Chap. 74.—An ACT to authorize the board of supervisors of Princess Anne
county to borrow money and issue bonds for the purpose of building
and permanently improving roads in Kempsville magisterial district, in
said county. (H. B. 400.)

Approved March 13, 1914.

1. Be it enacted by the general assembly of Virginia, Tisai
the board of supervisors of Princess Anne county shall, from time
to time, as requested and directed by the road board of Kemps-
ville magisterial district as the same now is or may be created by
law, borrow money and issue bonds for said Kempsville magis-
terial district in said county, in a sum not exceeding eighteen per-
centum of the assessed value of all property, real and personal, in
said district, said money so borrowed to be used to build, perma-
nently improve and acquire roads in said magisterial district.

2. The said loan shall be effected by issuing bonds of the said
district, to be known as Kempsville magisterial] district road im-
provement bonds, signed by the chairman of the said board of
supervisors, and countersigned by the clerk thereof, in denomina-
tions of five hundred dollars ($500) and one hundred dollars
(€100) each, or either, as in the discretion of the said board may
seem best, payable in not exceeding thirty (30) years after the
date thereof, with coupons attached for the semi-annual payment
of interest, after the rate of not exceeding six (6) percentum
per annum; provided, however, that any or all of the bonds shall,
by the terms thereof, be made redeemable at the discretion of the
said board at any time after the expiration of five (5) years from
date of issue.

3. The said beard shall have full power to negotiate the said
bonds, either through an agent or by such other method as, in
its discretion, may seem best, and deposit the proceeds in any bank
or banks in the city of Norfolk, to the credit of the county treas-
urer, pending the application of such proceeds to the purpose for
which they are raised; provided, however, that the said bonds
shall be so negotiated for no less than their nominal or par value,
and that the same shall not be issued, except upon the approval of
the majority of the citizens of the said magisterial district, who
were qualified to vote in the last preceding general election held
therein, such approval or non-approval, as the case may be, to be
ascertained in an election to be held for that purpose upon an order
of the circuit court of the said county, or the judge thereof in
vacation, at any time within sixty (60) days after the enactment
hereof upon the petition of not less than twenty freeholders resi-
dent in said district.

4. The ballots to be used in such election shall be prepared as
are ballots for other general elections, and shall contain the words
“for the issue of bonds for public road improvement,” and “against
the issue of bonds for public road improvement;” and if upon the
canvass as provided by the general election law of the ballots cast,
it shall be found that a majority of those voting are in favor of
such bond issue, the fact shall be so reported, as are the results
of other general elections, and the board of supervisors upon re-
ceipt of notice of such results shall proceed immediately to pre-
pare, execute and negotiate such bonds accordingly.

5. After issuing the bonds, or any of them provided for in this
act, when the first levy is made by the said board of supervisors,
a tax in addition to the district and county road levy shall be
levied on all property liable to be taxed in said magisterial dis-
trict to pay interest on the bonds so issued and create a sinking
fund to redeem the principal thereof at maturity; and from year
to year such levy shall be made until the debt, together with in-
terest thereon, is paid.

6. The proceeds of the sale of said bonds shall be paid out
for the use of the road board of said district as provided by the
special law creating a road board for said magisterial district.
The compensation of said treasurer for disbursing said funds shall
be one-fourth of one percentum of the amount disbursed, and this
shall be all the compensation he shall be entitled to for any ser-
vices performed under this act.

7. The taxes necessary to carry out the purposes of said bond
issue, and provided for in the special law creating a road bond
for said magisterial district, shall be collected as other taxes by
the county treasurer, and said treasurer shall pay the interest on
said bonds as the same shall fall due, out of the taxes so collected.

8. The said board of supervisors is hereby authorized and em-
powered to apply any part or all of said sinking fund to the pay-
ment 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 im-
mediately cancelled and shall not be reissued, and the board of
supervisors is authorized and empowered to lend out upon real
estate security, the loan not to exceed fifty percentum of the as-
sessed value of such real estate, or to 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; provided, 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 in-
vestment 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.