Chap. 37.—An ACT to authorize, empower and direct the board of super-
visors of the county of Princess Anne to borrow money by the issue of
bonds in the aggregate sum of two hundred and fifty thousand
($250,000.00) dollars, for the purpose of purchasing, building and im-
proving roads and bridges in Lynnhaven magisterial district in said
county; to sell the said bonds; to provide for the payment of interest
thereon and principal thereof and to authorize the commission of roads
and bridges of Princess Anne county, for Lynnhaven magisterial
district, to dispense the funds so obtained. [H B 50}

Approved March 20, 1923.

1. Be it enacted by the general assembly of Virginia, That
the board of supervisors of Princess Anne county be, and it is
hereby, authorized, empowered and directed to issue bonds in
the aggregate amount of two hundred and fifty thousand

($250,000.00) dollars in accordance with the provisions here-
inafter contained, in the name of the county of Princess Anne,
for the purpose of purchasing, building and improving roads
and bridges in the Lynnhaven magisterial district in said
county. But no such bonds shall be issued unless and until a
majority of the qualified voters of the said Lynnhaven magis-
terial district voting at a special election to be called for the
purpose by the judge of the circuit court of Princess Anne
county, on petition of twenty-five qualified voters of said mag-
isterial district, shall favor the issuance of said bonds. Such
election shall be held, and the qualification of voters shall be
determined in conformity with the general law concerning the
holding of bond issue elections in magisterial districts.
2. If the majority of the voters voting at such election
shall favor the issuance of said bonds, the board of super-
visors, at their.first meeting thereafter, shall direct the issue
of so many of said bonds at such interest and of such maturity,
subject to the provisions of this act, as the said board of super-
visors may determine and shall enter of record the amount so
determined and in the event they do not at said meeting direct
the present issue of all of the said bonds, they shall hereafter
from time to time direct the residue thereof to be issued, if,
when and as they deem advisable or whenever requested in
writing so to do by any commission of roads and bridges of
Princess Anne county for Lynnhaven magisterial district now
or hereafter created and existing; and in the event the said
board of supervisors for any reason fails or refuses to issue
the bonds so authorized to be issued the circuit court of said
county may, upon the complaint of ten (10) qualified voters
of said county, residing in said Lynnhaven magisterial district,
and after ten (10) days’ notice to the chairman of said board
of supervisors, for cause shown, issue an order directing the
said board of supervisors, and members thereof, to issue the
said bonds, or any unissued residue thereof as the court may,
from time to time, deem proper to be issued, in order to enable
the proper road authorities to carry out their duties as such.

The said board of supervisors shall have power to appoint
an agent or agents to sell the said bonds; provided that said
bonds shall be sold to be paid for in lawful money only, and
upon the sale of said bonds the board of supervisors shall issue
and deliver the same.

The said bonds may be either registered or coupon bonds,
as said board of supervisors may prescribe, and they shall
have written or printed in each, the following language,
namely:

“These bonds are issued for highway improvements in
Lynnhaven magisteriel district, but the full faith and credit
of the entire county f Princess Anne is hereby pledged for
their payment, and a tax is to be levied upon the real estate
and tangible property in said Lynnhaven magisterial district
(including the property, if any, located, or the situs of which
for taxation is, within the limits of any incorporated town
situated within said district wherein real estate is subject to
county and district road tax) to pay the interest on these
bonds and to create a sinking fund sufficient in amount to pay
the same upon maturity.”

The said bonds shall be signed by the chairman and counter-
signed by the clerx of the said board of supervisors under the
seal thereof; shall be -in denominations of one hundred
($190.00) dollars or some multiple thereof; shall bear interest
at the rate of not more than six per centum (6%) per annum,
payable semi-annually at the office of the treasurer of said
county or at some bank or trust company in the city
of Norfolk, Virginia, or in the city of New York, in the
State of New York, and shall be payable as to the principal
thereof at not exceeding thirty-four (34) years from the date
thereof at said office or at said bank or trust company, said
interest rate and maturity to be determined by said board of
supervisors, subject to the direction of the circuit court of
said county. The said bonds may, in the discretion of the said
board, with the approval of the circuit court of said county,
or the judge thereof in vacation, be made redeemable at such
time or times or after such period or periods and upon such
notice, as the said board, with the approval of the said court
or judge thereof in vacation, may prescribe and as may be
accordingly stipulated upon the face of the said bonds when
issued.

The board shall deliver the said bonds to the treasurer of
the county, who shall deliver the said bonds to the purchasers
thereof or their order, upon the payment of the price thereof.
The said treasurer and his sureties shall be liable for the
amount received for said bonds as though it were a county
levy, and the said fund shall be expended in the improvement
of the roads and bridges in said Lynnhaven magisterial dis-
trict of Princess Anne county and for no other purpose.

The said treasurer shall receive as compensation for his
services hereunder, one-tenth (1/10) of one per centum (1%)
of the amount thus coming into his hands and also the reason-
able cost to him of giving surety on such additional bond or
bonds as may be required of him, if any, on account of his
receipt hereafter of said funds, and the treasurer of said
county shall deposit the proceeds of said bond issue in such
bank or banks, at such rate of interest, if any, as may be ap-
proved by the said court or the judge thereof in vacation, to
the credit of the said treasurer, to be paid out on his checks
therefor; and the amount so deposited and all interest accrued
therefrom shall be accounted for by said treasurer and be ex-
pended for the said purposes in the manner now or hereafter
required by law and insofar as not necessary for said improve-
ments, in the discretion of the then existing local road au-
thorities of said county, for said district, shall be paid into
such sinking fund as is provided for the payment of the prin-
cipal of said bonds.

The said board of supervisors are directed before making
sale of any of said bonds, to advertise for bids for the purchase
of the same at least once a week for four (4) successive weeks
in one or more newspapers published in the city of Norfolk,
Virginia, which advertisement shall describe the bonds pro-
posed to be sold by stating the number and amount, security
and rate of interest and the time of redemption, if any, and
the said board of supervisors shall receive sealed bids for said
bonds, addressed to the chairman of said board, to be opened
by the chairman of said board in the presence of the judge of
the said court, and the highest and best bid, amounting to at
least the par value of said bonds to be sold, or such lesser
amount as the said court may approve, shall be accepted.

3. Save as otherwise provided by law the redemption and
payment of said bonds, and interest thereon, and the levy,
collection and application of taxes therefor shall be governed
by the general laws of this Commonwealth in force at the time
of the issue of said bonds relating to the issuing of county
bonds for permanent road or bridge improvement in the mag-
isterial districts of the counties of the State, it being intended
that bonds issued hereunder are county obligations, but pay-
able primarily out of levies upon the property in said Lynn-
haven magisterial district, where the proceeds of the bonds
are to be expended hereunder.

4. By reason of the condition of the roads in said Lynn-
haven magisterial district and the necessity of opening said
roads for the public mails and other purposes, an emergency
is hereby declared to exist and this act shall be in force from
its passage.

5. All acts and parts of acts in conflict herewith are
hereby repealed.