Chap. 211.—An ACT to authorize and empower the board of supervisors of
Brunswick county to issue the bonds of the county to be exchanged for or
used in paying off the bonds of said county issued in payment for the stock
of the Atlantic and Danville railway company, payable in 1915, and reliev-
ing the said board from the duty of providing a sinking fund for the
payment of said outstanding bonds.

Approved January 30, 1900.

1. Be it enacted by the general assembly of Virginia, That the board
of supervisors of the county of Brunswick shall have power and authority
to issue the bonds of said county to an amount not exceeding the prin-
cipal of the bonds of said county now outstanding, and issued in payment
for the capital stock of the Atlantic and Danville railway company, the
said bonds to be coupon or registered, in sums of one hundred dollars,
or any multiple thereof, and payable at such time or times, as a whole
or in series, as the said board may think best, bearing interest not exceed-
ing six per centum per annum, the interest to be payable on the first of
January and July of every year—the said bonds to be signed by the
chairman of the board of supervisors, be countersigned by the clerk, and
have the seal of said board attached.

2. The said board is authorized and empowered to exchange at par
the bonds issued under this act for the outstanding bonds of the county
of Brunswick mentioned in the preceding section whenever the holders
of said bonds shall be willing to make the exchange.

3. If the said holders shall not be willing to exchange their bonds for
those authorized. by this act, but shall be willing to accept the face value
in payment, then and in that event the said board shall at once issue and
sell at not less than par, as many of the bonds hereby authorized as may
be necessary to pay off said bonds so offered by the holders.

4. If the said board shall not be able to exchange the bonds authorized
by this act for those now outstanding, and shall not be able to pay off
said bonds as hereinbefore provided, then the bonds now authorized, or
so many of them as have not been issued for exchange or payment as
aforesaid, shall not be issued until three months before the outstanding
bonds fall due, when the boards shall issue and dispose of the same at
not less than par, and with the proceeds shall as soon as due pay off and
cancel the said outstanding bonds.

5. For the purpose of negotiating said bonds, the board shall have
power and authority to appoint such agent or agents as it may think
proper. And in case of such appointment the said board shall cause
the bonds issued under this act to be delivered to said agent or agents;
but before such delivery the agent or agents, as the case may be, shall
execute before the board bond in a penalty greater than the amount of
the bonds delivered to him or them, and with security to be approved
by said board, and conditioned for the faithful discharge of his or their
trust as such agent or agents.

6. As full provision has been made to meet the outstanding bonds
when due, the board of supervisors is hereby relieved from levying for
a sinking fund to pay off and discharge said bonds.

7. Whenever the bonds authorized by this act shall be issued, the
board shall embrace in its annual levy a sum sufficient to pay the interest
on said bonds; and whether all of said bonds shall be made payable at
the same time, or issued in series and made payable at different times:
the said board shall also provide by levy from vear to year a sinking
fund not exceeding ten cents on the one hundred dollars of taxable prop-
erty within said county, which sinking fund shall be securely invested hy
said board of supervisors in such securities as they shall think safe.
the same to be applied to the payment of said bonds at the time or times
when they shall become due and payable.

8. The interest on all bonds issued under this act shall cease at the
maturity of the bonds, whether said bonds are presented for payment or
not.

9. All bonds of the county of Brunswick now outstanding or issued
under this act, shall, as soon as paid, be so cancelled and mutilated in
the presence of the board of supervisors, that they cannot be again
negotiated or used. And if coupon bonds shall be issued, the said
coupons, as soon as paid, shall be cancelled and mutilated by the treas-
urer, and after his settlement with the board, in which said coupons shall
be used as vouchers, the board may, by order describing said coupons,
require them to be destroyed in its presence.

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