Chap. 133.—An ACT to authorize the county of Albemarle to borrow money
and issue bonds for a sum not exceeding three hundred eel a 87

($300,000.00).
Approved March 4, 1920.

Whereas it is very important to the interests of the county of
Albemarle that that portion of the Eastern and Western State road
running from Charlottesville to the Orange or Louisa county lines
should be completed as soon as possible; and,

Whereas the State and national funds will not be available for
some years and the authorities have expressed a willingness, if the
county of Albemarle advances the funds, to build said road and to
reimburse the county for such money as may be expended for the same,
without interest, and the board of supervisors of Albemarle county
having passed a resolution requesting the legislature to allow the
county to borrow the money and to issue bonds therefor sufficient to
complete said road:

Be it therefore enacted by the general assembly of Virginia, first:
That the board of supervisors of Albemarle county be and they are
hereby authorized to borrow a sum of money not exceeding three
hundred thousand dollars ($300,000.00) to be used solely for the build-
ing, under the supervision of the State highway commissiuner, of the
portion of the Eastern and Western State road running from
Charlottesville to the Orange or Louisa county line.

Second: The said loan shall be effected by issuing the bonds of
the county signed by the chairman of said board and countersigned by
the clerk, payable not more than ten years after date of issue, with
the right to anticipate the payment of one or more of said bonds after
the expiration of two years from the date of issue; the said bonds to
be in the denomination of five hundred dollars ($500.00), one thou-
sand dollars ($1,000.00), or five thousand dollars ($5,000.00) each, or
partly of one and partly of the others, as said board may think best,
with coupons attached for semi-annual interest. Said bonds shall be
numbered consecutively and shall contain a provision that at any time
after two 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 two 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 news-
paper published in the city of Charlottesville or county of Albemarle,
for at least once a week for four consecutive weeks, of the numbers
of bonds so selected, and thereupon they shall be authorized to pay
off the bonds so selected upon any interest period after the selection
by lot of the said bonds shall be made and publication given, and
thereupon interest shall cease upon said bonds so selected at the next
period after 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 two years from their date, from time to time
until all of said bonds are paid off.

Third: The said board of supervisors may fix the rate of interest
which said bonds shall bear, but such rate shall not exceed six per
centum (6%) per annum.

Fourth: The said board of supervisors shall have full power
to negotiate the said bonds at same time or at different times, as
money is needed, through an agent or agents, or in any way they
may think best, and may deposit the proceeds in any one or more of
the banks of Charlottesville, Virginia, subject to their order, pend-
ing the application of said 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 less than par value.

Fifth: Whilst said bonds are to be county bonds and the county
is to be bound for the payment of principal and interest said board
of supervisors may decide when said bonds are negotiated, what part,
if any, of the interest thereon shall be primarily paid by the district
or districts in which the proceeds are expended.

Sixth: As it may be necessary to start the work on this road
before July this act is declared an emergency act and shall be in force
from its passage.