Chap. 353.—An ACT to amend and re-enact Section 1 of an act entitled
“An act to authorize the issuance of refunding bonds by counties, magis-
terial districts and school districts; to prescribe a mode of procedure there-
for; to provide for the payment of such bonds; to validate all bonds so
refunded; to prescribe various details pertinent to the subject matter of
this act; and to declare an emergency”, approved February 28, 1936, so as
to include sanitary districts within the provisions of this act. [H B 369}

Approved March 31, 1938

1. Be it enacted by the General Assembly of Virginia, That section
one of an act entitled an act to authorize the issuance of refunding bonds
by counties, magisterial districts and school districts; to prescribe a
mode of procedure therefor; to provide for the payment of such bonds,
to validate all bonds so refunded; to prescribe various details pertinent
to the subject matter of this act; and to declare an emergency, approved
February twenty-eighth, nineteen hundred and thirty-six, be amended
and re-enacted so as to read as follows:
Section 1. That any county by and through its board of supervisors,
either for and in behalf of the county or for and in behalf of any road
district or magisterial district or sanitary district therein, and any
county, by and through its county school board and board of supervisors
as hereinafter provided, either for and in behalf of the county, or for
and in behalf of any school district or magisterial district therein, may
in manner and subject to the limitations contained herein issue its
bond or the bonds of such district or districts, for the purpose of re-
funding the bonds of such county or of such district or districts which
have become or are becoming due, and for the discharge of which there
are or will be, when the bonds mature, no funds or insufficient funds
available and in like manner may issue refunding bonds for the purpose
of refunding one or more issues of outstanding bonds or parts thereof
not due when such outstanding bonds are callable before maturity or
are to be presented for payment before maturity through the exercise
of provisions for optional redemption or by agreement with the holders
thereof, and when such refunding bonds can be issued bearing the
same or a lesser rate of interest than the bonds to be refunded, but
in no event shall refunding bonds be issued under the provisions of this
act bearing more than six per centum interest per annum.