CHaP. 604.—An ACT to authorize the board of supervisors of
Montgomery county to borrow money to pay the present in-
debtedness of said county.

Approved March 2, 1892.

1. Be it enacted by the general assembly of Virginia,
That the board of supervisors of Montgomery county be,
and they are hereby, authorized to borrow money, not ex-
ceeding twenty-five thousand dollars, with which to pay
off the present indebtedness of the county.

2. The said loan shall be effected by issuing the bonds
of the county, signed by the chairman of said board and
countersigned by the clerk, payable not more than twenty
years after the date of issue; the said bonds to be for the
sum of one thousand dollars each, with coupons attached
for the semi-annual interest, and the principal shall be
made to fall due in sums of two thousand dollars each
year, so that all of the bonds shall become due and be
paid off in sums of two thousand dollars each consecutive
year after payment of them is begun.

3. The said board of supervisors may fix the rate of in-
terest which the said bonds shall bear, but said rate shall
not exceed six per centum per annum.

4. The said board of supervisors shall have ful] power
to negotiate the said bonds through an agent, or in any
way they may think best, and may deposit the proceeds in
the bank of Christiansburg, subject to their order, and may
pay to the county treasurer such sums from time to time
that they may deem expedient until the whole of the
present indebtedness of the county is liquidated: provided
that said board shall not sell or otherwise dispose of any
of said bonds at less than their par value.

5. It shall not be lawful for the board of supervisors of
Montgomery county to use the money, or any part of the
same arising from the sale or disposal of said bonds, ex-
cept in the payment of such debts or debt as are due and
payable by the county of Montgomery at the date of the
passage of this act.

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