Chap. 426.—An ACT to authorize the board of supervisors of lee county to
borrow money and issue bonds of said county, or any. of the magisterial
districts thereof, for a sum not exceeding $30,000.00, for the purpose of
rebuilding, repairing, improving and maintaining the public roads and bridges
of said county, and to levy taxes to pay the interest thereon and to create
a sinking fund for the payment of such bonds at maturity. [S B 418]

Approved March 23, 1920.

Whereas, Lee county has, within the last few years, expended
large sums of money in the improvement of its public roads and
bridges, many of which now need rebuilding, and otherwise im-
proving; and ~

Whereas, the amount of taxes available from the county and dis-
trict road levies in said county, when laid to the limit permissible by
the general law, is not sufficient to rebuild said roads and make said
improvements ; therefore ;

1. Be it enacted by the general assembly of Virginia, That the
board of supervisors of Lee county be, and is hereby, authorized
and empowered, in its discretion, to proceed immediately, and from
time to time, as it may deem expedient, to issue bonds of the said
county, for the said county, or for any of the magisterial districts
thereof, either or both, not to exceed in the aggregate the sum of
fifty thousand dollars, for the purpose of providing funds for repair-
ing, rebuilding and maintaining the public roads and bridges of said
county, or of any magisterial districts thereof; such bonds to be
payable or redeemable at such time or times not exceeding ten years
from the date of issue, and to bear interest, payable semi-annually
at such rate, not exceeding six per centum per annum, and to be
of such denominations, and to be either coupon or registered, as said
board of supervisors may determine; provided, such bonds shall not
be sold at less than their par value.

The said board of supervisors shall annually levy a tax upon all
the property within said county, or within any of the magistenal
districts thereof, or both, as the case may be, except such property
located, or the situs whereof may be within the limits of any incor-
porated towns which maintain their own streets, at such rate as will
be sufficient to pay the interest on such county or district bonds, and
to create a sinking fund for the payment of the principal thereof
at maturity; provided such levy shall not be in conflict with general
law.

2. By reason of the fact that the public interest requires that said
roads and bridges be rebuilt and repaired immediately, an emergency
is hereby declared to exist, and this act shall be in force from its
passage.