Chap. 107.—An ACT to amend and re-enact section 7 of an act entitled an
act to provide for the issuing of county bonds for the permanent road
or bridge improvements in the counties of the State, approved February
25, 1910. (H. B. 109)

Approved March 17, 1915.

Be it enacted by the general assembly of Virginia, That section
seven of an act entitled an act to provide for the issuing of county bonds
for permanent road or bridge improvements in the counties of the State,
approved February twenty-fifth, nineteen hundred and ten, be amended
and re-enacted so as to read as follows:

Sec. 7. After issuing such 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 subject to local taxation in such county including such property
located or the situs of which for purposes of taxation is within the
limits of any incorporated town situated within such county, 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 said
levy or assessment shall be made until the debt and interest are paid,
which levy shall not exceed ninety cents on the hundred ($100) dollars
of taxable property within the 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 for no other
purpose.

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, at any time, and all bonds so paid off or purchased
by said board of supervisors shall be immediately cancelled, and shall
not be reissued; and the board of supervisors is authorized and em-
powered to lend out, upon real estate security, the loan not to exceed
fifty per centum of the assessed value of such real estate, or 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 neces-
sary or expedient, until such bonds become subject to call; 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 investment 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 of said
county, which approval shall be entered of record in the order book of
said court.

The revenue of the current year being affected, an emergency is de-
clared to exist, and this act shall be in force from its passage.