Chap. 198.—An ACT to authorize the board of supervisors of Botetourt county
to issue bonds for the purpose of redeeming the outstanding bonds of said
county, which were issued to redeem the bonds of said county, issued in
payment of its subscription to the capital stock of the valley railroad com-
pany, or to exchange new bonds for the said outstanding bonds, and to fix
the situs of the bonds issued hereunder for taxation.

Approved January 27, 1900.

1. Be it enacted by the general assembly of Virginia, That the board
of supervisors of Botetourt county be, and is hereby, authorized and em-
powered to issue bonds for and in the name of the said county, to an
amount not exceeding fifty thousand dollars, bearing a rate of interest
not exceeding five per centum per annum, payable annually on the first
day of January of each year, 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
county 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 pursuance
of this act shall be coupon bonds and shall be dated January first, one
thousand nine hundred and issued to run for twenty-five years, redeem-
able, however, as follows: Ten thousand dollars thereof upon the call of
the board of supervisors of said county; twelve thousand five hundred
dollars thereof, after the expiration of ten years from the date thereof;
seventeen thousand five hundred dollars thereof after the expiration of
fifteen years from the date thereof; and ten thousand dollars thereof after
the expiration of twenty years from the date thereof, upon the call of
said board of supervisors at the office of the county treasurer of said
county. And it shall be lawful for the board of supervisors of said
county, for the purpose of redeeming said outstanding bonds, to appoint
an agent or agents to negotiate said loan or loans.

2. At the time at which 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 he fully paid, but such levy for a year shall not exceed
fifteen cents on the one hundred dollars’ worth of taxable property of
said county.

3. That the situs of the bonds issued under this act for taxation
shall always be and remain in the county of Botetourt, Virginia, no
matter where or by whom they are held or owned, and that they shall
annually be subject to county levies and state taxes at their par value;
and it shall be the duty of the county treasurer of said county, if the
taxes on them are not sooner paid, to deduct the county levies and state
taxes for each vear from the annual interest accruing on the said bonds.
And the fact that bonds issued hereunder shall be liable to taxation in
said county of Botetourt, shall be embodied in the body of the said bonds
and on each of the coupons attached thereto, and the purchaser of said
bonds, and all subsequent holders thereof, shall be regarded as assent-
ing to the imposition of said county levies and state taxes. Nor shall
the said bonds for taxation be subject to any deduction in value by
reason of the indebtedness of the holder or holders thereof to other
persons, but the said bonds shall be annually taxed at their full par
value. And the said bonds for the purpose of taxation shall be listed
by the commissioner or commissioners of revenue of said county by
numer and not in the name or names of the holder or holders thereof.

That the board of supervisors of said county may, in its discretion.
exehanes bonds issued under this act for the said ‘outstanding bonds with
such of the holders of said outstanding bonds as may be willing to accept
said new bonds in exchange therefor.

5. The bonds issued under this act shall not be sold for less than
their par value.

6. That this act shall be in force from its passage.