Chap. 45.—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). [H B &2]
Approved February 10, 1920.

Whereas, it is very important to the interests of the county of
Albemarle that that portion of the eastern and western State road
running from Charlottesville to the Orange or Louisa county lines
should be completed as soon as possible; and,
Wheras, 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 roads and to
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 sufficient
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 exceeding 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 eastern and western State road running from
Charlottesville to the Orange or Louisa county line.

Second: The said loan shall be effected by issuing the bonds
of the county signed by the chairman of said board and countersigned
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 years, should
wish to pay off any 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 publi-
cation in some newspaper published in the city of Charlottesville or
county of Albemarle, for at least once a week for four consecutive
weeks, of the numbers of bonds so selected, and thereupon they shall
be authorized to pay off the bonds so selected upon any interest period
after the selection by lot of the said bonds shall be made and publi-
cation 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 said 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 annum.

Fourth: The 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; pro-
vided, however, that they shall not negotiate the six per centum bonds
of the county for less than par value.

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

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