CHAP. 70.—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 bridges of Franktown magisterial district in
Said county. [H B &9]

Approved September 9, 1919.

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 nec-
essary, money not exceeding twenty thousand dollars ($20,000)
for the magisterial district of Franktown, in said county, the
said sum to be used for the purposes of building, improving and
maintaining the public roads and bridges in said Franktown
magisterial district. !

2. 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

3. The said board shall have full power to negotiate the said
bonds through an agent or by such other method as in its dis-

under, said election to be conducted in the same manner and by
the same election officers of said magisterial district in said coun-
ty who conducted the general election next preceding the same.

4. The ballots to be used in such election shall be prepared
as the ballots used in the other general election and shall contain
the words, “for the issue of bonds for public road improvements
in Franktown magisterial district” and “against the issue of
bonds for public road improvement in Franktown magisterial
district,” and if upon 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, subject to local taxation in
Franktown magisterial district, in said county, in which the pro-
ceeds of such bonds have been or are to be expended, to pay in-
terest on the bonds so issued and to create a sinking fund to re-
deem 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 fifty cents on the one hundred dol-
lars ($100) of taxable property within such district.

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. ,