Chap. 85.—An ACT to legalize a certain election held by the qualified voters of
Grayson 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 $100,000, par value, upon the terms
and under the conditions prescribed in the order of the county court under
which said election was held.

Approved February 25, 1902.

Whereas, the county court for Gravson county, Virginia, did, on the
eighth day of June, ninctcen hundred and one, 1iake an order requiring
the sheriff 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
thousand dollars’ worth of the preferred capital stock of the Mount
Rogers and Eastern Railroad Company, par value, upon the condition
that the said railroad company should, within three years from July first,
nineteen hundred and two, construct fifty miles of standard gauge rail-
road across and within the said county of Grayson, and upon other condi-
tions named in said order.

Whereas, at the said election held under said order a majority, both of
the voters and of the freeholders voting at said election, voted in favor
of subscribing to the said one hundred 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 Grayson on the
twenty-fourth day of July, nineteen hundred and one, under the order
of the county court of said county, entered June eighth, nineteen hundred
and one, for the purpose of ascertaining the sense of the voters and free-
holders of said county as to the subscription to one hundred 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 freeholders to
one hundred thousand dollars’ worth of the preferred stock of the said
Mount Rogers and Eastern Railroad Company, under the terms and con-
ditions named in said order of the county court of Grayson county; and
the board of supervisors for Grayson county shall make formal subserip-
tion, upon the terms and conditions named in said order, to one hundred
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 Grayson to the amount of one hundred thou-
sand dollars, par value, bearing interest at the rate of five per centum
per annum from the time of delivery, and payable semi-annually, the
principal of said bonds to be paid as follows: Twenty-five thousand dol-
lars ten years after the delivery of said bonds; twenty-five thousand dol-
lars twenty years after the delivery of said bonds, and the balance of
fifty thousand dollars thirty years after the delivery of said bonds; and
said bonds shall not commence to bear interest until the delivery thereof,
and the said subscription shall be conditioned upon the completion by
the said railroad company of fifty miles of standard gauge railroad
within and across the county of Grayson by the first day of July, nineteen
hundred and five, and the said bonds of the county of Grayson shall not
be delivered to the said railroad company until and unless the said rail-
road company shall construct and put in operation across and within the
county of Grayson fifty miles of continuous standard gauge railroad,
exclusive of spurs and sidings, by the said first day of July, nineteen
hundred and five, and shall have constructed and put into operation one
hundred miles of continuous main line standard gauge track, including
the fifty miles in Grayson county, Virginia, by way of Independence,
and shall have complied with the terms and conditions of the order of
election; and the board of supervisors for Grayson county are hereby
vested with full power to execute said bonds in the name of the county
of Grayson, and are empowered and directed to lay such a levy upon the
real and personal property of the county of Grayson as may be necessary
to provide for the payment of the interest and the 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 notwithstanding.
2. This act shall be in force from its passage.