Chap. 200.—An ACT to authorize and empower the board of supervisors of the
county of Norfolk to borrow money by the issuance of bonds in a sum not
to exceed two hundred and fifty thousand dollars ($250,000.00) for the
purpose of building and improving roads and bridges in the said county
and to pay certain debts heretofore incurred in building and improving roads
and bridges in the said county; to sell the said bonds and to provide for
their payment. and to authorize the commission of roads and bridges to ex-
pend the said funds when appropriated to it by the said board of super-

VISOTS. [H B 461]
Approved March 18, 1926.

1. Be it enacted by the general assembly of Virginia, That the
board of supervisors of Norfolk county be, and it is hereby, author-
ized and empowered, from time to time upon the request by resolution
of the commission of roads and bridges of the county of Norfolk,
but in the discretion of the said board of supervisors of Norfolk county,
to issue and sell bonds up to but not exceeding the amount of two hun-
dred and fifty thousand dollars ($250,000.00), in accordance with the
provisions hereinafter contained, in the name and upon the good faith
of the county of Norfolk, for the purpose of building and improving
the roads and bridges of the said county and for the payment of the
debts heretofore incurred in the building and improvement of roads
and bridges in the said county.

The bonds issued in pursuance of this act, shall be coupon or
registered, either or both, bonds of not less denomination than onc
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 re-
deem 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 said board. The form of said bonds and coupons shall be
determined by the board of supervisors, but they shall be redeem-
able in lawful money at maturity for all taxes and other debts due the
county of Norfolk, except school levies, and when paid by said treas-
urers or received for taxes or other debts, said bonds and coupons
shall be marked “paid and cancelled,” and such cancelled bonds anc
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.

3. The said board of supervisors are hereby authorized and em-
powered to make sale of the 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
once a week for four weeks in one or more newspapers published °
either in the city of Norfolk or in the city of Portsmouth, which adver-
tisement shall describe the bonds proposed to be sold by stating the
number and the amount, the security and rate of interest, and the
time of redemption; and all bids shall be sealed, addressed, and deliv-
ered 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 the said county, with the right in the said board
of supervisors to reject any and all bids; and provided, further, that
the bonds shall not 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 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 be immed-
iately cancelled and shall not be re-issued and the board of super-
visors is authorized and empowered to lend out upon real estate se-
curity (the loan not to exceed fifty per centum of the assessed value
of such real estate), or to deposit in bank at interest, all accumula-
tions of money to the credit of said sinking fund, provided as afore-
said, and to collect and re-invest the same and the interest accruing
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 investment 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 common-
wealth’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 any bond
issue hereunder shall be paid over to the treasurer of said county and
by him forthwith deposited at the best obtainable 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 dis-
bursed by the commission of roads and bridges for the county of Nor-
folk by warrants upon the county treasurer authorized by the said
commission, signed by its chairman and countersigned by its secretary,
«hen the said monies shall have been appropriated to the use of the
said commission by resolution of the board of supervisors of the
county of Norfolk. 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. Out of the proceeds of the sale or sales of the said bonds shall
be paid all of the expenses incidental to the sale or sales thereof, in-
cluding 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

8. All acts and parts of acts inconsistent with this act are hereby
repealed.

9. An emergency existing for certain pressing work on the high-
wavs of Norfolk county, this act shall be in force from its passage.