Chap. 175.—An ACT to authorize the board of supervisors or other governs
body of any county which alone constitutes a judicial circuit, to issue new
bonds for the purpose of refunding and/or funding certain outstanding county
and district bonds of such county, in which the full faith and credit of the
county is pledged for the payment thereof, and to exchange such new bonds
for bonds to be so retired. [S B 337]

Approved March 24, 1934

1. Be it enacted by the General Assembly of Virginia, That when-
ever the board of supervisors, or other governing body, of any county
having over fifty thousand population, by the last United States census,
and which alone constitutes a judicial circuit shall deem it desirable, to
refund, or to fund before maturity, and retire, any county or district
road bonds and/or county home bonds legally issued by such board
or governing body, at any time prior to June nineteenth, nineteen hun-
dred and twenty-eight, and in which the full faith and credit of such
county is pledged for the payment thereof, such board, or governing
body, is hereby authorized and empowered to issue new bonds of such
county for such purpose, or purposes, provided, however, such new
bonds shall bear interest at a rate lower than the average rate of in-
terest on the bonds to be retired.

Such board, or governing body, may make a single issue of such new
bonds for an amount sufficient to liquidate all the old bonds desired to
be so retired. Such new bonds shall be issued serially and made pay-
able in such amounts each year, beginning five years after the date of
issue thereof, as such board, or governing body may prescribe.

After any such bonds are issued, the board, or governing body, 1s-
suing the same shall annually levy a tax on all property in such county
subject to local taxation, sufficient to provide for the payment of the
interest on said bonds and the principal thereof at maturity; provided
that such levy in the several districts of such county shall be sufficient
to so provide for the payment of the principal and interest of such an
amount of the new bonds as shall be equal to the amount of the bonds
of said districts, respectively, as may be so funded or refunded.

Such new bonds shall, in all other respects, be issued in accordance
with the general provisions of section twenty-four hundred and seventy
of the Code of Virginia and in addition thereto, shall recite on the face
thereof, the date, or dates, of the bonds to be retired; the purpose, of
purposes for which originally issued; the authority under which issued
the date of the act authorizing same, if by special act; the court by
which the same was authorized and the date of the order granting suct
authority, where the same was required by statute, and any other fact:
reasonably necessary to preserve the identity of the bonds to be retired

Such board shall have authority to purchase for retirement the bonds
so desired to be retired, or any part thereof, by exchanging therefor
bonds issued under the provisions of this act, on the basis of dollar fot
dollar of par value plus accrued interest.