Chap. 145.—An ACT to authorize the board of supervisors of the several counties
of the State to retire outstanding bonds and to issue new bonds at the same
or a lower rate of interest.

Approved April 15, 1903.

1. Be it enacted by the general assembly of Virginia, That whenever
the bonds of any county, whether heretofore or hereafter issued, become
payable and it is desired by the board of supervisors of such county to
retire them and to issue new bonds for the payment thereof at the same
or a lower rate of interest, they are hereby authorized and empowered to
do so. Such new bonds shall recite on their faces the date of the act
authorizing the issue of the bonds to be retired or paid thereby, as well
as the date of this act, and any other fact preserving the-identity of the
debt. Such new bonds may be made payable or redeemable at such time
or times as the board of supervisors may deem best, but in no event shall
such new bonds run for a longer period than fifty years from their date.

2. The treasurer of a county shall for receiving and’ disbursing the fund
received from the sale of the bonds and for cancelling the old bonds re-
ceive one-fourth of one per centum on the amount of the bonds sold.

3. This act shal] be in force from its passage.