Chap. 70.—An ACT to provide for the designation by the board of super-
visors of Henrico county, under certain conditions, of a depository or
depositories for public funds other than State, now in or coming into
the hands of the treasurer of said county, and to authorize and re-
quire the county treasurer to deposit such funds therein pending their
disbursement according to law. [S B 12]

Approved March 21, 1923.

1. Be it enacted by the general assembly of Virginia, That
whenever it shall appear to the board of supervisors of Henrico
county that there are public funds, other than State, under the
control of the treasurer of said county upon which no interest
is being paid, or upon which there is being paid a lesser rate of
interest than can be procured, then such board of supervisors
shall designate one or more banks or trust companies, located
in the said county or in the city of Richmond, as a depository or
depositories for all public funds other than State now in or
coming into the hands of the treasurer of said county. But no
money shall be deposited in any such bank or trust company
until it shall have entered into bond before the said board of
supervisors, payable to the Commonwealth of Virginia, with
some guaranty or security company doing business in this State
as surety, for a sum in the penalty of at least equal the amount
of such funds which may at any time be on deposit in such bank
or trust company in pursuance of this act, and with condition
faithfully to account for and pay over, when and as lawfully re-
quired, such sums of such moneys as may be deposited in said
bank or trust company in pursuance of this act, and with
further condition to pay interest at the rate of not less than two
and one-half per centum per annum on daily balances, and for
the faithful discharge by said bank or trust company of all the
duties and obligations pertaining to it as such depository.
2. Pending their disbursement according to law, the
treasurer of Henrico county is hereby authorized and required to
forthwith deposit, in such depository or depositories designated
in accordance with the provisions of this act and which have
qualified by giving the bond or bonds required, all public funds
other than State now in or which may come into his hands as
such treasurer. If he shall fail so to do, he shall be deemed
guilty of a misdemeanor, and upon conviction thereof shall be
punishable by a fine of not less than five hundred dollars nor
more than five thousand dollars, and, in addition thereto, shall
be removable from office under the provisions of section twenty-
seven hundred and five of the Code of Virginia.

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