CHAP. 162.—An ACT to empower the board of supervisors of the
county of Chesterfield to raise money by the issue and gale of
bonds to pay for the new county jail and to pay for repairing
and building bridges in said county.

Approved February 4, 1892.

Whereas the board of supervisors of Chesterfield county
has been required by the proper authorities of the com-
‘monwealth to have built a new jail for said county, and
said jail is now in course of erection; and whereas it may
become necessary to repair or rebuild many of the present
bridges and to build new bridges in said county; and
whereas the revenue of said county will be insufficient
for said purposes without a considerable increase of taxa-
tion; therefore

1. Bo it enacted by the general assembly of Virginia,
That the board of supervisors of Chesterfield county be,
and it is hereby, authorized and empowered to issue bonds
in the name of and on behalf of Chesterfield county, for
an amount not exceeding in the aggregate the sum of ten
thousand dollars and to sell the said bonds under such
conditions as are hereinafter prescribed, and to use the
proceeds of such sale or sales of bonds for the purposes
mentioned in the preamble.

2. That the bonds issued in pursuance of this act shall
be for not less in denomination than one hundred dollars
nor more that five hundred dollars each, payable in not
less than five nor more than thirty years from their dates,
and shall bear interest payable annually at a rate not
exceeding six per centum per annum, such interest to be
evidenced by coupons attached to said bonds as herein

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provided. The said bonds may be divided into series and
Issued and made payable at different dates. The said
bonds and coupons shall be issued in the name of Chester-
field county, shall be signed by the chairman of the board
of supervisors of said county, attested by the clerk of the
county court of said county and ex-officio clerk of said
board of supervisors, and shall have affixed thereto the
corporate seal of said board of supervisors according to
the forms hereinafter provided.

3. That the said board of supervisors may negotiate
the sale of said bonds in such manner as it may deem
proper, and may employ such agents as may be necessary
for the purpose, but no such bond shall be sold at a greater
discount than five per centum of its face value. The
coupons for interest shall be redeemable at maturity and
shall be receivable at maturity for all taxes and other
debts due the county of Chesterfield, except for school
levies.

4. That the said boards of supervisors may, at any time
after five years from the issue of any such bonds, call in,
redeem and cancel the same, and the coupons attached,
by paying to the holder or holders of any such bond or
bonds the face value thereof and the interest due thereon
up to the time of such payment and redemption. Notice
of such intended redemption shall be given by the said
board, by publication thereof, once a week for four suc-
cessive weeks before the day of such redemption, in
one or more newspapers published in the city of Rich-
mond, Virginia, or in the city of Manchester, Virginia.

5. That the form of said bonds and coupons shall be as
follows, to-wit:

oe
No.—— Series
Be it known, That the county of Chesterfield, in the
state of Virginia, is held and firmly bound unto or
bearer, in the just and full sum of dollars, lawful
money of the United States of America, with interest at
per centum per annum from the date hereof. This
bond shall be redeemable on and after the day of ——
in the year upon presentation at the office of the
treasurer of Chesterfield county; and the interest thereon
shall be payable annually on and after the day of
of each year, at the office of said treasurer, on presenta-
tion and surrender of the proper coupon hereto annexed,
until the payment of the principal sum of this bond;
and the said interest coupons shall, when due, be receiva-
ble for all taxes and debts due the county of Chesterfield,
except for school levies. The board of supervisors of
Chesterfield county reserves the right at any time after
five years from the date of this bond, to call in, redeem

[FORM OF BOND. |

and cancel the same and the coupons attached, by paying
to the holder thereof the face value thereof and the in-
terest due thereon up to the time of such payment and re-
demption—notice of which intended payment and re-
demption being given by publication thereof, once a week
for four successive weeks before the day fixed for such
payment and redemption, in one or more newspapers pub-
lished in the city of Richmond, Virginia, or in the city of
Manchester, Virginia. This bond is transferable on de-
livery, and for the payment thereof, the faith of and all
taxable property in the county of Chesterfield are pledged.
This bond is issued under the authority of an act of the
general assembly of Virginia, approved the day of
eighteen hundred and ninety-two. In witness whereof,
the board of supervisors of Chesterfield county hath
caused these presents to be signed by its chairman, at-
tested by the clerk of the county court of said county
and ex-officio clerk of said board of supervisors, and its
corporate seal to be hereto affixed this the day of
in the year

Chairman of board of supervisors of Chester-
field county.

Attest: ;
Clerk of county court of Chesterfield
[ SEAL. ] county and ex-officio clerk of the
board of supervisors of Chesterfield
county.

| [FORM OF COUPON. |

The county of Chesterfield will pay on bond number
series for the sum of dollars, issued by
the board of supervisors of said county, on the day
of in the year the sum of dollars, in-
terest on said bonds due and payable at the office of the
treasurer of said county on and after the day of
in the year This coupon when due shall be
receivable for all taxes and debts due the county of Ches-
terfield except for school levies.

Chairman of board of supervisors of Chester-
field county.
Attest :

[SEAL. ]

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Clerk of county court of Chesterfield
county, and ex-officio clerk of said
board of supervisors.

6. That the board of supervisors of Chesterfield county
shall, annually, when fixing and ordering the county levies,
include therein a tax and levy sufficient to pay the inter-
est which may become due on said bonds during the ensu-
ing year, and shall, also, in addition thereto, at the time
of fixing and ordering the levies for the year prior to that
in which any of said bonds shall become due, include
therein a tax and levy sufficient to pay and cancel: such
bonds when due, and so on, until all the bonds issued by
authority of this act shall be paid and cancelled. The
said board of supervisors may also create a sinking fund
by such levy, and in such manner as it may deem proper,
for the purpose of buying or calling in, paying and reduc-
ing, any or all of said bonds.

7. That all moneys realized from the sales of said bonds
shall be received by the treasurer and accounted for by
him. He shall be liable on his official bond for the pro-
per custody and disbursement of the same, and shall be
entitled to receive for his services a commission of one
per centum upon the amount of the proceeds of the sales
of said bonds. The money derived from the sales of said
bonds shall be kept by the treasurer separate from other
county funds and shal! not be used for any purposes other
than those mentioned in the preamble to this act.

8. That the said board of supervisors of Chesterfield
county shall, each year, ascertain how much money has
been realized from the levies for purposes of paying the
interest on said bonds, the principal of said bonds, and
for such sinking fund as may be created by said board
under this act, and the county treasurer shall keep the
amount of money so ascertained by said board separate from
other county funds, and the same shal! not be used except
for the purposes aforesaid; but nothing in this section shall
be so construed as to prevent the county treasurer from
paying the interest or principal of any such bonds out of
any other county funds in his hands, if, upon the presen-
tation of such interest, coupons, or bonds for payment,
the money set apart for that purpose shall be insufficient
to pay the same, it being the intention of this act that, if
at the time of presentation of such interest, coupons, or
bonds for payment, the money set apart for the payment of
the same, as herein provided, shall be insufficient to pay
the same, the said county treasurer shall, after applying so
much of such money as may be in his hands towards the
payment of such interest, coupons, or bonds, pay the bal-
ance due on such interest, coupons, or bonds out of any
other county funds in his hands.

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