Chap. 27.—An ACT to authorize the board of supervisors of Tazewell
county to issue additional bonds of Tazewell county, to pay off and
discharge indebtedness incurred for work done and materials fur-
nished in macadamizing and otherwise permanently improving the
public roads and bridges of the several districts of said county.

(S. B. 112.)
Approved February 9, 1916.

Whereas, bonds have been issued by Tazewell county pur-
suant to an election upon the question of issuing said bonds, duly
and legally called and held in said county on the eighteenth day
of April, nineteen hundred and eleven, and pursuant and in full
compliance with the provisions of the Constitution and laws of
Virginia, including an act of the general assembly of Virginia,
entitled: “an act to provide for the issuing of county bonds for
permanent road or bridge improvement in the magisterial dis-
tricts of the counties of the State,” approved February’ twenty-
fifth, nineteen hundred and eight, said bonds amounting to the
sum of six hundred and twenty-five thousand dollars, for the
purpose of macadamizing and otherwise permanently improv-
ing the public roads and bridges of the three magisterial] dis-
tricts of Tazewell county; and, .

Whereas, in carrying out the work of macadamizing and
otherwise permanently improving the public roads and bridges
of said magisterial districts in said county, under said bond
issue, a greater amount of indebtedness has beer incurred for
work done and materials furnished in so macadamizing and
otherwise permanently improving the public roads and bridges
of said magisterial districts than said bond issue funds will pay
off and discharge; and,

Whereas, a suit in chancery has been instituted in the circuit
court of Tazewell county, in the name of J. H. McMullin, com-
plainant, versus board of supervisors of Tazewell county, Vir-
ginia, et als., defendants, the object and purpose of which said
suit was for an accounting and to ascertain the additional
amount of indebtedness which had been incurred for work done
and material furnished in so macadamizing and otherwise per-
manently improving the public roads and bridges of said mag-
isterial districts than said bond issue funds will pay off and
discharge; and, .

Whereas, by decree entered in said suit on the seventh day
of September, nineteen hundred and fifteen, said indebtedness
was ascertained to be approximately ten thousand dollars, which
the board of supervisors of Tazewell county were required to
pay under and by virtue of contracts entered into by it for
macadamizing and permanently improving the public roads and
bridges of Tazewell county, as set forth in said decree, which is
of record in chancery order book number twelve, at page five
hundred and seventeen; and,

Whereas, the additional amount of indebtedness heretofore
incurred by the board of supervisors of said county, as afore-
said, together with the bonds heretofore issued, do not exceed an
amount in excess of ten per centum of the total taxable value at
this time in Tazewell county, in which the roads have been built
and permanently improved; therefore,

1. Beit enacted by the general assembly of -Virginia, That
the board of supervisors of Tazewell county be, and the same is
hereby authorized to issue additional bonds of said county, not
exceeding twelve thousand dollars, for the purpose of paying off
the excess indebtedness incurred by said board of supervisors
as aforesaid, but not to include any claim for damages asserted
under contracts or otherwise.

The board of supervisors shall determine what amount of
bonds, not exceeding the maximum aforesaid, shall be issued,
shall enter of record the amount so determined; they shall have
the power to appoint an agent or agents to negotiate a loan or
loans, or to sell said bonds: It is provided that said bonds shall
be paid for in lawful money, and shall not be sold at a price that
-will net the county less than their par value. When such a loan
has been negotiated, or bonds sold, the board of supervisors shall
issue said bonds, which may be either registered or with coupons
attached, as said board of supervisors may prescribe; and shall
have written or printed in said bunds the following sentences:

“These bonds are issued for ————— magisterial district,
and a tax is to be levied upon the property of 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, and counter-
Signed by the clerk thereof; shall be in denominations of one
hundred dollars ($100) or some multiple thereof: shall bear in-
terest at a rate not exceeding six per centum, payable annually
at the office of the treasurer of said county, and the principal of
said bonds shall be payable in equal annual installments not
exceeding five years from the date thereof at said office. The
board shall deliver them to the treasurer of its county, who shall
deliver said bonds upon the payment of the price thereof. The
said treasurer and his sureties shall be liable for the amount re-
ceived for said bonds as though it were a county levy, and said
funds shall be expended for the purposes and in the magisterial
district for which it was intended, and none other, as herein-
before specified. The said treasurer shall receive as compensa-
tion for his services hereunder a commission of one-fourth of
one per centum on the amount thus coming into his hands.

After issuing such bonds, when the next levy is made, or tax
imposed in said county, a tax shall be levied on all property
liable to road tax in such magisterial district in which the pro-
ceeds of the funds have been expended to pay the interest on
the bonds so issued as said bonds respectively mature; and from
year to year said levy or assessment shall be made until the debt
and interest are paid; the amount levied for the payment of said
bonds and interest shall be used for the payment thereof, and
for no other purpose. 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 supervisors shall levy such a tax in said magisterial district
as may be necessary to repay the amount assumed by the county.

Whereas, the indebtedness incurred as aforesaid is past due,
according to the terms of the contract between such counties and
the persons so performing the work done, and furnishing the
materials as aforesaid, an emergency exists; therefore, this act
shall be in force from its passage.