Chap. 79.—An ACT to legalize a certain election held by the qualified voters of
Floyd county, Virginia, for the purpose of subscribing to the stock of the
Mount Rogers and Eastern Railroad Company, and to empower and direct the
board of supervisors of said county to subscribe to the preferred capital stock
of said railroad company to the amount of $150,000, par value, upon the term:
and under the conditions prescribed in the order of the county court unde
which said election was held.

Approved January 18, 1902.

Whereas, the county court of Floyd county, Virginia, did, on the
twelfth day of June, nineteen hundred and one, make an order requiring
the shewff of said county to open the polls on the twenty-fourth day of
July, nineteen hundred and one, and take the sense of the qualified voters
of said county on the question of subscribing to one hundred and fifty
thousand dollars’ worth of the preferred stock of the Mount Rogers and
Eastern Railroad Company, par value, upon the condition that the said
railroad company should within four years from the first day of July,
nineteen hundred and two, construct thirty miles of standard gauge rail-
road through and across the said county of Floyd, and upon other condi-
tions named in said order; and,

Whereas, at the said elec ‘tion, held under the said order, a majority,
both of the voters voting and a majority of the frecholders voting in said
county, voted in favor of subscribing to the said one hundred and fifty
thousand dollars’ worth of the preferred stock of said railroad company,
at par, under the conditions and upon the terms named in said order of
the county court: therefore,

1. Be it enacted by the general assembly of Virginia, as follows: The
election held by the citizens of the county of Flovd on the twenty-fourth
day of July, nineteen hundred and one, under the order of the county
court of said county, entered June twelfth, nineteen hundred and one, for
the purpose of ascertaining the sense of the voters and freeholders of said
county as to the subscription to one hundred and fifty thousand dollars’
worth of the preferred capital stock of the Mount Rogers and Eastern
Railroad Company, at par, under the terms and conditions named in said
order, is hereby legalized, and the general assembly of Virginia hereby
validates the subscription voted by said voters and frecholders to one
hundred and fifty thousand dollars’ worth of the preferred capital stock
of the said Mount Rogers and Eastern Railroad Company, under the
terms and conditions named in said order of the county court of Flovd
county, and the board of supervisors of Floyd county shall make formal
subscription upon the terms and conditions named in said order to one
hundred and fifty thousand dollars’ worth of the preferred capital stock
of the Mount Rogers and Eastern Railroad Company, at par, the same to
be in the bonds of the said county of Flovd to the amount of one hundred
and fifty thousand dollars, par value, bearing interest at the rate of five
per centum per annum from the time of deliv erv, and payable annually,
and the principal of said bonds to be payable thirty-five years from the
date of delivery, with the privilege of paying said bonds at any time after
five vears from the date of delivery, and said bonds shall not commence
to bear interest until the delivery thereof, and the said subscription shall
Le conditional upon beginning construction by the first day of July, nine-
teen hundred and two, and the completion by the railroad company of
thirty miles of standard gauge railroad through and across said county of
Flovd by the first day of July, nineteen hundred and six, and the said
honds of the county of Flovd shall not be delivered to the said railroad
company until and unless the said railroad company shall construct and
put in operation across and through the said county of Floyd thirty miles
of continuous standard gauge railroad, exclusive of spurs and sidings, by
the first day of July, nineteen hundred and six, and a station house not
less than ten miles ‘cast of courthouse in Floyd county, for both passen-
gers and freight, and until and unless the terms and conditions of said
order of election and of this act have been complied with, then the board
of supervisors for Floyd county are hereby vested with full power to
execute said bonds in the name of the county of Floyd, and are empow-
ered and directed to lay such a levy upon the real and personal property
of the county of Floyd as may be necessary to provide for the payment of
the interest and a sinking fund for the payment of the principal of said
county bonds, the limitations of the amount of taxation as prescribed in
the twelve hundred and forty-third section of chapter fifty-one of the
Code of eighteen hundred and eighty-seven to the contrary notwithstand-
ing.
%. This act shall be in force from its passage.