Chap. 41.—An ACT to authorize Northampton county to borrow money
and issue bonds for a sum not exceeding twenty thousand dollars
($20,000), for the purpose of building, improving and maintaining the
public roads and bri ges of Capeville magisterial district in said
county. (H. B. 80.)

Approved February 17, 1916.

1. Be it enacted by the general assembly of Virginia, That
the board of supervisors of Northampton county be, and it is,
hereby authorized to borrow from time to time, as may be ne-
cessary, money not exceeding twenty thousand dollars ($20,000),
for the magisterial district of Capeville, in said county, the said
sums to be used for the purposes of building, improving and
maintaining the public roads and bridges in said Capeville mag-
j ial district. |
te The said loans shall be effected by issuing the bonds of
said county, signed by the chairman of the said board of super-
visors and countersigned by the clerk thereof, in denominations
of five hundred dollars ($500) and one hundred dollars ($100)
each, or either, as in the discretion of the said board may deem
best, payable in not exceeding twenty (20) years after the date
thereof, with coupons attached for the semi-annual payment of
interest at a rate of interest not exceeding six per centum; pro-
vided, 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 years from the date of
issue. .

3. The said board shall have full power to negotiate the
said bonds through an agent or by such other method as in its
discretion may seem best, and deposit the proceeds in some bank
or banks of the said county of Northampton, to be selected by
the Capeville district road commission provided for by an act
of the general assembly of Virginia of nineteen hundred and six-
teen, entitled an act to provide a road commission for Capeville
magisterial district, in Northampton county, and to repeal pre-
vious acts, enacted on the day of —————_, nineteen hun-
dred and sixteen, to the credit of said Capeville road commis-
sion and subject to its order; provided, however, that the said
bonds shall be so negotiated for no less than their normal or
par value, and the same shall not be issued except upon the ap-
proval of a majority of the citizens of the Capeville magisterial
district, of said county, voting in election, exclusive of the citi-
zens of the town of Cape Charles of said district, for which gaid
issue is made, who were qualified to vote in the last preceding
general election held therein, and such approval or non-approval,
as the case may be, to be ascertained in an election to be held
for that purpose in said Capeville magisterial district of said
eounty, exclusive of the town of Cape Charles, upon an order
of the circuit court of said county or the judge thereof in vaca-
tion, at any time after the enactment hereof, upon the peti-
tion of fifty (50) qualified voters of said magisterial district;
said election to be had upon thirty days’ notice thereof duly
posted at the front door of the courthouse of the said county
and at each of the voting precincts of said magisterial district,
exclusive of the town of Cape Charles, asking an election here-
under, said election to be conducted in the same manner and
by the same election officers of said magisterial district in said
county, who conducted the general election next preceding the

e.

4. The ballots to be used in such election shall be prepared
as the ballots used in other general elections and shall contain
the words, “For the issue of bonds for public road improvement
in Capeville magisterial district,” and “Against the issue of
bonds for public road improvement in Capeville magisterial dis-
trict,” and if upon the canvass 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 on the results of other
general elections, and the board of supervisors, upon receipt of
notice of such result, shall proceed immediately to prepare,
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 board of supervisors
a tax shall be levied on all property, except the property within
the corporate limits of the town of Cape Charles, subject to
local taxation in Capeville magisterial district in said county, in
which the proceeds of such bonds have been or are to be ex-
pended, to pay interest on the bonds so issued and to create a
sinking fund to redeem the principal thereof at maturity; and
from year to year such levies shall be made on such property in
said district until such debt, together with the interest thereon,
is paid, the said levy not to exceed the sum of thirty (30) cents
on the one hundred dollars ($100) of taxable property within
such district. |

6. An emergency arising by reason of the importance of
the immediate execution of the provisions of this act, the same
shall be in force from its passage.