Chap. 299.—An ACT to authorize Cumberland county, from time to time, as
necessary, to borrow money and issue bonds for a sum not exceeding
$20,000.00 for the purpose of uniting in the building of roads in the
county of Cumberland upon the State money aid plan. (S. B. 361.)

Approved March 25, 1914.

1. Be it enacted by the general assembly of Virginia, That
the board of supervisors of Cumberland county be, and they are
hereby, authorized, in their discretion, to borrow from time to time
is necessary money not exceeding twenty thousand dollars, with
which to establish and construct on the State money aid plan im-
proved and permanent highways in the county of Cumberland, te
contribute one-half of the cost of constructing said permanent high-
ways in said county, under the supervision and direction of the
State highway commissioner.

2. Said loan or loans shall be effected by issuing bonds of the
county signed by the chairman of said board and countersigned by
the clerk thereof, payable in not more than forty years from the date
of issue of said bonds; the said bonds to be in denominations of one
thousand dollars and five hundred dollars each or either, as the
said board may think best, with coupons attached for semi-annual
interest, and the principal shall be made to fall due in sums of not
less than five hundred dollars each year, so that all of the bonds
shall become due and be paid off in sums of not less than five hun-
dred dollars each consecutive year after the payment of them is
begun, which shall be on January first, nineteen hundred and six-
teen, or sooner if said board thinks proper.

&. The said board of supervisors may fix the rate of interest
which said board shall bear, but such rate shall not exceed six per-
centum per annum.

4. The said board of supervisors shall have full power to
negotiate said bonds through an agent or agents any way they
think best, and may deposit the proceeds in any one or more banks
in the city of Richmond, Virginia, which are State depositories, sub-
ject to their order, pending the application of such proceeds to the
purposes for which they are raised; provided, however, that they
shall not negotiate the six percentum bonds of the county for less
than par value.

5. 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.