Chap. 449.—An ACT to authorize and empower the board of supervisors of
Culpeper county to borrow four thousand dollars for the purpose of com-
pleting the Eldorado road in Salem magisterial district. CH B 275]

Approved March 24, 1920.

1. Be it enacted by the general assembly of Virginia, That the
board of supervisors of Culpeper county be, and it is hereby author-
ized and empowered in its discretion, to borrow and shall upon the
petition of a. majority of those qualified to vote in the November,
nineteen hundred and nineteen, election, borrow a sum not exceeding
four thousand dollars for Salem magisterial district in said county,
the proceeds of said loan to be used for the purpose of completing
il Eldorado road leading from Culpeper to the Rappahannock county
ine.

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 hundred
dollars, payable in not exceeding twenty 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
irst levy is made by the board of supervisors, a tax shall be levied
on all property, subject to local taxation in Salem 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 dis-
ict 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.