Chap. 672.—An ACT to authorize the board of supervisors of Botetourt county to
redeem the outstanding bonds of the said county.

Approved March 2, 1898.

1. Be it enacted by the general assembly of Virginia, That the board
of supervisors of Botetourt county be, and it is hereby, authorized and
empowered to issue bonds for and in the name of said county, to the
amount of fifty thousand dollars, bearing a rate of interest not exceed-
ing five per centum per annum, the proceeds arising from the sale of said
bonds to be used for the sole purpose of retiring the bonds heretofore
issued under an act of the general assembly of Virginia, approved the
thirty-first day of January, in the year one thousand eight hundred and
ninety, for the purpose of redeeming the outstanding bonds of said
eounty issued in payment of its subscription to the capital stock of the
Valley railroad company,said bonds being redeemable at the pleasure of
the board of supervisors of said county. The bonds issued in pur-
suance of this act may be either registered or with coupons attached, as
said board of supervisors may prescribe, and shall be issued to run for
twenty years, redeemable, however, at the pleasure of the board of
supervisors of said county, upon its call at the office of the county treas-
urer of said county; and it shall be lawful for the board of supervisors
of said county, for the purpose of redeeming such outstanding bonds, to
appoint an agent or agents to negotiate said loan or loans. Atthe time
at which the said board of supervisors makes its levy for said county it
shall levy on all the lands and other subjects liable to state tax and
county levy in said county, such tax to pay the amount of such loan or
loans and the interest thereon, or to pay the interest on the bonds of the
county so issued, and to create a sinking fund to redeem the principal
thereof, as said board of supervisors may deem necessary or proper, and
from year to year may repeat such assessment till the debt and interest
be fully paid; but such levy for a year shall not be less than fifteen
cents on the one hundred dollars’ worth of taxable property of said
county.

2. Be it further enacted, that the said board of supervisors may, in
its discretion, exchange bonds issued under this act for the said out-
standing bonds, with such of the holders of said outstanding bonds as
may be willing to accept said new bonds in exchange therefor.

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