Chap. 429.—An ACT to authorize the county of Albemarle to borrow money and
issue bonds for a sum not exceeding three hundred thousand dollars

($300,000.00) . [S B 423]
Approved March 23, 1920.

Whereas, it 1s very important to the interests of the county 0!
Albemarle that that portion of the Northern and Southern road run-
ning from Charlottesville to the Nelson county line should be com-
pleted as soon as possible; and,

Whereas, the State and national funds will not be available for
some years and the authorities have expressed a willingness if the
county of Albemarle advances the funds, to build said road and to
1920. ] ACTS OF ASSEMBLY. . 629

reimburse the county for such money as may be expended for the
same, without interest, and the board of supervisors of Albemarle
county having passed a resolution requesting the legislature to allow
the county to borrow the money and to issue bonds therefor suf-
ficient to complete said road:

Be it therefore enacted by the general assembly of Virginia,

First: That the board of supervisors of Albemarle county be,
and they are hereby authorized, to borrow a sum of money not ex-
ceeding three hundred thousand dollars ($300,000.00) to be used
solely for the building, under the supervision of the State highway
commission, of the portion of the State highway running from Char-
lottesville to the Nelson county line, known as route twenty-eight,
which reads Lovingston, Covesville, Charlottesville.

Second: The said loan shall be effected by issuing the bonds
of the county signed by the chairman of said board and counter-
signed by the clerk, payable not more than ten years after date of
issue, with the right to anticipate the payment of one or more of said
bonds after the expiration of two years from the date of issue; the
said bonds to be in the denomination of five hundred dollars ($500.00),
one thousand dollars ($1,000.00), or five thousand dollars ($5,000.00)
each, or partly of one and partly of the others, as said board may
think best, with coupons attached for semi-annual interest. Said
bonds shall be numbered consecutively and shall contain a provision
that at any time after two years from the date thereof, any or all of
said bonds, at the option of said board, may be paid off, but in
case the said board of supervisors, after the expiration of two vears
should wish to pay off anv or all of said bonds, they shall select
by lot the bonds so to be paid off at any time, and shall give notice by
publication in some newspaper published in the city of Charlottesville
or county of Albemarle, for at least once a week for four consecu-
tive weeks, of the numbers of bonds so selected, and thereupon they
shall be authorized to pay off the bonds so selected upon any inter-
est period after the selection by lot of the said bonds shall be made
and publication given, and thereupon interest shall cease upon said
bonds so selected at the next period after same shall have been
selected for payment, and the board of supervisors may continue this
method of payment of saic bonds after the said period of two years
from their date, from time to time until all of said bonds are paid off.

Third: The said board of supervisors may fix the rate of interest
which said bonds shall bear, but such rate shall not exceed six per
centum (6%) per annuni.

Fourth: “he said board of supervisors shall have full power to
negotiate the said bonds at same time or at different times, as money
is needed, through an agent or agents, or in any way they may think
best, and may deposit the proceeds in any one or more of the banks
of Charlottesville, Virginia, subject to their order, pending the appli-
cation of said proceeds to the purpose for which they are raised:
provided, however, that they shall not negotiate the six per centum
bonds of the county for less than par value.
630 ACTS OF ASSEMBLY. [vs

Fifth: Whilst said bonds are to be county bonds and the count
is to be bound for the payment of principal and interest,-said boar
of supervisors may decide when said bonds are negotiated, what par
if any, of the interest thereon shall be primarily paid by the distri
or districts in which the proceeds are expended.

Sixth: As it may be necessary to start the work on this roa
before July this act is declared an emergency act and shall be 1
force from its passage.