CHaP. 738.—An ACT to authorize the board of supervisors of
Craig county to borrow money to pay the present indebted-
ness of said county.

Approved March 4, 1892.

1. Be it enacted by the general assembly of Virginia,
That the board of supervisors of Craig county be, and they
are hereby, authorized to borrow money, not exceeding five
thousand dollars, with which to pay off the present indebt-
edness 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 ten
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 five hundred dollars each year,
so that all of the bonds shall become due and be paid off
in sums of five hundred 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 full 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 New Castle, 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 in-
debtedness 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
Craig county to use the money, or any part of the same,
arising from the sale or disposal of said bonds except in
the payment of such debt or debts as are due and payable
by the county of Craig at the date of the passage of this

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