Chap. 91.—An ACT to authorize the board of supervisors of Wise county to issue
bonds or other obligations of said county on behalf of Gladeville magisterial
district thereof for a sum not exceeding $50,000, for the purpose of providin
funds to be loaned the State highway commission of Virginia, to be used
in the construction of that section of road in the State highway system extend-
ing 1.6 miles westwardly from the town of Norton in said district; and to levy
taxes to pay the interest thereon, and to create a sinking fund for the payment
of the principal thereof at maturity; and to authorize the State highwa
commission of Virginia to borrow said funds to finance the work aforesai
and to repay the same to said board of supervisors as funds are available an

apportione [fH B 62]
Approved March 4, 1924.

Whereas, the board of supervisors of Wise county, by resolution
adopted on the eighteenth day of December, nineteen hundred and
twenty-three, has declared it to be an absolute necessity to the citizens
of the said county that a section of one and six-tenths miles of route
eleven of the State highway system, extending from Norton westwardly,
be immediately reconstructed, and has requested the general assembly
of Virginia to grant to the said board the power to issue and sell bonds,
on behalf of Gladeville magisterial district, in an amount not exceeding
fifty thousand dollars, for the purpose of providing a fund to be loaned
the State highway commission of Virginia, without interest, to be used
to finance the said work; now, therefore, :

1. Be it enacted by the general assembly of Virginia, That the
board of supervisors of Wise county be, and it is hereby authorized,
empowered and directed to issue bonds or other obligations of Wise
county, for and on behalf of Gladeville magisterial district of said
county, not exceeding in the aggregate the sum of fifty thousand dollars,
for the purpose of providing funds to be loaned to the State highway
commission of Virginia, without interest, to finance the construction
or reconstruction of that section of road in route eleven of the State
highway system extending westwardly one and six-tenths miles from
the western corporation limits of the town of Norton in said district.

2. Such bonds or other obligations shall be payable or redeemable
at such time or times, not exceeding ten 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 denomina-
tions and either coupon or registered, as the said board of supervisors
may determine. There shall be printed on the face of said bonds or
obligations the following:

“These bonds (or other obligations) are issued for the purpose of
financing road construction in Gladeville 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,
negotiated 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 of which for
taxation is within the limits of any incorporated town in said magis-
terial 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 payment
of the principal thereof at maturity.

4. The State highway commission is hereby authorized and em-
powered to accept from the board of supervisors of Wise county, without
interest, the loan 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. Anemergency existing, this act shall be in force from its passage.