Chap. 197.—An ACT to authorize and empower the board of supervisors of
Culpeper county to borrow forty thousand dollars for the purpose of re-
surfacing and otherwise improving the macadam roads in Catalpa and
Stevensburg magisterial districts in said county. (H B 358]

Approved March 16, 1920.

1. Be it enacted by the general assembly of Virginia, That the
board of supervisors of Culpeper county be, and it is, hereby authorized
and empowered to borrow a sum not exceeding forty thousand dollars,
twenty thousand dollars of which shall be for Catalpa magisterial dis-
trict and twenty thousand for Stevensburg magisterial district in said
county, the proceeds of said loan to be used for the purpose of resur-
facing and otherwise improving the macadam roads in said districts.

2. The said loan shall be effected by issuing bonds of said county,
signed by the chairman of the said board of supervisors and counter-
signed by the clerk thereof, in denominations of one hundred dollars
or multiples thereof, with coupons attached for the semi-annual pay-
ment of interest at a rate not exceeding six per centum per annum;
the said bonds shall be payable as follows: Four thousand dollars in
one year from the date thereof, four thousand in two years, four
thousand in three years, four thousand in four years, four thousand
in five years, four thousand in six years, four thousand in seven years,
four thousand in eight years, four thousand in nine years and four
thousand in ten years. |

3. After issuing the bonds, provided for in this act, when the first
levy is made by the board of supervisors a tax shall be levied on all
property, subject to local taxation in Catalpa and Stevensburg magis-
terial districts in said county, to pay interest on the bonds so issued
and to create a sinking fund to redeem the principal thereof as they
mature; and from year to year such levies shall be made on such
property in said districts until such debt, together with the interest
thereon, is paid, the said levy not to exceed the rate provided by law.

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

passage.