Chap. 746.—An ACT to authorize the board of supervisors of Al-
leghany county to borrow money to redeem bonds of the said
county.

Approved March 4, 1992.

Whereas the board of supervisors of the county of Alle-
ghany have determined to redeem the bonds of the said
county which were issued under an act entitled an act to
authorize the board of supervisors of Alleghany county to
borrow money to build bridges in said county, approved
February third, eighteen hundred and eighty-eight; and
whereas the said board desire to raise the sum of twenty-
three thousand dollars for that purpose; therefore,

1. Be it enacted by the general assembly of Virginia,
That the board of supervisors of the county of Alleghany
be, and they are hereby, authorized to issue bonds of the
county of Alleghany to an amount not exceeding twenty-
three thousand dollars, and shall sell the same under such
conditions as are hereinafter prescribed, and with the pro-
ceeds redeem the bonds mentioned in the preamble of this
act.
2. That the bonds issued in pursuance of this act shall
be coupon bonds of one hundred dollars each, payable in
not less than one nor more than eight years, at the option
of the board of supervisors of Alleghany county, and bear-
ing interest at a rate not exceeding five per centum per
annum, and shall be signed by the chairman of the board
of supervisors and attested by the clerk of the county
court of Alleghany county, and shall have the seal of the
board affixed thereto.

3. The said bonds shall be sold for not less than the
face value thereof, and the coupons for interest due there-
on shall be receivable at any time after maturity for all
taxes and other debts due the county of Alleghany.

4. The board of supervisors and their successors in of-
fice shall levy annually a sufficient tax to meet the annual
interest upon said bonds, and in addition thereto, after
the first year, sufficient to retire at least one-tenth of the
principal of said bonds actually issued until the whole are
retired.

5. All moneys realized from the sale of said bonds
shall be received by the treasurer of Alleghany county,
and he shal! be liable upon his official bond for all moneys
so received, the said moneys to be used solely for the pur-
pose of redeeming the bonds mentioned in the preamble
of this act; and the treasurer for receiving and disburs-
ing the said fund shall receive such compensation as the
board of supervisors shall deem proper.

6. The coupons and bonds issued under this act shall
be redeemable at the office of the treasurer of Alleghany
ounty, and when paid by him shall be cancelled and de-
‘troyed in the presence of the board of supervisors.

7. The board. of supervisors shall keep a registry of the
sumber and amount of each of said bonds, and shall re-
leem them in the order in which they were issued.

8. That the property, both personal and real, in the
owns of Clifton Forge and Covington shall be taxed un-
ler this act in the same manner and in the same propor-
‘ion that it is taxed under the act entitled an act to au-
-horize the board of supervisors of Alleghany county to
borrow money to build bridges in said county, approved
February third, eighteen hundred and eighty-eight.

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