Chap. 20.—An ACT to authorize the board of supervisors of Rockingham
eounty to issue new bonds, etc.

Approved February 2, 1901.

Whereas by an act of the general assembly of Virginia, passed March
fourth, eighteen hundred and fifty-three, the county court of Rocking-
ham was authorized to submit to the voters of said county the question
whether or not said county should subscribe to the capital stock of the
Manassas gap railroad; and

Whereas in the election so held three-fifths of the votes polled were in
favor of the said subscription, and the said county court, in pursuance
of said act, made a subscription to the amount of one hundred and fifty
thousand dollars, and issued the bonds of said county therefor, payable
in twenty years from the date thereof, with interest thereon at the rata
of six per centum per annum; and

Whereas when said bonds became due and pavable the greater part of
the principal of said bonds and a considerable portion of the accrued
interest thereon remaining unpaid, by an act of the general assembly of
Virginia, approved March eighteenth, eighteen hundred and seventy-one.
the board of supervisors for the county of Rockingham was authorized
to issue to the holders of said bonds in lieu of said bonds and accrued in-
terest thereon, new bonds, with coupons attached, to an amount not ex-
ceeding one hundred and seventy thousand dollars, to become due and
payable in not less than ten nor more than twenty years from their date,
in pursuance of which said last-mentioned act the board of supervisors
of Rockingham county issued bonds becoming due and payable on the
thirtieth day of June, eighteen hundred and ninety-one; and

Whereas a considerable portion of the principal of said last-mentioned
bonds remaining unpaid when they became due and payable, by an act
of the general assembly of Virginia, approved March third, eighteen
hundred and ninety, the board of supervisors of the county of Rocking-
ham was authorized to issue new bonds, with coupons attached, to an
amount not exceeding one hundred thousand dollars, to provide for the
payment of the principal remaining unpaid upon the aforesaid bonds
when they became payable on the thirtieth day of June, eighteen hun-
dred and ninety-one, to become due and pavable at such period or periods
as might be deemed best by said board of supervisors, not to exceed
twenty years from their date, and to bear interest as might be deemed
best by said board of supervisors, not exceeding six per centum per an-
num, payable semi-annually, in pursuance of which said last-mentioned
act the board of supervisors of Rockingham county issued bonds to the
amount of ninety-five thousand dollars, payable June thirtieth, nineteen
hundred and eleven, if not sooner paid, but redeemable at the option of
said board of supervisors on or after June thirticth. nineteen hundred
and one; and

Whereas a considerable portion of the principal of said last-mentioned
bonds will remain unpaid June thirtieth, nineteen hundred and one, and
said board of supervisors desires to pay and redeem said last-mentioned
bonds at said last-named time; therefore

1. Be it enacted by the general assembly of Virginia, That the board
of supervisors for the county of Rockingham be, and is, hereby authorized
to issue new bonds, with coupons attached, to an amount not exceeding
ninety thousand dollars, to provide for the payment of the principal re-
maining unpaid upon the aforesaid bonds when they become redeemable
on the thirtieth day of June, nineteen hundred and one; said bonds to
become due and payable at such period or periods as may be deemed best
by said board of supervisors, not to exceed fifteen vears from their date.
and to bear interest as may be deemed best by said board, not exceeding
four and one-half per centum per annum, payable semi-annually, and
the matured coupons shall be reecivable by the authorities of said county
at par in payment of all taxes and any other obligations due the said
county.

2. That the board of supervisors of the said county shall levv a tax
sufficient to pay the annual interest on all bonds issued under this act.
and in such manner as they deem best provide a sinking fund, to be ap-
plied solely to the payment and extinguishment of the bonds issued under
this act. and sufficient to liquidate the same as they mature, and the
said bonds now outstanding and those issued under this act when re-
deemed and paid off shall be cancelled.

3. That executors, administrators, guardians, and others acting as
fiduciaries may invest in the bonds issued under this act, and the same
shall be considered a lawful investment.

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