State, together with twenty-five free-
holders of said district, or county shall petition the circuit court of
such county or the county in which such district is located. for an
election to ascertain whether the people of said district desire that
said bonds shall be redeemed before maturity at their face value
with accrued interest, if any, and whether they will authorize the
board of supervisors of said county to provide a special levy to pro-
vide a fund to be used for that purpose along with other funds ac-
cumulated to the credit of such district for road purposes, the said
court shall order an election to be held in the same manner as elec-
tions are held when ordered upon the question of the issuance of
county or district bonds, and there shall be printed on the ballot
used at such election the words “for redemption of bonds” and
“against redemption of bonds,” and voters at such election shall
express their preference by erasing the words which do not express
such preference. __ ;

2. If the majority of the voters of the said district, voting at
said election, shall vote in favor of the redemption of the said bonds
prior to their maturity, the said court shall direct its clerk to notify
all the holders of said bonds, as far as they may be ascertained,
whose names are not already among those who petition for the elec-
tion to communicate in writing to said clerk, within thirty days,
whether or not they wish the bonds which they hold to be redeemed
prior to their maturity. The clerk shall communicate to the chair-
man of the board of supervisors of said county the names, number
and amount of bonds, the holders of which have consented to have
them redeemed prior to their maturity; and it shall be the duty of
the board of supervisors in making up its next levy to provide for
sufficient taxes upon the property of the residents of said district. to
redeem the said bonds within three years. As the accumulations
from the several levies shall accrue it shall be the duty of the treas-
urer of the county to redeem the said bonds, in the order of their
presentation, and to cancel and retire the same.
8. No second or subsequent election shall be held upon the ques-
tion of redeeming any one issue of bonds at intervals shorter than
five years. :

Pd Provided, further, that should there be a balance in the hands
of any board of supervisors of any county or district issuing such
bonds, which has not been used for the building of roads in said
county, district or districts, said board of supervisors is hereby
authorized, should they deem it advisable, to apply such balance
to the payment of said bonds as hereinbefore provided for, with the
consent of the holders of said bonds.