Chap. 123.—An ACT to authorize the board of supervisors of Powhatan county
to create’ a sinking fund for the purpose of retiring $40,000.00 of bonds
subscribed for the purpose of constructing the Farmville and Powhatan rail-
road, and to give said board of supervisors the power to make a special levy
for that purpose, or in their discretion to increase the regular county levy.

Approved March 3, 1908.

Whereas, in the year eighteen hundred and eighty-seven the county
of Powhatan subscribed to certain bonds, amounting to forty thousand
dollars, for the construction of the Farmville and Powhatan railroad
through said county; and, whereas, the said bonds have never been paid,
or any part of them, by said county; and, whereas, the said bonds will
mature in the year nineteen hundred and seventeen; and, whereas, it is
very desirable to arrange for the payment of the same at or before ma-
turity: therefore,

1. Be it enacted by the general assembly of Virginia, That the board
of supervisors of Powhatan county be, and they are hereby, authorized
and empowered to create a sinking fund for the purpose of retiring the
said forty thousand dollars of bonds, subscribed as aforesaid for the con-
struction of the Farmville and Powhatan railroad, or such part thereof
as they may be able to retire before maturity; and for this purpose, the
said board of supervisors are hereby authorized and empowered to make
a special levy or assessment, or in their discretion, to increase the regular
county levy for that purpose, and money derived from such special
levy or assessment or increase in the regular county levy shall be used
by said board in retiring so many of said bonds as can be purchased
before maturity; but if the holder or holders of said bonds be unwilling
to surrender the same before maturity then such money so accumulated
shall be invested by said board in some safe. interest-bearing security,
or be deposited in some reliable bank at interest.