Chap. 51.—An ACT to enable the Board of Supervisors of Rockbridge
county to issue new bonds to meet its subscription to the stock of. the
Valley Railroad Company and retire the existing indebtedness of the
county.

Approved November 18, 1884.

1. Beit enacted by the general assembly of Virginia, That
it shall be lawful for the board of supervisors of Rockbridge
county, on behalf and in the name of said county, to make
and issue, and said board is hereby authorized and empow-
ered to make and issue bonds of said county, which may be
either coupon or registered, in denominations of one hundred
dollars, or multiples thereof, to bear six per centum interest
per annum, payable semi-annually, to be payable not. excced-
ing thirty years after date, but to be redeemable at the plea-
sure of the county or its proper authorities, to be in such
form as may be prescribed by said board, and not to exceed
in their aggregate amount the aggregate sum of the existing
outstanding bonds of said county heretofore issued in pay-
ment of its subscriptions to the capital stock of the Valley
railroad company, together with such amount as said county
may hereafter be lawfully called upon and required to pay,
on account of any unpaid balance of the subscription of said
county to the capital stock of said company. The bonds
hereby authorized to be issued shall be issued and used, un-
der the orders of said board of supervisors, exclusively for
the purpose of retiring the existing indebtedness of the
county created in payment of its said subscriptions, or such
part thereof as said board may prescribe, and in meeting such
amount of the unpaid subscription of said county to the capi-
tal stock of said company as said county may hereafter be
lawfully called upon to pay, and may be obliged to pay in
execution of its contracts with said company; and until such
unpaid subscription shall become due and payable, no more
of said bonds shall be made or issued than shall be necessary
to retire at par the existing outstanding bonds of said county
heretofore issued in payment of said subscriptions.

2. The board of supervisors of Rockbridge county shall
annually include in the levy upon the property and lawful
subjects of taxation in said county, as part of the annual
county levy, a sum and tax sufficient to pay the interest on
the bonds issued under this act, as well as the interest on any
outstanding bonds heretofore issued in payment of said sub-
scriptions, and to create a sinking fund sufficient to pay off
all of said bonds at or before their maturity. The treasurer
of said county shall keep a separate account of the fund aris-
ing from the tax so levied, and the same shall be applied—
first, to the payment of the interest on the bonds issued un-
der this act, and on those heretofore issued in: payment of
said subscriptions, and the balance shall be applied, under the
orders of the said board of supervisors, and under their su-
pervision of such agency as they may appoint, to the pur-
chase of the bonds issued under this act or those heretofore
issued ; and if none such can be purchased at or under par,
then to the redemption of the bonds issued under this act in
their numerical orcer, distributing the sum equitably between
the different denominations of the bonds redeemed. And no
portion of the fund arising from said tax shall be applied to
any other purpose whatever, other than that prescribed in
this section: provided, that nothing in this act shall be con-
strued to prohibit the board of supervisors. of: Rogkbriige
county from appropriating so much of thé :imonesx realized
from the levies made by said board to working and _kééping
in repair the roads of said county, as is authpyizec to be used
for that purpose by the act of the general assemniy-of Vir.
ginia approved March fourth, eighteen hundred and eighty-
four, entitled an act to provide for the working and keeping
in repair the public roads of Rockbridge county.

3. All sums which may be realized from any sale of the
shares of the capital stock in the Valley railroad company,
owned by said county, shall be set apart and appropriated by
the board of supervisors thereof exclusively to payment, pur-
chase, or redemption of the bonds issued under this act, so
long as any of said bonds shall remain unpaid: provided how-
ever, that no sale shall be made of any of said shares of stock
unless three-fourths of the members of said board of super-
visors shall vote in favor of the order or ordinance of said
board authorizing or sanctioning such sale.

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