Chap. 163.—An ACT to amend and re-enact an act entitled an act to authorize
the board of supervisors of Buchanan county to borrow money and issue bonds
of the said county for the purpose of constructing, reconstructing and main-
taining the public roads and bridges of said county and providing how the

roceeds of said bonds shall be expended; also authorizing the said board to
evy taxes to pay the interest on such bonds and to create a sinking fund for
their payment at maturity, and refund the same, approved March iH 1922.

B 233]
Approved March 14, 1924.

1. Be it enacted by the general assembly of Virginia, That an act
approved March twentieth, nineteen hundred and twenty-two, entitled
an act to authorize the board of supervisors of Buchanan county to
borrow money and issue bonds of the said county for the purpose of
constructing, reconstructing and maintaining the public roads and
bridges of said county, and providing how the proceeds of said bonds
shall be expended; also authorizing the said board to levy taxes to pay
the interest on such bonds and to create a sinking fund for their pay-
ment at maturity, and refund the same, be amended and re-enacted so
as to read as follows:

Section 1. The board of supervisors of Buchanan county is hereby
authorized and empowered from time to time, as it may deem expedient,
to issue bonds of the said county not to exceed in the aggregate the sum
of three hundred thousand dollars. The said bonds shall be signed by
the chairman of the board of supervisors and countersigned by the
clerk under the seal of the board; shall be in denominations of one
hundred dollars or some multiple thereof; shall bear interest at a rate
not exceeding six per centum per annum, payable semi-annually on the
first day of December and June of each year at any place the said board
of supervisors may determine, and shall be payable not exceeding thirty
years from the date thereof at any place the said board of supervisors
may determine, but may, in the discretion of the said board, be payable
or redeemable at such time or times within said thirty years and upon
such notice as the said board may prescribe and stipulate upon the face
of the bonds when issued. The board shall deliver them to the treasurer
of the county, who shall deliver 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.

Section 2. The said treasurer shall receive, as compensation for his
services hereunder, not exceeding one-fourth of one per centum of the
amount thus coming into his hands, and also the reasonable cost to him
of giving surety on such additional bond or bonds as may be required of
him, if any, on account of his receipts of said funds.

Section 3. The board of supervisors of Buchanan county may
appoint an agent or agents to sell said bonds, provided that said bonds
shall be sold to be paid for in lawful money only, and shall not be sold at
a price that will net the county less than par value. When such a sale
of bonds has been negotiated, the board of supervisors shall issue the
same.

Section 4. The board of supervisors is hereby authorized and em-
powered to apply any part or all of said sinking 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 immediately be cancelled,
and shall not be reissued. -

Section 5. The said board of supervisors shall have the right to use
twenty-five per centum of the funds derived from the sale of said bonds
for the purpose hereinbefore specified independently of the State high-
way commissioner of the State highway commission, and for said pur-
poses may employ such engineers as it chooses and may either let said
work to contract or cause it to be performed in such other manner as it
may choose; said board of supervisors may expend seventy-five per
centum of the funds derived from the sale of said bonds or any part
thereof, in the construction, permanent improvement, repairing or re-
surfacing of said roads, or any or all of them, under such supervision or
control of the State highway commission, or the State highway com-
missioner, as will entitle said county to receive the benefit of State aid
funds for the money to be expended, or spend the said sum under the
provision of chapter one hundred and eighty-four of acts of the general
assembly of Virginia, approved March fifteenth, nineteen hundred and
twenty, entitled an act to anticipate by counties, or otherwise, the con-
struction of the State highway system.

Section 6. Twenty-five per centum of the proceeds of the bonds
provided for in this act shall be expended by the board of supervisors
for the purpose of constructing, reconstructing and maintaining the
public roads and bridges of Buchanan county and the several magisterial
districts thereof.

Section 7. The said board of supervisors shall annually levy a tax
upon all the property in and taxable by said county at such rate, not in
conflict with general law, as will be sufficient to pay the interest on such
bonds and create a sinking fund for the payment of the principal thereof
at maturity.

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