Chap. 282.——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 no
to exceed one hundred and fifty thousand dollars ($150,000) for the purpes«
of building and improving roads and bridges in the said county, and to sel
the said bonds and to provide for their payment, and to authorize the com-
mission of roads and bridges to expend the said funds when appropriated tc
it by the said board of supervisors. [H B 253

Approved March 21, 1928

1. Be it enacted by the general assembly of Virginia, That the
board of supervisors of Norfolk county be, and it is hereby, authorized.
empowered, and directed, and shall from time to time upon the request
by resolution of the commission of roads and bridges of the county
of Norfolk, to issue and sell bonds up to but not exceeding the amount
of one hundred and fifty thousand dollars ($150,000), in accordance
with the provisions hereinafter contained in the name and upon the
rood faith of the county of Norfolk, for the purpose of building and
improving the roads and bridges of the said county.

2. The bonds issued in pursuance of this act, shall be coupon or
registered, either or both, bonds of not less denomination than one
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 redeem
said bonds, or any of them, after the expiration of twenty years trom
their issuance. The said bonds shall be known as “road and bridge
iniprovement” 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 redeemable in lawful
monev at maturity for all taxes and other debts due the county of
Norfolk, except school levies, and when paid by said county or
received by said county for taxes or other debts due to said county,
said bonds and coupons shall be marked “paid and cancelled,” and
such cancelled bonds and 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, empowered
and directed 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 wecks in one or more newspapers pub-
lished either in the city of Norfolk or in the city of Portsmouth, which
advertisement 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 de-
livered 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 redemp-
tion and payment of bonds issued by virtue of this act, and shall an-
nually, 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 of supervisors 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 two 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 immediately can-
celled and shall not be reissued and the board of supervisors is
authorized and empowered to lend out upon real estate security (the
loan not to exceed fifty per centum of the assessed value of such real
estate), or to deposit in bank at interest, all accumulations of money
to the credit of said sinking fund, provided as aforesaid, and to collect
and reinvest 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 Commonwealth’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, shall
be expended and disbursed by the commission of roads and bridges
for the county of Norfolk by warrants upon the county treasurer
authorized by the said commission, signed by its chairman and counter-
signed by its secretary, when the said monies shall have been appropri-
ated 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, includ-
ing 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-
ways of Norfolk county, this act shall be in force from its passage.