Chap. 147.—An ACT to Authorize the Board of Supervisors of Rocking-
ham County to Issue New Bonds, in Lieu of the Bonds Heretofore Issued
by Said County, in Payment of the Subscription, by Said County, to the
Capital Stock of the Manassas Gap Railroad Company.

Approved March 18, 1871.

Whereas, by an act of the general assembly of Virginia,
passed March fourth, eighteen hundred and fifty-three, the coun-
ty court of Rockingham was authorized to submit to the voters
of said county the question whether or not said county should
subscribe to the capital stock of the Manassas Gap railroad ;
and whereas, in the election so held three-fifths of the votes
polled were in favor of said subscription, the said county court,
in pursuance of said act, made a subscription to the amount of
one hundred and fifty thousand dollars, and issued the bonds
of said county therefor, payable in twenty years from the date
thereof, with interest thereon at the rate of six per centum per
annum; and whereas the greater part of the principal of said
bonds, and a considerable portion of the accrued interest
thereon remain unpaid: therefore,

1. Be it enacted by the general assembly, That tne board of
supervisors for the county of Rockingham be and are hereby
authorized to issue to the holders of said bonds, in lieu of said
bonds, and the accrued interest thereon, new bonds with cou-
pons attached, to an amount not exceeding one hundred and
seventy thousand dollars; said new bonds to be payable
not less than ten nor more-than twenty years from their date,
and to bear interest at the rate of six per centum per annum;
and the matured coupons shall be received by tne authorities
of said county at par, in payment of all taxes, fines and other
obligations due the said county.
2. The board of supervisors of the said county shall levy a
tax sufficient to pay the annual interest on all the bonds issued
under this act, and in such manner as they deem best, provide
a sinking fund to be applied solely to the payment and ex-
tinguishment of the said funded debt; and in such equal annual
sums as may be necessary to liquidate the whole debt in twenty
years. Said sinking fund shall be applied yearly to the pur-
chase or redemption of said new bonds, or of any outstanding
bonds not so funded; and said bonds when so redeemed shall
be cancelled.

3. This act shall be in force from its passage.