Chap. 155.—An ACT to authorize, empower and direct the board of supervisors
of the county of Norfolk to borrow money, by the issuance of bonds,
a sum not to exceed one hundred and forty-five thousand dollars for the
purpose of paying off and discharging certain debts of said county caused
by a deficit in the road and bridge funds of said county, on account of war
time extraordinary expenses; to sell said bonds; to provide for their pay-
ment, and to authorize the board of supervisors of said county to dispense
the funds so obtained. (S B 156]

Approved March 10, 1920.

1. Be it enacted by the general assembly of Virginia, That the
board of supervisors of Norfolk county be, and it is hereby, au-
thorized, empowered and directed, to issue bonds up to but not to
exceed the amount of one hundred and forty-five thousand dollars
in accordance with the provisions hereinafter contained, in the name
of the county of Norfolk, for the purpose of paying off and discharg-
ing certain debts of said county caused by a deficit in the road and
bridge funds of said county, on account of war time extraordinary
expenses.

2. The bonds issued in pursuance of this act shall be coupon
or registered, either or both, bonds of not less denomination than one
hundred dollars, nor more than one thousand dollars, each payable not
more than thirty years from date, bearing interest payable semi-
annual, at the rate not exceeding five per centum per annum, but
with the provision giving to the said board of supervisors the right
to redeem said bonds, or any of them, after the expiration of twenty
years from their issuance. The said bonds shall be known as road
and bridge war debt bands, and shall be signed by the chairman
of the board of supervisors of said county, and countersigned by the
clerk of the said board. The form of said bands and coupons shall
be determined by the board of supervisors, but they shall be redeem-
able in lawful money at maturity for all taxes and other debts due
the county of Norfolk, except school levies, and when paid by said
treasurer or received from taxes or other debts, said bonds and
coupons shall be marked “paid and cancelled,” and such cancelled
bonds and coupons shall be destroyed in the presence of the board
of supervisors of Norfolk county and the judge of the circuit court
of said county.

3. The said board of supervisors are hereby authorized, empow-
ered and directed to make sale of said bonds after they are issued,
as herein provided, but, before making sale of any of said bonds,
the said board of supervisors shall advertise for bids for the pur-
chase of the same for at least thirty days in one or more newspapers
published in the city of Norfolk, and one or more newspapers published
in the city of Portsmouth, which advertisement shall describe the
bonds proposed to be sold by stating the number and amount, security
and rate of interest and the time of redemption, and all bids shall be
sealed, addressed and delivered to the chairman of the board of super-
visors, and opened by the chairman in the presence of the board of
supervisors and the judge of the circuit court of said county, and the
highest and best bid shall be accepted; provided, however, that no
bond shall be sold for less than the par value thereof.

4. After issuing the said bonds or any part of them, the said
board of supervisors shall create a sinking fund to be applied to the
redemption and payment of bonds issued by virtue of this act, and
shall annually, until such bonds are paid, pay over to such sinking
fund, a sum sufficient to pay off said bonds in not less than twenty
years. In order to create said fund, said board shall levy a tax in
said county in addition to the regular county levy, for an amount
suficient to pay the interest on, and provide for a sinking fund for
the principal of said bonds; provided, however, that the said tax
shall not be in excess of one per centum of the taxable property,
real and personal, in said county.

5. The said board of supervisors is hereby authorized, directed
and empowered to apply any part or all of said sinking fund to the
payment or purchase of any of said bonds at any time, and all
bonds so paid off or purchased by said board of supervisors shall be
immediately cancalled and shall not be re-issued, and the board ot
supervisors is authorized and empowered to lend out upon real estate
security (the loan not to exceed fifty per centum of the assessed value
of such real estate), or to deposit in bank, at interest, all accumulation
of money to the credit of said sinking fund provided as aforesaid, and
to collect and re-invest the same and the interest accruing thereon
from time to time, so often as may be necessary or expedient; pro-
vided, that no money to the credit of said sinking fund shall be
loaned out, or deposited or invested by the said board of supervisors,
unless said loan, deposit or investment shall be first approved by the
circuit court of said county, or the judge thereof in vacation, and
the form of the security be examined and approved by the Common-
wealth’s attorney for said county, which approval shall be entered of
record in the order book of the said court.

6. All money received from the proceeds of the sale of said bond
issue shall be paid over to the treasurer of said county and by him
forthwith deposited at the best practical rate of interest in one or
more solvent banks that will give adequate security therefor, and
(subject to limitations hereinafter expressd) shall be expended and
disbursed by the board of supervisors of the county of Norfolk by
warrants upon the county treasurer, signed by its chairman, and coun-
tersigned by its secretary, for the purpose of paying off and dis-
charging certain debts of said county caused by a deficit in the road
and bridge funds of said county, on account of war time extraordinary
expenses. The said treasurer of Norfolk county and the surety on
his official bond shall ‘be liable for the amount received from the sale
of said bonds as though it were a county levy.

7. Out of the proceeds of the sale or sales of said bonds shall be
paid all expenses incident to the sale or sales thereof, including ad-
vertising and a reasonable fee or brokerage, if necessary, for nego-
tiating such sale or sales, the amount of such fee or brokerage, how-
ever, to be approved by the judge of the circuit court of said county.
8. All acts and parts of acts inconsistent with this act are hereby
repealed.

9. An emergency existing, therefor, because of the fact that the
said debts of said county are past due and unpaid, this act shall be
in effect from its passage.