Chap. 230.—An ACT to authorize the counties of Floyd, Carroll and Grayson
to vote subscription to the Blue Ridge railroad company.

Approved February 12, 1894.

1. Be it enacted by the general assembly of Virginia, That it
shall be lawful for the county of Floyd, Carroll or Grayson to sub-
scribe to the capital stock of the Blue Ridge railroad. The above
counties are hereby authorized to subscribe to the capital stock of
the Blue Ridge railroad to an amount not exceeding two hundred
thousand dollars each, notwithstanding it will require an imposition
of an annual tax in excess of twenty cents on the hundred dollars
annually, as provided by law and by the provisions of this act.

2. The county court of said counties of Floyd, Carroll or Grayson,
in which said road may be located shall, on the motion of the Blue
Ridge railroad company, by its president or any two of its directors,
make and enter an order requiring the sheriff and judges of election
in their said county, at a time to be designated in said order, not
less than thirty days from date of same, to open polls at each voting
precinct in said county to take the sense of the qualified voters of
the said county on the question whether or not the board of super-
visors of the said county shall subscribe the amount stated in order,
not exceeding two hundred thousand dollars, by the said county
to the capital stock of the Blue Ridge railroad company. The
sald order shall fix and state all the conditions on which the said
subsription shall be made, and bonds therefor issued, which con-
ditions shall be binding on the board of supervisors of the said
county whenever the said subscription shall be carried as herein
provided, and it shall be binding on said company when said bonds
are received by the said company. |

3. The election herein provided for shall be held as provided by
law, in force at the time of holding the same, except in so far as the
‘ame inay be modified, amended or affected by this act, and if it
shall appear that a majority of voters voting at said election are in
favor of the said subscription, and that the said majority includes
at least three-fifths of the freeholders voting at said election as per
order of the county court of said county, the county court aforesaid
ut the next term of court, or as soon thereafter as possible, shall
nake an entry of record an order requiring the board of supervisors
of said county to attend on a day and at a place designated in said
rder to curry out the wishes of the majority of the voters of said
‘county as expressed at said election; and the said board of super-
‘isors at such time and place, or as soon thereafter as possible, to
uake and enter of record on the books of said board the orders of
he county court aforesaid, amount of said subscription and the re-
‘ult of said election, and shall proceed to appoint an agent, whose
luty it shall be to enter at once on the books of said company a
‘ubscription to its capital stock for the amount designated in said
der in the name of said board of supervisors and their said county,
ind subject to the conditions contained in said order.

4. Any subscription made to the capital stock of said company by
uy county holding election and voting subscriptions to the Blue
sidge railroad stock under the provisions of this act shall be paid to
he said company in bonds of said couuty, which bonds of said county
‘hall be received by the said company at their par value, and shall
utitle said county to shares of stock of aforesaid county voting
ubscription to the amount of said bonds.

3). The principal of said bonds shall be payable hy said county in
period not later than thirty-five years from the date of the same,
id the interest thereof, which shall be six per centum per annum,
hall be payable annually.
6. There shall be attached to said bonds coupons for the interest
aforesaid, which shall be receivable at the office of the treasurer of
the said county In payment of all taxes and county levies due the
said county by the bearer at and after the day of maturity of the
coupons respectively.

7. The said board of supervisors shall annually after the date of
said bonds create and levy a sinking fund of one per centum of
the amount of the principal of the bonds issued as herein provided,
which sinking fund shall be annually applied to the purchase and
principal of the said bonds.

8. The limitation on the amount of any county subscription ag
provided in section twelve hundred and forty-three of the code of
eighteen hundred and eighty-seven, and the requisition that three-
fitths of the qualified voters of the county voting upon the question
ure in favor of subscription, and that the said three-fifths include a
majority of the votes cast by freeholders at such election, and a ma-
jority of registered voters of the said county shall vote in favor of
subscription as provided in section twelve hundred and forty-tive of
the code of eighteen hundred and eighty-seven aforesaid, shall not
be applicable to any election held under this act.

9. The election provided for under this act shall note held until
the said company shall have deposited with the clerk of the county
court of said county the sum of one hundred and fifty dollars to
defray the expense of the election herein provided for.

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