Chap. 314.—An ACT to authorize the board of supervisors of Lee county to
borrow money and issue bonds of said county, or any of the magisterial
districts thereof, for a sum not exceeding $50,000.00, for the purposes of
rebuilding, repairing, improving and maintaining the public roads and
bridges of said county, and to levy taxes to pay the interest thereon and
to create a sinking fund for the payment of such bonds at maturity, 7

Approved March 19, 1920.

Whereas, Lee county has, within the last few years, expended large
sums of money in the improvement of its public roads and bridges,
many of which now need rebuilding and otherwise improving; and,

Whereas, the amount of taxes available from the county and dis-
trict road levies in said county, when laid to the limit permissible by
the general law, is not sufficient to rebuild said roads and make said
improvements; therefore,

1. Be it enacted by the general assembly of Virginia, That the
board of supervisors of Lee county be, and is hereby, authorized and
empowered, in its discretion, to proceed immediately, and from time tc
time, as it may deem expedient, to issue bonds of the said county, for
the said county, or for any of the magisterial districts thereof, eithes
or both, not to exceed in the aggregate the sum of fifty thousand dol.
lars, for the purpose of providing funds for repairing, rebuilding anc
maintaining the public roads and bridges of said county, or of any
magisterial districts thereof, such bonds to be payable or redeemable
at such time or times not exceeding ten years from the date of issue
and to bear interest, payable semi-annually at such rate, not exceeding
six per centum per annum, and to be of such denominations, and te
be either coupon or registered, as said board of supervisors may de
termine; provided, such bonds shall not be sold at less than thei
par value.
The said board of supervisors shall annually levy a tax upon
all the real estate and tangible personal property within said county,
or within any of the magisterial districts thereof, or both, as the case
may be, except such property located, or the situs whereof may be
within the limits of any incorporated towns which maintain their own
streets, at such rate as will be sufficient to pay the interest on such
county or district bonds, and to create a sinking fund for the payment
of the principal thereof at maturity.

By ‘reason of the fact that the public interest requires that said
roads and bridges be rebuilt and repaired immediately, an emergency
is hereby declared to exist, and this act shall be in force from its pas-

sage.

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