Chap. 470.—An ACT to authorize the board of supervisors of Albe-
marle county to effect a loan for county road purposes.

Approved March 17, 1884.

1. Be it enacted by the general assembly of Virginia, That
the board of supervisors of Albemarle county be, and they
are hereby authorized and empowered, at any meeting at
which a majority of said board shall be present, to issue cou-
pon bonds, in the name of Albemarle county, for a sum not
exceeding fifteen thousand dollars in the aggregate, to be
negotiated ut not less than par, the proceeds thereof to be
used under the special road law for said county, or any
amendment which may be made thereto, for the better work-
ing and improving the public county road. The said bonds
issued in pursuance of this act, shall be for five hundred dol-
lars each, and made payable in instalments of three thousand
dollars, at five, six, seven, eight, and nine years from date of
issue. All of said bonds shall bear interest, payable semi-
annually, at a rate not exceeding six per centum per annum,
and they and the coupons thereto attached. shall be signed
by the president of the said board of supervisors, be attested
by the clerk of the county court of Albemarle, and have the
seal of the said court affixed thereto. The bonds issued in
pursuance of this act shall be negotiated at not less than par
value, and shall be negotiated only from time to time as the
money may be needed according to estimates for road pur-
poses. The proceeds of said bonds shall be placed in such
bank as the board of supervisors of Albemarle may clect as
a place of deposit, and the same shall be paid out in the mode
and manner prescribed by said) board of supervisors, for
county road purposes.

2. That the debts contracted and evidenced by said bonds,
shall be levied for by the board of supervisors upon such
subjects of taxation as now are or may be liable for the
county levy, and that the faith of said county is pledged for
the punctual payment of said bonds, principal and interest,
as the same shall fall due.

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