Chap. 337.—An ACT to authorize the board of supervisors of Madison county
to borrow the sum of fifteen thousand dollars, and issue bonds therefor,
for the permanent improvement and construction of roads and bridges in
said county. {[S B

Approved March 19, 1920.

1. Be it enacted by the general assembly of Virginia, That the
board of supervisors of Madison county be, and it is, hereby authorized
to borrow a sum not exceeding fifteen thousand dollars and issue
bonds therefor, to be expended equitably in the several magisterial
districts of said county for the permanent improvement and construc-
tion of the roads and bridges in said magisterial districts.

2. The said loan shall be effected by issuing the bonds of said
county, signed by the chairman of said board of supervisors, and
countersigned by the clerk thereof, in denominations of one hundred
dollars or multiples thereof, payable in not exceeding thirty years after
the date thereof, with coupons attached for the semi-annual payment
of interest at a rate not exceeding six per centum per annum; pro-
vided, however, that any or all pf the bonds shall, by the terms there-
of, be made redeemable at the discretion of the said board at any time
after the expiration of five years from the date of issue.

3. After issuing such bonds, or any of them, when the next levy
is made or taxes imposed in said county, a tax shall be levied on all
property liable to county tax in said county, including such property
located or the situs of which for taxation is, within the limits of any
incorporated town situated within such county, to pay the interest on
the bonds so issued, and to create a sinking fund to redeem the princi-
pal thereof at maturity.

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