Chap. 72.—An ACT to authorize the board of supervisors of Montgomery
county to borrow money to macadamize and improve its roads.

Approved February 12, 1901.

1. Be it enacted by the general assembly of Virginia, That the board
of supervisors of Montgomery county be, and they are, hereby authorized
borrow money, not exceeding forty thousand dollars, with which
macadamize and improve its public roads.

2. The said loan shall be effected by issuing the bonds of the county,
med by the chairman of the said board and countersigned by the
erk of the county court, and have attached thereto the court seal of
id county, payable not more than twenty vears after date of issue,
it with privilege to pay them at any time after ten years from date of
ue; the said bonds to be for the sum of one thousand dollars each, with
upons attached for the semi-annual interest.

3. The said board of supervisors may fix the rate of interest which the
id bonds shall bear, but said rate shall not exceed six per centum per an-
un. The board shall have authority to borrow not exceeding ten thou-
nd dollars in any one year, and proceeds shall be paid to the county
easurer, who shall keep same as a separate fund, and expend same
; order of the board, and shall receive as compensation such sum as
ard may fix.

+. The board of supervisors shall have full power to negotiate said
nds through an agent, or in any way they may think best: provided,
iat said board shall not sell or otherwise dispose of any of said bonds at
ss than par value.

5. It shall not be lawful for the board of supervisors of Montgomrey
uunty to use the money, or any part of the same, arising from the sale
- disposal of said bonds except in the macadamizing and otherwise
nproving the public roads of the county.

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