Chap. 393.—An ACT to amend and re-cnact an act entitled an act to authorize the
board of supervisors of Alleghany county to borrow money to redeem bonds of
the said county.

Approved February 18, 1898.

1. Be it enacted by the general assembly of Virginia, That the act en-
titled an act to authorize the hoard of aunervisora of Allechanv county
> borrow money to redeem bonds of the said county, approved March
ourth, eighteen hundred and ninety-two, be amended and re-enacted so
s to read as follows:

Whereas the board of supervisors of the county of Alleghany have
letermined to redeem the bonds of the said county, which were issued
inder an act of the general assembly entitled an act to authorize the
ard of supervisors of Alleghany county to borrow money to build
ridges in said county, approved February third, eighteen hundred and
ightv-eight; and whereas the said board desires to borrow twenty thou-
and dollars for that purpose: therefore,

§ 1. Be it enacted by the general assembly of Virginia, That the board
f supervisors of the county of Alleghany be, and they are hereby,
uthorized to issue bonds of the county of Alleghany to an amount not
xxceeding twenty thonsand dollars, and they shall sell the same under
uuch conditions as are hereinafter prescribed, and with the proceeds from
he sale of said bonds they shall pay and redeem the twenty thousand
lollars of outstanding bonds now due by the said county issued under the
said act of February third, eighteen hundred and eighty-eight.

§ 2. The bonds issued by the county of Allechany in pursuance of this
ict shall be coupon bonds of five hundred dollars each, payable in not
less than one nor more than ten years at the option of the board of su-
pervisors of said county, and shall bear interest at the rate of five per
centum per annum, and shall be signed by the chairman of the board
of supervisors of Alleghany county, shall be attested by the clerk of the
county court of Alleghany county, and shall have the seal of the said
board affixed thereto.

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

§ 4. The board of supervisors of Alleghany county and their suc-
cessors in office shall levy annually a sufficient tax to meet the annual
interest upon said bonds, and in addition thereto, after the first year,
shall levy a sufficient tax to retire annually one-tenth of the principal
of said bonds, until the whole amount of bonds issued under this act
shall be retired.

§5. All the moneys realized from the sale of said bonds under this
act shall be received by the treasurer of Alleghany county, and_ he
shall be liable upon his official bond for all money so received by him.
The said money is to be used solely in paving and retiring the out
standing bonds of said county, issued under the act of February third,
eixyhteen hundred and eighty-eight, and shall be paid out by the treas.
urer of said county upon the order of the board of supervisors of saic
county. The treasurer for receiving and disbursing said fund shal
receive a commission of one-half of one per centum on the amoun
which he collects from said bonds issued under this act.

§ 6. The coupons and bonds issued under this act shall be redeemable
at the office of the treasurer of Alleghany county, and when paid by
him, shall be turned over to the board of supervisors, and by the saic
board destroyed.

§7. In levying a tax to discharge the principal and interest of th
bonds issued under this act, the real and personal property in the in-
corporated towns in said county shall be taxed for that purpose equally
with the property situated in said county outside of said towns.

§ 8. The board of supervisors shall keep a register of the number
and amount of each of the bonds issued under this act, and shall re-
deem them in the order in which they are issued.

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