Chap. 170.—An ACT to authorize the board of supervisors of Wise county to issue
bonds, or other obligations of said county, on behalf. of Lipps magisterial dis-
trict thereof, for the purpose of financing the construction of certain sections
of the State highway system in the said district; to levy taxes to pay the
interest thereon, and to create a sinking fund for the payment of the principal
of said bonds at maturity; and to authorize the State highway commission
of Virginia to borrow said funds, without interest, from the board of super-
visors of Wise county, to finance the said work, and to repay the same to
said board of supervisors as the funds therefor are available and are appor-
tioned. : {(H B 63)

Approved March 14, 1924.

Whereas, the board of supervisors of Wise county, by resolution
adopted on the eighth day of January, nineteen hundred and twenty-
four, has declared it to be the desire of the said board immediately to
improve certain sections of road in the State highway system in Lipps
magisterial district in said county approximating seven and eighty-five
one-hundredths miles, and has requested the general assembly of Vir-
ginia to grant to the said board the power to issue and sell bonds, or
other obligations of said county, on behalf of said district, to an amount
not exceeding two hundred and seventy-five thousand dollars, for the
purpose of providing a fund to be loaned to the State highway commis-
sion of Virginia, without interest, to finance the said improvements;
now, therefore,
1. Beit enacted by the general assembly of Virginia, That the board
of supervisors of Wise county be, and it is hereby authorized and em-
powered to proceed immediately, or from time to time, as it may deem
expedient, to issue bonds or other obligations of Wise county, for and on
behalf of Lipps magisterial district of said county, not exceeding in the
aggregate the sum of two hundred and seventy-five thousand dollars, for
the purpose of providing funds, not in excess of eighty-five thousand
dollars, to be loaned to the State highway commission of Virginia, with-
out interest, to finance the improvement of that section of road in the
State highway system from Cranesnest commissary to the western cor-
porate limits of the town of Coeburn within said district, a distance of
approximately two and one-tenth miles; and to provide funds, not in
excess of fifty-five thousand dollars, to be loaned to the State highway
commission of Virginia, without interest, to finance the improvement
of that section of road in the State highway system lying in the town of
Coeburn and extending from the western corporation limits to the
eastern corporation limits of said town, within said district, a distance
of approximately seventy-five one-hundredths miles and to provide
funds, not in excess of seventy-five thousand dollars to be loaned to the
State highway commission of Virginia, without interest, to finance the
construction and improvement of that section of road in the State high-
way system from the town of St. Paul to the village of Hamblin, within
said district, a distance of approximately four miles; and to provide
funds, not in excess of sixty thousand dollars, to be loaned to the State
highway commission of Virginia, without interest, to finance the im-
provement of that section of road in the State highway system extend-
ing from Bruce siding to the corporate limits of the town of Coeburn,
within said district, a distance of approximately one mile.

2. Such bonds or other obligations shall be payable or redeemable
at such time or times, not exceeding thirty years from the date of issue,
and shall bear interest payable at such times and at such rate not
exceeding six per centum per annum, and shall be in such denominations
and either coupon or registered, as the said board of supervisors may
determine. There shall be printed in the face of said bonds or obliga-
tions the following:

‘“‘These bonds (or other obligations) are issued for the purpose of
financing road construction in Lipps magisterial district of Wise county,
but the full faith and credit of Wise county is pledged for the payment
of the interest thereon and the principal thereof at maturity.”

The sale of such bonds or other obligations may be conducted, ne-
gotiated and effected in such manner as the said board of supervisors
may determine; provided they shall not be sold at less than their par
value.

3. The board of supervisors shall annually levy a tax upon all the
property within the said magisterial district subject to taxation for such
purposes, including such property located or the situs whereof for taxa-
tion may be within the limits of all the incorporated towns of said
magisterial district at such rate as will be sufficient to pay the interest
on said bonds or obligations and to create a sinking fund for the pay-
ment of the principal thereof at maturity.
4. The State highway commission is hereby authorized and em-
powered to accept the loan from the board of supervisors of Wise county,
without interest, of such funds for the purpose of financing the work
aforesaid and to make repayment thereof as the funds are available and
are apportioned for such work, until the amount so advanced has been
repaid.

5. But the foregoing sections of this act are subject to the following
proviso: that no bonds shall be issued thereunder unless and until the
first, second, third, fourth and fifth sections of an act entitled an act to
amend and re-enact an act to provide for the issuing of county bonds
for permanent road or bridge improvement, in the magisterial districts
of the counties of the State, and repealing all acts insofar as the same
are in conflict herewith, approved September fifth, nineteen hundred
and nineteen, approved March twenty-eighth, nineteen hundred and
twenty-two, shall have been complied with, and at the election held
thereunder a majority of the qualified voters of the Lipps magisterial
district voting in said election shall vote in favor of the issuance of the
bonds aforesaid.

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