Chap. 311.—An ACT to authorize the board of supervisors of Buchanan county
to borrow money and issue bonds of the said county for the purpose of con-
structing, reconstructing and maintaining the public roads and bridges of
said county, and providing how the proceeds of said bonds shall be ex-
pended; also authorizing the said board to levy taxes to pay the interest on
such bonds and to create a sinking fund for their payment at maturity, and
refund the same. [H B 17

Approved March 2, 1922.

Be it enacted by the general assembly of Virginia, That the board
of supervisors of Buchanan county be, and is hereby authorized and
empowered from time to time, as it may deem expedient, to issue
bonds of the said county not to exceed in the aggregate the sum
of three hundred thousand dollars. The said bonds shall be signed
by the chairman of the board of supervisors and countersigned by
the clerk under the seal of the board; shall be in denominations of
one hundred dollars or some multiple thereof; shall bear interest
at a rate not exceeding six per centum per annum, payable semi-
annually on the first day of December and June of each year at
the office of the treasurer of said county, and shall be payable not
exceeding thirty years from the date thereof at said office, but may,
in the discretion of the said board, be made payable or redeemable at
such time or times within said thirty years and upon such notice as
the said board may prescribe and stipulate upon the face of the bonds
when issued. The board shall deliver them to the treasurer of the
county, who shall deliver said bonds to the purchasers thereof, or
their order, upon the payment of the price thereof. The said treas-
urer and his sureties shall be liable for the amount received for said
bonds as though it were a county levy.

The said treasurer shall receive, as compensation for his services
hereunder, not exceeding one-fourth of one per centum of the amount
thus coming into his hands, and also the reasonable cost to him of
giving surety on such additional bond or bonds as may be required
of him, if any, on account of his receipts of said funds.

The board of supervisors of Buchanan county may appoint an
agent or agents to sell said bonds, provided that said bonds shall
be sold to be paid for in lawful money only, and shall not be sold
at a price that will net the county less than par value. When such
a sale of bonds has been negotiated, the board of supervisors shall
issue the same...

The board of supervisors is hereby authorized and empowered
to apply any part or all of said sinking fund to the payment or pur-
chase of any of said bonds, at any time, and all bonds so paid off
or purchased by said board of supervisors shall immediately be can-
celed, and shall not be reissued.

The said board of supervisors shall have the right to use twenty-
five per cent. of the funds derived from the sale of said bonds for
the purpose hereinbefore specified independently of the State high-
way commissioner or the State highway commission, and for said
purposes may employ such engineers as it chooses and may either
let said work to contract or cause it to be performed in such other
manner as it may choose; said board of supervisors may expend
seventy-five per cent. of the funds derived from the sale of said bonds,
or any part thereof, in the construction, permanent improvement, re-
pairing or resurfacing of said roads, or any or all of them, under
such supervision or control of the State highway commission, or the
State highway commissioner, as will entitle said county to receive
the benefit of State aid funds for the money to be expended, or spend
the said sum under the provisions of chapter one hundred and eighty-
four of acts of the general assembly of Virginia, approved March
fifteenth, nineteen hundred and twenty, entitled an act to anticipate
by counties, or otherwise, the construction of the State highway
system.

Twenty-five per cent. of the proceeds of the bonds provided for. in
this act shall be expended by the board of supervisors for the pur-
pose of constructing, reconstructing and maintaining the public roads
and bridges of Buchanan county and the several magisterial districts
thereof.

The said board of supervisors shall annually levy a tax upon all
the property in and taxable by said county at such rate, not in con-
flict with general law, as will be sufficient to pay the interest on such
bonds and create a sinking fund for the payment of the principal
thereof at maturity.

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