Chap. 432.—An ACT to authorize the county of Greene to borrow money an-
issue bonds for a sum not exceeding twenty-five thousand dollars. [S B 408

Approved March 23, 1920.

Whereas, it is very important to the interest of the county ©
Greene that that portion of the Rockingham turnpike from the Orang:
county line to Bethany church, thence west, should be finished an:
completed as soon as possible before unfinished work goes to naught
and

Whereas, the State and national funds will not be available fo:
some years and the authorities have expressed a willingness if the
county of Greene advances the funds to build said road to reimbus
the county such funds as may be expended for same in the even:
it is made a part of the State highway system known as route seven
teen; therefore, | |

1. Be it enacted by the general asstmbly of Virginia, That

First. That the board of supervisors af Greene county be and the,
are hereby authorized to borrow a sum of money not exceeding twenty:
five thousand dollars to be used solely for.the building under the super-
vision of the State highway commissioner of the portion of the Rock.
ingham turnpike running from the Orange county line to Bethan
church, thence west, and from the boundary line between the Ruckers.
ville and Standardsville magisterial districts on said Rockingham pike
through the county seat, Standardsville, west.

Second. The said loan shall be effected by issuing. the bonds 0%
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 denomination of fifty dollars ($50.00) or one hundred
dollars ($100.00) or five hundred dollars ($500.00) or partly of one
and partly of the other, or others, as said board may think best, with
coupons attached for semi-annual interest. Said bonds shall be num-
bered 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 par
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 county of Greene, 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 tithe until all of said bonds are
paid off.

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

Fourth. The said board of supervisors shall have full power to
egotiate the said bonds at same time or at different times, as money
s needed, through an agent or agents, or in any way they may think
est, and may deposit the proceeds in the bank of Greene (Inc.) of
standardsville, Virginia, subject to their order, pending the application
f said proceeds to the purpose for which they are raised; provided,
lowever, that they shall not negotiate the six per centum bonds of
he county for less than par value.

Fifth. Whilst said bonds are to be county bonds and the county
s to be bound for the payment of principal and interest said board of
upervisors may decide when said bonds are negotiated, what part,
f any, of the interest thereon shall be primarily paid by the district
yr 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
ts passage. .

1.