Chap. 7.—An ACT to authorize the board of supervisors of Madison county
to effect a loan for county road purposes.

Approved December 16, 1893.

Be it enacted by the general assembly of Virginia, That the
of supervisors of Madison county be, and they are hereby, au-
ed and empowered, at any meeting at which a majority of said
shall be present, to issue coupon bonds in the name of Madi-
ounty, for a sum not exceeding ten thousand dollars in the
zate, to be negotiated at not less than par, the proceeds thereof
used under the supervision and control of the county judge of
ounty for the better working and improving the public county
The said bonds issued in pursuance of this act shall be for
undred dollars each, and made payable in instalments of two
and dollars at five, six, seven, eight and nine years from date
of issue. All of said bonds shall bear interest, payable semi-annu-
ally, ata rate not exceeding six per centum per annum, and they
and the coupons thereto attached shall be signed by the president
of the said board of supervisors, be attested by the clerk of the
county court of Madison county, and have the seal of the said court
affixed thereto. The bonds issued in pursuance of this act shall be
negotiated at not less than par value, and shall be negotiated only
from time to time as the money may he needed according to esti-
mates for road purposes. The proceeds of said bonds shall be placed
in such bank as the board of supervisors may elect as a place of de-
posit, and the same shall be paid out upon the order of the county
court of Madison county, approved by the board of supervisors of
said county, for county road purposes.

2. That the debts contracted and evidenced by said bonds shall
be levied for by the board of supervisors upon such subjects of taxa-
tion as now are or may be liable for the county levy, and that the
faith of said county is pledged for the punctual payment of said
bonds, principal and interest, as the same shall fall due.

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