CHAP. 42.—An ACT to authorize, empower and direct the board of super-
visors of the county of Norfolk to borrow money, by the issuance of
bonds, a sum not to exceed seven hundred thousand dollars, for the
purpose of purchasing. building and improving roads and bridges in
said county; to sell said bonds; to provide for their payment, and to
authorize the commission of roads and bridges for said county to
dispense the funds so obtained. [H B 60]

Approved March 20. 1928.

1. Be it enacted by the general assembly of Virginia. That
the board of supervisors of Norfolk county be, and it is hereby
authorized, empowered and directed when and as requested by
resolution of the commission of roads and bridges for the
county of Norfolk to issue and sell bonds up to but not exceed-
ing the amount of seven hundred thousand dollars, in accord-

ance with the provisions hereinafter contained, in the name of
the county of Norfolk, for the purpose of purchasing, building
and improving the roads and bridges of said county.

2. The bonds issued in pursuance of this act, shall be cou-
pon or registered, either or both, bonds of not less denomina-
tion than one hundred dollars, nor more than one thousand
dollars each, payable not more than thirty years from date,
bearing interest payable semi-annually, at a rate not exceeding
five per centum per annum, but with the provision giving to
the said board of supervisors the right to redeem said bonds,
or any of them, after the expiration of twenty years from their
issuance. The said bonds shall be known as “road and bridge
improvement” bonds, and shall be signed by the chairman of
the board of supervisors of said county, and countersigned by
the clerk of the said board. The form of said bonds and cou-
pons shall be determined by the board of supervisors, but they
shall be redeemable in lawful money at maturity for all taxes
and other debts due the county of Norfolk, except school levies,
and when paid by said treasurers or received for taxes or other
debts, said bonds and coupons shall be marked “paid and can-
celled,” and such cancelled bonds and coupons shall be destroyed
in the presence of the board of supervisors of Norfolk county
and the judge of the circuit court of said county.

8 The said board of supervisors are hereby authorized,
empowered and directed to make sale of said bonds after they
are issued, as herein provided, but, before making sale of any
of said bonds, the said board of supervisors shall advertise for
bids for the purchase of the same for at least thirty days in one
or more newspapers published in the city of Norfolk, and
one or more newspapers published in the city of Portsmouth,
which advertisement shall describe the bonds proposed to be
sold by stating the number and amount, security and rate of
interest, and the time of redemption, and all bids shall be
sealed, addressed and delivered to the chairman of the board
of supervisors, and opened by the chairman in the presence of
the board of supervisors and the judge of the circuit court of
said county, and the highest and best bid shall be accepted;
provided, however, that no bond shall be sold for less than the
par value thereof. )

4, After issuing the said bonds or any part of them, the
said board of supervisors shall create a sinking fund to be
applied to the redemption and payment of bonds issued by
virtue of this act, and shall annually, until such bonds are paid,
pay over to such sinking fund, a sum sufficient to pay off said
bonds in not less than twenty years. In order to create said
fund, said board shall levy a tax in said county in addition to
the regular county levy, for an amount sufficient to pay the
interest on, and provide for a sinking fund for the principal of
said bonds; provided, however, that the said tax shall not be
in excess of one per centum of the taxable property, real and
personal, in said county.

5. The said board of supervisors is hereby authorized,
directed and-empowered to apply any part or all of said sink-
ing fund to the payment or purchase of any of said bonds at
any time, and all bonds so paid off or purchased by said board
of supervisors shall be immediately cancelled and shall not be
re-issued and the board of supervisors is authorized and em-
powered to lend out upon real estate security (the loan not to
exceed fifty per centum of the assessed value of such real
estate), or to deposit in bank at interest, all accumulations of
money to the credit of said sinking fund, provided as afore-
said, and to collect and re-invest the same and the interest ac-
cruing thereon from time to time, so often as may be necessary
or expedient; provided, that no money to the credit of said
sinking fund shall be loaned out, or deposited or invested by
the said board of supervisors, unless said loan, deposit or in-
vestment shall be first approved by the circuit court of said
county, or the judge thereof in vacation, and the form of the
security be examined and approved by the Commonwealth’s
attorney for said county, which approval shall be entered of
record in the order book of the said court.

