Chap. 62.—An ACT to authorize the board of supervisors of Alleghany county
to borrow the sum of $80,000 to be used in building a new courthouse
and in building bridges in each of the magisterial districts of said
county, and, for that purpose, to issue the bonds of the county for the
said sum of $80,000.

Approved February 28, 1910.

1. Be it enacted by the general assembly of Virginia, That the board
of supervisors of Alleghany county be, and it is hereby, authorized and
empowered to borrow the sum of eighty thousand dollars ($80,000.00),
of which amount the sum of forty thousand dollars ($40,000.00) shall
be used in the erection of a new courthouse on the county property sit-
uated in the town of Covington, and the residue shall be apportioned
equally among the three magisterial districts of the said county, and,
as so apportioned, and not otherwise, shall be used in defraying the
costs of erecting bridges in each of the said districts at such places as
the said board of supervisors shall deem proper. Said board of super-
visors is hereby authorized and empowered to issue coupon bonds of the
said county for the said sum of eighty thousand dollars ($80,000.00),
which said bonds, to be known as “courthouse and bridge bonds,” shall
be of the denomination of one thousand dollars ($1,000.00) each, shall
be numbered consecutively from one to eighty, inclusive, shall be pay-
able in thirty years from the date of their issuance, shall bear interest
at a rate not to exceed five per centum per annum, payable semi-annually
at the office of the treasurer of said county, and shall be signed by the
chairman of the said board of supervisors and attested by its clerk and
shall have the seal of the board affixed thereto.

2. It may be provided by the board of supervisors that any or all of
said bonds shall be payable, at the option of the county, after the expira-
tion of the period of ten years from the date of their issuance, and in
the event of the said board making such provision there shall be stated
on the face of the bonds the said option to pay the same; that if less than
all of said bonds are redeemed under said option they shall be redeemed
in their inverse numerical order; that they shall be redeemed upon the
expiration of at least thirty days after written notice to the owner or
owners thereof, which said notice shall be given by sending the same
by registered mail to the last known postoffice address of the original
purchaser or purchasers of the bonds to be redeemed under said option,
and that upon the expiration of the said period of at least thirty days,
interest upon any bond so elected by said county to be paid shall cease:
provided, that the notice aforesaid of at least thirty days shall expire
on one of the dates upon which interest on said bonds shall become
payable.

3. The said board of supervisors shall have full power to negotiate
the said bonds through an agent or agents, or in any way it may deem
best, and the proceeds of the said bonds shall be received by the treasurer
of Alleghany county, and for the money so received he shall be liable
upon his official bond. The said bonds shall not be sold at less than
their par value. The county treasurer shall keep separate accounts of
the money arising from the sale of said bonds—one account to be kept
of the amount set aside for the erection of the courthouse, and other ac-
counts be kept of the amount set aside for the erection of bridges in each
of the said magisterial districts. The county treasurer shall pay the
money so received by him on warrants issued by the said board of
supervisors against each of the respective funds aforesaid, which said
warrants shall be signed by the chairman of the board and attested by
its clerk, and for his services in receiving and disbursing the proceeds of
said bonds the said county treasurer shall receive such compensation as
as the said board of supervisors shall deem proper.

4. The said board of supervisors shall annually include in the levy
upon the property and lawful subjects of taxation in said county, as a
part of the annual county levy, a sum equal to the annual interest on said
bonds then outstanding, and in addition a sum equal to three and one-
third per centum of the principal of the said bonds, which said addi-
tional sum equal to three and one-third per centum of the principal of
said bonds shall constitute a sinking fund for the redemption thereof.
All of the said bonds and coupons paid off or redeemed by the said board
of supervisors shall be forthwith destroyed in the presence of the board.
The said board of supervisors is authorized and empowered to lend out,
upon real estate security, the loan not to exceed fifty per centum of the
assessed value of such real estate, or to deposit in bank at interest, all
accumulations of money to the credit of said sinking fund, and to collect
and reinvest the same, and the interest accrued thereon, from time to
time so often as it may deem necessary or expedient: provided, that no
money to the credit of said sinking fund shall be loaned out on real estate
security unless said Joan shall be first approved by the circuit court of
said county, or the judge thereof in vacation, and the form of the security
be examined and approved by the Commonwealth’s attorney for said
county, which approval shall be entered of record in the order book of
said court.

5. The said board of supervisors shall keep a record in which shall be
set out the respective numbers of the bonds and the names and residences
of the respective purchasers therof.

6. On account of the necessity of immediate use of the money to be
raised this act is declared an emergency act, and shall be in force from

its passage.