Chap. 213.—An ACT to authorize the county of Louisa to borrow money and
issue bonds for a sum not exceeding two hundred thousand dollars
($200,000.00) . [H B 455]

Approved March 16, 1920.

Whereas, it is very important to the interests of the county of
Louisa that that portion of the eastern and western State road run-
ning from Hanover line to the Albemarle or Orange 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 Louisa advances the funds, to build said road and to reim-
burse the county for such money as may be expended for the same,
without interest, and the board of supervisors of Louisa county having
passed a resolution requesting the legislature to allow the county to
borrow the money and to issue bonds therefor sufficieft to complete
said road; therefore,

1. Be it enacted by the general assembly of Virginia, That the
board of supervisors of Louisa county be, and they are, hereby au-
thorized to borrow a sum of money to be determined by the board
not exceeding two hundred thousand dollars ($200,000.00) to be used
solely for the building, under the supervision of the State highway
commission, of the portion of the eastern and western State road
running from Hanover line to the Albemarle or Orange county line.

2. 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 one hundred dollars ($100.00), five hun-
dred dollars ($500.00), and one thousand 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 newspaper published in the county
of Louisa, 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.

3.. 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.

4. 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 Louisa
county, Virginia, at such interest as can be obtained therefor, subject
to their order, pending the application of said proceeds to the pur-
pose 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.

5. 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.

6. 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.