Chap. 25.—An ACT to amend and re-enact sections 2 and 7 of an act en-
titled an act to provide for the issuing of county bonds for permanent
road or bridge improvement in the magisterial districts of the counties
of the State, approved February 25, 1908.

Approved February 16, 1910.

1. Be it enacted by the general assembly of Virginia, That sections
two and seven of an act entitled an act to amend and re-enact sections
two and seven of an act entitled an act to provide for the issuing of
county bonds for permanent road or bridge improvement in the magiste-
rial districts of the counties of the State, approved February twenty-
fifth, nineteen hundred and eight, be amended and re-enacted so as to
read as follows:

§2. The regular election of officers of said county at the time desig-
nated in the order authorizing the vote shall open polls at the various
voting places in the said county, including the polls at the voting places
in the incorporated towns located within such county, and shall conduct
such election and close the polls in such manner as is provided by law in
other elections; and at said election each qualified voter who shall ap-
prove such issue of bonds shall deposit a ticket or ballot on which shall
be written or printed the words “for bond issue,” and each qualified
voter who shall oppose such issue of bonds shall deposit a ticket or ballot
whereon shall be written or printed “against bond issue.”

The judges of election at the several voting places shall, immediately
after the closing of the polls at each of the said places, count the ballots
deposited and shall within two days after said election make returns
thereof, as is provided in other elections. Said ballots shall be printed
and furnished by the regular election officials. In the event that the
question of issuing bonds for more than one magisterial district in a
county is to be voted on at one time the ballots shall have printed on
them the words “for bond issue” and “against bond issue” for each and
under the name of each of such magisterial districts for which it may be
proposed to issue such bonds.

86. The board of supervisors at their meeting, or as soon thereafter as
practicable, shall determine what amount of bonds, not exceeding the
maximum aforesaid, shall be issued and shall enter of record the amount
so determined. They shall have power to appoint an agent or agents,
to negotiate a loan or loans or to sell said bonds: provided, said bonds
shall be paid for in lawful money, and shall not be sold at a price that
will net the county less than their par value. When such a loan has
been negotiated for bonds sold the board of supervisors shall issue said
bonds, which may be either registered or with coupons attached, as said
koard of supervisors may prescribe; and shall have written or printed in
said bonds the following sentences: “These bonds are issued for
magisterial district, but the full faith and credit of the entire county is
hereby pledged for their payment; and a tax to be levied upon the prop-
erty of said district to pay the interest on them and to create a sinking
fund sufficient in amount to pay them upon maturity”; said bonds shall
be signed by the chairman and countersigned by the clerk thereof; shall
be in denominations of one hundred ($100.00) dollars, or some multiple
thereof; shall bear interest at the rate not exceeding six per centum,
payable semi-annually at the office of the treasurer of said county, and
shall be payable not exceeding thirty-four years from the date thereof
at said office, but may, in the discretion of said board, be made redeem-
ible at such time or times, or after such period or periods, as the said.
board may prescribe and stipulate upon the face of the bonds when
issued. The board shall deliver them to the treasurer of the county,
who shall deliver said bonds upon the payment of the price thereof. The
said treasurer and his sureties shall be liable for the amount received
for said bonds as though it were a county levy, and said funds shall be
expended for the purposes and in the magisterial district for which it
was intended and none other. The said treasurer shall receive as com-
pensation for his services hereunder one-fourth of one per centum on
the amount thus coming into his hands, and also the reasonable cost to
him of giving surety on such additional bond or bonds as may be re-
quired of him, if any, on account of his receipts heretofore or hereafter
of said funds.

§?%. After issuing such bonds, or any of them, when the next levy is
made, or tax imposed in said county, a tax shall be levied on all property
liable to State tax in such magisterial district in which the proceeds of
the bonds have been or are to be expended, including such property lo-
cated or the situs of which for taxation is, within the limits of any incor-
porated town situated within such district, to pay the interest on the
bonds so issued, and to create a sinking fund to redeemed the principal
thereof at maturity; and from year to year said levy or assessment shall
be made until the debt and interest are paid, which levy shall not ex-
ceed ninety cents on the one hundred dollars ($100.00) of taxable prop-
erty within the said magisterial district of said county; the amount
levied for and set apart as a sinking fund and the interest accruing
thereon shall be used for the payment of the principal of said bonds, and
for no other purpose.

Should for any reason the county in any way have to assume any pay-
ment on account of said bond issue, either interest or principal, it is
hereby provided that the board of supervisors shall levy such tax in said
magisterial district as may be necessary to defray the amount assumed
by the county, it being and having heretofore been intended that bonds
issued or to be issued under this act are county obligations, but payable
primarily out of levies upon the property in the magisterial district
where the proceeds of the bonds may be expended hereinunder.

The board of supervisors is hereby authorized and empowered to ap-
ply any part or all of said sinking fund to the payment or purchase of
any of said bonds, at any time, and all bonds so paid off or purchased
by said board of supervisors shall be immediately canceled, and shall
not be reissued, and the board of supervisors is authorized and empow-
ered to lend out, upon real estate security, the loan not to exceed fifty
per centum of the assessed value of such real estate, or deposit in bank
at interest, all accumulations of money to the credit of said sinking
fund, provided as aforesaid, and to collect and reinvest the same and
the interest accruing thereon from time to time, so often as may be
necessary or expedient, until such bonds become subject to call: pro-
vided, that no money to the credit of said sinking fund shall be loaned
out or deposited or invested by the said board of supervisors, unless said
loan, deposit or investment shall be first approved by the circuit coprt of
said county, or the judge thereof in vacation, and the form of the
security be examined and approved by the Commonwealth’s attorney of
said county, which approval shall be entered of record in the order book
of said court.