CHAPTER 10

AN ACT to amend and reenact § 15-605 of the Code of 1950
relating to bonds of counties. [ H 41 ]

Approved February 9, 1950

Be it enacted by the General Assembly of Virginia:
1. That § 15-605 of the Code of 1950 be amended and reenacted,
as follows:

§ 15-605. Payment of bonds in installments.—All bonds
issued by any county or magisterial district in this State, on and
after January first, nineteen hundred and thirty-seven, shall be
issued to mature in annual or semiannual installments, the last
installment of which shall be payable not more than thirty years
from the date of such bonds. At least four per centum of the
principal amount of each issue shall, beginning not later than five
years after date of issue, be payable annually together with all
due interest. The provisions of this section shall apply to re-
newals and extensions of all bonds issued after January first,
nineteen hundred and thirty-seven and to all bonds issued to re-
fund any unretired portion of such bonds, but shall not apply to
renewals or extensions of any such bonds issued prior to January
first, nineteen hundred and thirty-seven, or to any such bonds
issued for the purpose of refunding any bonds issued prior to
such date.

Notwithstanding the provisions of this section in any county
having a population of more than two thousand a square mile as
shown by the last preceding census county bonds may be issued
payable in such installments as the governing body deems
proper; the last installment shall be payable not more than thirty
years from the date of issue of such bo

Acts authorizing counties and districts to issue bonds shall
be construed to authorize any county having a population of
more than 2,000 a square mile to issue bonds in accordance with
the provisions of the foregoing paragraph.

2. An emergency exists and this act is in force from its
passage.

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