6. All money received from the proceeds of the sale of
said bond issue, shall be paid over to the treasurer of said
county and by him forthwith deposited at the best practical
rate of interest in one or more solvent banks that will give
security therefor, and (subject to the limitations hereinafter
expressed) shall be expended and disbursed by the commission
of roads and bridges for the county of Norfolk by warrants
upon the county treasurer authorized by said commission,
signed by its chairman, and countersigned by its secretary.
The treasurer shall immediately notify the said commission
of roads and bridges upon the depositing with him of the pro-
ceeds of the sale of said bonds, or any of them. The said
treasurer of Norfolk county and the surety on his official bond
shall be liable for the amount received from the sale of said
bonds as though it were a county levy.

7. The seven hundred thousand dollars of bonds provided
for in this act shall be issued and sold as hereinbefore provided
by the said board of supervisors from time to time when and
in such amounts as it shall be requested to issue and sell the
same by the commission of roads and bridges for said county,
and shall be expended and disbursed by the said commission
of roads and bridges for the purpose of purchasing, building
and improving the roads and bridges in said county; pro-
vided, however, that there shall be expended of the proceeds
derived from the sale of said bonds in each of the three road
districts of the county such a proportion of the whole proceeds
as the assessed values of real and tangible personal property
in each such road district bears to the assessed values of real
and tangible personal property in all of such road districts;
and provided, further, that out of such apportionment to each
of said road districts, there shall be expended in each of the
magisterial districts composing the road district such a pro-
portion of the whole apportionment as the assessed values of
real and tangible personal property in each such magisterial
district bears to the assessed values of real and tangible per-
sonal property in all of the magisterial districts composing the
road districts.

8. The said commission is hereby authorized, empowered
and directed to negotiate for the purchase, and to purchase,
any one or more, or all, of the toll roads and toll bridges, or
any right-of-way or road-bed which, in the judgment of said
commission, is needed for public travel in the county of Nor-
folk, and if it can secure the said toll roads and toll bridges,
right-of-way, or road-bed, or either, or both, or all, at a price
which is deemed reasonable, the same to be approved by the
circuit court of said county, or the judge thereof in vacation,
it may purchase such roads or bridges, right-of-way or road-
bed, either or both, or all, at the price so approved, and pay
for the same out of the proceeds of the sale of the bonds herein
provided for, and may use the remainder of said proceeds, or so
much thereof as it may deem proper, for the permanent im-
provement of said roads and bridges, after the same have been
acquired as aforesaid, and for the permanent improvement of
other public roads and bridges of the said county; provided,
however, that no such toll roads, or toll bridges shall be so ac-
quired unless and until the proposed acquisition thereof, and
the amount or amounts to be paid therefor, shall first be ap-
proved by the circuit court of said county, or the judge in
vacation, after said commission shall have given notice of its
intention to apply for such approval by means of an advertise-
ment published twice a week for two successive weeks in a
newspaper published in the city of Norfolk, and a newspaper
published in the city of Portsmouth.

9. Whenever practical, the said building and improve-
ment of the said public roads and bridges as herein provided
for. shall be made by the said commission of roads and bridges,
after consultation with the chairman of the state highway
commission in such a manner as will qualify the county of
Norfolk to receive State aid in the building and improvement
of said roads and bridges.

10. Out of the proceeds of the sale or sales of said bonds
shall be paid all expenses incident to the sale or sales thereof,
including advertising and a reasonable fee or brokerage, if
necessary, for negotiating such sale or sales, the amount of
such fee or brokerage, however, to be approved by the judge
of the circuit court of said county.
11. All acts and ‘parts of acts inconsistent with this act
are hereby repealed.

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