Chap. 85.—An ACT to provide for the issuing of county bonds for the
county of Cumberland for permanent road improvement in Randolph
magisterial district of said county. (S. B. 225.)

Approved March 13, 1914.

1. Be it enacted by the general assembly of Virginia, That
the board of supervisors of Cumberland county may issue bonds
for the purpose of permanently improving the public roads and
bridges in Randolph magisterial district in said county; that the
maximum amount of said bonds shall not exceed fifteen thousand
dollars, and shall not be in excess of ten percentum of the total
assessed taxable values at the time in the said magisterial district.
The said board of supervisors shall have power to appoint agent,
or agents, to sell said bonds, provided said bonds shall be sold to
he paid for in lawful money only, and shall not be sold at a price
that will net less than par value. Where such a sale of bonds has been
negotiated, the board of supervisors shall issue the same. Such
bonds may be either registered or with coupons attached, as said
board of supervisors may prescribe, and shall have written and
printed in each the following statement: “These bonds are issued
for road improvement in Randolph magisterial district, and the
full face and credit of said district is hereby pledged for the pay-
ment, and a tax is to be levied upon the property in 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 of said board, and
countersigned bv the clerk thereof, under the seal of the board, and
shall be in the denominaticn of one hundred dollars, or some mul-
tiple thereof; shall bear interest at a rate not exceeding six per-
centum per annum, payable semi-annually at the office of the treas-
urer of said county, and shall be payable not exceeding thirty years
from date thereof at said office. but may, in the discretion of said
board, be made redeemable at such time cr times. or after such pe-
riod or periods, and, upon such notice as the said board, may pre-
scribe 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 to the purchaser thereof, or their order 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 bonds shall be expended for purposes,
and in the said magisterial district, and no other. The said treas-
urer shall receive for his services hereunder one-fourth of one per-
centum of the amount thus coming into his hands, and the board of
supervisors of said county may direct the treasurer to deposit the
proceeds of said bond issue in such bank or banks as it may approve.
to the credit of said treasurer, to be paid out on his check therefor.
and at the rate of interest to be specified, and all interest accrued
therefrom shall be accounted for by said treasurer, and expended

for the purpose of said road improvement, and, in so far as not
necessary for said road improvement, shall be converted into a sink-
ing fund for the payment of the principal of said bonds after
issuing said 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
for taxation in such magisterial district as rated on said bond issue
to pay the interest on the bonds so issued, and to create a sinking
fund to redeem the principal thereof at maturity, and from year to
year the said levy and assessment shall be made until the debt and
interest are paid, which levy shall not exceed ninety cents on the
one hundred ($100.00) dollars of taxable property within said mag-
isterial 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 the interest
accruing thereon. Should for any reason the county in any way
have to assume any payment on account of said bond issue, either
interest or principal, it is hereby provided that the board of super-
visors shall levy such tax in said ‘magisterial district as may be neces-
sary to defray the amount assumed by the county.

The board of supervisors is hereby authorized and empowered
to apply any part or all of said sinking fund to the payment or
purchase of any of said bonds, and at any time, and all bonds so
paid off or purchased by said board of supervisors shall be im-
mediately canceled, and shall not be reissued, and the board of
supervisors are authorized and empowered to lend out on real estate
security, the loan not to exceed fifty percentum of the assessed
value of such real estate or deposit in bank at interest, all accumu-
lation 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, provided that
no money to the credit. of the sinking fund shall be loaned out, or
deposited or invested by the said board of supervisors, unless said
loan deposit or investment shall be approved by the circuit court
of said county, or the judge thereof in vacation, and the form of
security be examined and approved by the Commonwealth’s attor-
ney for:the county, which approval shall be entered of record in
the common law order book of said court.

When the said county wishes to redeem any of its outstanding
bonds, subject to call, issued under the provisions of this act, it may,
through the chairman of the board of supervisors, give notice of
its readiness to do so to the holder in person, or by publication
thereof once a week, for two successive weeks, in a newspaper
published in said county, or nearest thereto.

It shall be sufficient in the notice to give the number and amount
of each bond, and fix a day for its presentation for payment, which
shall not be less than ten days from date of personal service of the
notice, or the completion of the order of publication thereof, as the
case may be; if the bond be not presented on the day fixed for its
redemption, interest thereon shall cease from that day.