Chap. 190.—An ACT to authorize and empower the board of supervisors of
Culpeper county to borrow ten thousand dollars for the purpose of retiring
certain outstanding bonds of Catalpa road district in said county. 251]

Approved March 15, 1920.

1. Be it enacted by the general assembly of Virginia, That the
board of supervisors of Culpeper county be, and it is hereby authorized
and empowered to borrow a sum not exceeding ten thousand dollars
for Catalpa magisterial district in said county, the proceeds of said
loan to be used for the purpose of paying off and retiring district
road bonds of Catalpa road district to the amount of ten thousand
dollars now due and payable. .

2. The said loan shall be effected by issuing the bonds of said
county, signed by the chairman of the said board of supervisors
and countersigned by the clerk thereof, in denominations of five hun-
dred dollars, payable in not exceeding ten 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 per annum; provided,
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. After issuing the bonds, 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 Catalpa magisterial district
in said county, 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 rate provided by law.

4. An emergency existing, this act shall be in force from its

passage.