Chap. 440.—An ACT to authorize the board of supervisors of Highland county to
issue bonds and borrow money to redeem and pay off bonds of said county now
outstanding.

‘Approved March 29, 1902.

Whereas, the county of Highland, acting under the general laws of the
State of Virginia, did subscribe fifty thousand dollars to the capital stock
of the Washington, Cincinnati and St. Louis railroad, and did issue its
bonds in payment of the same, redeemable in twenty years; and,

Whereas, by an act of the general assembly of Virginia, approved
March fourth, eighteen hundred and ninety, the said board of supervisors
of said county of Highland was authorized to negotiate a loan, or loans,
at a rate of interest not to exceed six per centum per annum, and to issue
bonds to secure the same in the name of the said county, the purpose of
said loan being to pay off and discharge the bonds executed by said
county in payment of its said subscription to the capital stock of the said
Washington, Cincinnati and St. Louis railroad, the bonds to be issued
under said act to run twenty years, and to be redeemable at the pleasure
of the board of supervisors of said county, upon their call, at any time
after five years from the date of said act; and in pursuance of said act, the
said board of supervisors of Highland county issued and sold the bonds
for the purpose aforesaid; and,

Whereas, the said board of supervisors desires to pay off and redeem
such of said bonds issued and sold as aforesaid under the provisions of
said act of March fourth, eighteen hundred and ninety, as are still out-
standing: therefore,

1. Be it enacted by the general assembly of Virginia, That the board
of supervisors of Highland county be, and it is hereby, authorized and
empowered to borrow for said county the sum of not exceeding twenty-
four thousand dollars by the issue and sale of the bonds of said county for
the purpose of paying off and redeeming the outstanding bonds of said
county of Highland, issued and sold under and by virtue of an act of the
general assembly approved March fourth, eighteen hundred and ninety.

2. The said bonds authorized to be issued by said county under this
act shall be coupon bonds of the denomination of one hundred dollars, or
multiples of one hundred dollars, as said board shall determine, and shall
bear such a rate of interest not exceeding five per centum per annum as
may be determined by said board, the coupons of said bonds to be receiv-
able for all taxes and levies due said county. The principal of said bonds
shall be payable in twenty years from their date, or, at the option of the
said board of supervisors, at any time after the expiration of five years
from the date of the issuance of said bonds. The said bonds shall not be
sold for less than par.

3. The board of supervisors of said county shall annually levy a tax
upon all taxable property in said county sufficient to pay the interest on
said bonds, and after five years from the date of issue shall levy a tax on
all taxable property in said county sufficient to discharge the interest on
said bonds then outstanding annually, and an additional amount as a
sinking fund sufficient to pay one-fifteenth of said bonds annually, and
the amount so levied and collected as a sinking fund shall be used in pay
ing off and discharging the principal of said bonds. The money receiver
from the sale of the bonds issued under this act shall be applied to th
payment and discharge of the outstanding bonds now due by said county

4. The board of supervisors of said county is hereby authorized anc
empowered, in its discretion, to exchange any of the bonds issued unde
the act at not less than par for any of the said outstanding bonds at no
above par.

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