CHAP. 176.—An ACT authorizing the board of supervisors of

—. Rockbridge county to issue new bonds to refund the indebted-
ness of the county created to pay the subscriptions of the coun-
ty to the stock of the Valley railroad company.

Approved February 5, 1892.

™ 1. Be it 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 au-
thorized and empowered to make and issue, bonds of said
county, which may be either coupon or registered, in de-
nominations of one hundred dollars, or multiples thereof,
to bear a rate of interest not exceeding six per centum
per annum, payable semi-annually, to be payable not ex-
ceeding thirty years after date, and redeemable after such
time as the board may prescribe, 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 Val-
ley railroad company. The bonds hereby authorized to be
issued shall be issued and used under the orders of said
board of supervisors exclusively for the purpose of retir-
ing the outstanding bonds of the county created in pay-
ment of its said subscriptions, or such part thereof, as said
board may prescribe.
2. The board of supervisors of Rockbridge county shall,
annually, include in the levy upon the property and law-
ful subjects of taxation in said county, as part of the an-
nual county levy, a sum and tax sufficient to pay the in-
erest on the bonds issued under this act, as well as the.
interest on any outstanding bonds heretofore issued in
payment of said subscription, and to create a sinking fund.
sufficient to pay off all of said bonds at or before their
maturity. The treasurer shall keep a separate account of
the fund arising from the tax so levied, and the same shall
be applied, first, to the payment of the interest on the
bonds issued under this act, and on those issued in pay-
ment of said subscriptions, and the balance shall be ap-
plied, under the orders of the said board of supervisors,
or under the supervision of such agency as they may ap-
point, to the purchase of the bonds issued under this act,
or those issued under other acts for the payment of the
subscription of the county to the Valley railroad company ;
and if none such can be purchased at or under par, then
to the redemption of bonds as provided in the act of the
eighteenth day of November, eighteen hundred and eighty-
four, and after all such shall be paid or redeemed, then to
the redemption of bonds under this act, in their numeri-
cal order, distributing the same equitably between the dif-
ferent 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.

3. All sums which may be realized from any sale of the
shares of the capital stock in the Valley railroad com-
pany owned by said county, shal! be set apart and appro-
priated by the board of supervisors thereof exclusively to
the payment, purchase, or redemption of the bonds issued
under this act or any former acts for paying the subscrip-
tions of said county to the stock of the Valley railroad
company, 80 long as any of said bonds may remain un-
paid: provided, however, that no sale shall be made of
any of said shares of stock unless three-fourths of all
the members of said board of supervisors shall vote in
favor of the order or ordinance of said board authorizing
or sanctioning such sale.

4. This act shall not be construed as repealing or mod-
ifying the act approved November the eighteenth, one
thousand eight hundred and eighty-four, entitled “‘an act
to enable the board of supervisors of Rockbridge county
to issue new bonds to meet its subscriptions to the stock
of the Valley railroad company, and to retire the existing
indebtedness of the county,” but the said act is continued
in full force and effect.

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