Chap. 747.—An ACT to amend and re-enact an act to authorize the county of
Powhatan to change the form of the bonds subscribed to the Farmville and
Powhatan railroad company, approved December 19, 1889; and to amend the
same so as to allow the board of supervisors of said county to refund the con-
ditional bonds and the interest thereon.

Approved March 4, 1896.

Whereas the county of Powhatan subscribed forty thousand dol-
lars to the capital stock of the Farmville and Powhatan railroad
company, and paid such subscription in conditional bonds, as author-
ized by an act of assembly approved February fifth, eighteen hun-
dred and eighty-six, entitled an act to authorize a subscription by
the counties of Cumberland and Powhatan to the stock of the Farm-
ville and Powhatan railroad company; and

Whereas the supreme court of Virginia has declared that the said
conditional bonds are legal and binding obligations on the county
of Powhatan; and

Whereas the board of supervisors of the said county of Powhatan
were authorized by the said act of December nineteenth, eighteen hun-
dred and eighty-nine, in their discretion, to exchange the conditional
bonds, and the said board of supervisors having failed to exercise
such discretion; and |

Whereas the interest accrued and to accrue upon the said bonds to
March first, eighteen hundred and ninety-six, aggregates fifteen
thousand and six hundred do!lars, and the circuit court of Powhatan
county has ordered the board of supervisors to meet and make a levy
for thirteen thousand two hundred dollars, past due interest; and

Whereas the said board of supervisors may be able to agree with
the bondholders to refund at par forty thousand dollars principal, or
fund said fifteen thousand six hundred dollars of interest in six per
centum coupon bonds, or all of said principal and interest, or any
part thereof, and thereby relieve the board of supervisors from hav-
ing immediately to lay a levy upon the tax-payers of said county for
the said sum of fifteen thousand six hundred dollars, or if laid to
relieve the treasurer of said county from collecting the same; and

Whereas the bondholders have expressed to the board of supervi-
sors their willingness to accept the bonds of the said county at par
in payment of principal and interest, aggregating fifty-five thousand
six hundred dollars; therefore,

1. Be it enacted by the general assembly of Virginia, That the act
entitled an act to authorize the county of Powhatan to change the
form of the bonds subscribed to the Farmville and Powhatan rail-
road company, approved December nineteenth, eighteen hundred
and eighty-nine, be amended and re-enacted so as to read as follows:

§ 1. Be it enacted by the general assembly of Virginia, That it
shall be lawful for the board of supervisors in their discretion to
issue value-received coupon bonds, payable in lawful money of the
United States, aggregating any sum not exceeding the amount of
fifty-five thousand six hundred dollars, in denominations of one
hundred dollars each, or multiples thereof; the rate of interest upon
said bonds may be six per centum, payable semi-annually at some
bank or trust company in the city of Richmond, Virginia, and the
time of payment of the said principal of the said bonds may be at
such time as may be agreed upon between the board of supervisors
and the bondholders.

§ 2. If the board of supervisors of the county of Powhatan exercise
the discretion given them in this act, the bonds issued hereunder
shall be used exclusively either in refunding, all or any of the forty
thousand dollar conditional bonds or in funding any or all of the fif-
teen thousand six hundred dollars interest thereon, or for both pur-
poses, but this act shall not be construed as giving authority to the
board of supervisors to issue bonds for any other purpose or to use
them in any other manner than as hereinbefore mentioned.

§3. Upon the execution and the delivery of the coupon bonds in
exchange for the conditional bonds, as authorized by this act, the
1d conditional bonds so exchanged shall be cancelled by the clerk
»f the county of Powhatan and in the presence of the board of super-
7 isors of the said county.

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