CHAP. 229.—An ACT to authorize the boards of supervisors of the several
counties and the councils of the several cities and towns of this com-
monwealth to exempt from local taxation, obligations issued by such
counties, cities and towns.

Approved March 13, 1912.

1. Be it enacted by the general assembly of Virginia, That
it shall be lawful for the boards of supervisors of the several
counties and the councils of the several cities and towns of this
commonwealth, and for any other local authorities of such coun-
ties, cities and towns who may be authorized by law to issue
bonds for the purposes of building or improvement of the public
roads or bridges therein to exempt such bonds, when issued,
from all local taxation during the period for which said bonds
are made payable, and when such bonds are exempted, said
bonds shall not be assessable for taxation in the State of Vir-
ginia. The exemption herein provided for may be authorized,
by having the fact of such exemption set forth in the order
required by law to be entered, directing an election to be held
on the question as to the issuance of such bonds, whether such
order is entered by any court of this commonwealth or by the
boards of supervisors of the counties, or the councils of such
cities and towns, or if not set forth in said order, then it shall
be lawful for such local authorities who are charged with the
power and duty of issuing bonds, to provide for the exemption
of such bonds from local taxation at the time of, or before, mak-
ing sale thereof, and in either event the fact of such exemption
from local taxation shall be set forth on the face of the bonds.
An emergency existing, this act shall take effect from its passage.