An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1918 |
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Law Number | 63 |
Subjects |
Law Body
Chap. 63.—An ACT to authorize the board of supervisors of Albemarle counts
to borrow money and to issue bonds for the purpose of securing national
and State aid in the building of roads. (S B 107]
Approved February 19, 1918.
Whereas, the board of supervisors of the county of Albemarle, de-
siring to secure national and State aid in the building of roads and
without the issuance of bonds the counties and respective districts
through which the roads may pass will not have sufficient funds or
hand to secure the national and State ald, as required by law; and
Whereas, the board of supervisors, at its meeting held on Janu.
ary seventh, nineteen hundred and eighteen, has requested that ar
act may be passed permitting them to borrow money and _ issue
bonds for the same in whatever amount may be necessary to meet
the money furnished by the national government, or by the State
of Virginia, for the building of roads in said county;
Now, therefore, be it enacted by the general assembly of Vir-
ginia, That the board of supervisors be, and they are, hereby author-
wed to borrow money in such amount, or amounts, as may be neces-
sary to secure national and State aid in the building and maintenance
of public roads through said county; in such sums and at such
rate of interest, not exceeding six per cent. (6%), as may be au-
thorized by the said board of supervisors in public session. Such
money when so borrowed shall be secured by issuing bonds of the
county, signed by the chairman of said board and countersigned
by the clerk, payable not more than thirty (30) years after the date
of issue and to bear interest not in excess of six per cent. (6%) ;
the said bonds to be in such denominations as the said board may
think best, with coupons attached for the semi-annual interest. Said
bonds shall be numbered consecutively and will contain a provision
that at any time after five years from the date thereof any or all
of said bonds, at the option of said board, may be paid off; but in
case the said board of supervisors, after the expiration of five years,
should wish to pay off any or all of said bonds, they shall select by
lot the bonds so to be paid off at any time, and shall give notice by
publication in some newspaper published in the city of Charlottes-
ville or county of Albemarle, for at least once a week for four con-
secutive weeks, of all the numbers of said bonds so selected, and
thereupon they shall be authorized to pay off the bonds so selected,
upon any interest period after the said selection by lot of the said
bonds shall have been made and publication given; and thereupon
interest shall cease upon said bonds so selected at the next period
after the same shall have been selected for payment. And the board
of supervisors may continue this method of payment of said bonds
after the said period of five years from that date, from time to time
until all of said bonds are paid off.
The said board of supervisors shall have full power to negotiate
the said bonds through an agent, or in any way they may think best.
ind may deposit the proceeds in any one or more of the banks of
Charlottesville, Virginia, subject to their order, pending the ap-
plication of such proceeds to the purpose for which they are raised;
provided, however, that they shall not negotiate the six per centum
bonds of the county for Jess than par value. And as it may be
hecessary to issue these bonds before the first day of next July, this
act is declared an emergency act and shall be in force from its
passage.