Chap. 135.—An ACT authorizing the board of supervisors of Tazewell county
to borrow $15,000.00 for the purpose of permanently improving and re-
surfacing and maintaining certain roads in Jeffersonville magisterial district
in said county. [S B 254]

Approved March 7, 1922.

1. Be it enacted by the general assembly of Virginia, That the
board of supervisors of Tazewell county is hereby authorized to
borrow not exceeding fifteen thousand dollars and to issue bonds
therefor, the proceeds of said bonds to be used for the following
purposes, that is to say, not more than ten thousand dollars for the
permanent improvement of the road leading from the forks of the
road north of Burkes Garden Siding to the railroad crossing at store
of Harman Brothers in the town of North Tazewell; and five thou-
ind dollars to resurface and maintain the Fincastle road from J. A.
rockett’s store to the Maiden Spring magisterial district line.

2. The board of supervisors shall determine what amount of
onds for such road improvement in said district, not exceeding the
iaximum aforesaid, shall presently be issued, and shall enter of
-cord the amounts so determined, and in event they do not at one
necting direct the present issuing of all the said bonds, they may
1ereafter from time to time, direct the residue thereof to be issued.
‘hey shall have power to appoint agent or agents to sell said bonds,
rovided, that said bonds shall be sold to be paid for in lawful
noney only, and shall not be sold at a price that will net the county
ess than par value. When a sale of bonds has been negotiated the
»Oard of supervisors shall issue the same. ‘Such bonds may be either
‘egistered or with coupons attached as said board of supervisors may
»rescribe, and shall have written or printed in each, the following
sentence: “These bonds are issued for road improvement in Jefferson-
ville magisterial district, but the full faith and credit of the entire
county of Tazewell is hereby pledged for that payment, and a tax
is to be levied upon the property in said district to pav the interest
on them and to create a sinking fund sufficient in amount to pay
them upon matunity.” Said bonds shall be signed by the chairman
and countersigned by the clerk thereof, under the seal of the board;
shall be in denominations of one hundred dollars or some multiple
thereof; shall bear interest at a rate not exceeding six per centum
per annum, payable semi-annually at the office of the treasurer of said
county, and shall be payable at such time or times as the board of
supervisors may direct, not exceeding ten years from the date thereof
at said office, but may in the discretion of the said board, be made
redeemable at such time or times or after such period or periods and
upon such notice as the said board may prescribe and stipulate upon
the face of the bonds when issued. The board shall deliver them to
the treasurer of the county, who shall deliver said bonds to the pur-
chasers thereof, or their order, upon the payment of the price there-
of. The said treasurer and his sureties shall be liable for the amount
received for said bonds as though it were a county levy and said fund
shall be expended for the purposes and in the magisterial district
for which it was intended, and none other. The said treasurer shall
receive as compensation for his services hereunder, one-fourth of one
per centum of the amount thus coming into his hands and also the
reasonable cost to him of giving surety on such additional bond or
bonds as may be required of him, if any, on account of his receipts
heretofore or hereafter of said funds. :

3. After issuing bonds, or any of them, when the next levy ts
made, or tax imposed in said county, a tax shall be levied on all prop-
erty liable to local taxation in such magisterial district to pay the
interest on the bonds so issued, and to create a sinking fund to re-
deem the principal thereof at maturity; and from year to year said
levy or assessment shall be made until the debt and interest are paid ;
the amount levied for set apart as a sinking fund, and the interest
accruing thereon shall be used for the payment of the principal of
said bonds, and for no other purpose.

The board of supervisors is hereby authorized and empowered to
apply any part, or all of said sinking fund to the payment or pur-
chase of any said bonds, at any time, and all bonds so paid off or
purchased by said board of supervisors shall be immediately cancelled,
and shall not be re-issued.

4. When the said county wishes to redeem any of its outstanding
bonds, subject to call, issued under the provision of this act, it may,
through the chairman of the board of supervisors, give notice of its
readiness to do so to the holder in person or by publication thereof
once a week, for two successive weeks in a newspaper published in
said county or nearest thereto. It shall be sufficient in the notice
to give the number and amount of each bond, and fix a day for its
presentation for payment, which shall not be less than ten days from
the date of personal service of the notice, or the completion of the
publication thereof, as the case may be.

If the bond be not presented on the day fixed for its redemption,
interest thereon shall cease from that day.

5. All work in pursuance of this act shall be done under the sole
supervision and control of the local road authorities of Tazewell
county.

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

7. All acts and parts of acts in conflict with this act are hereby
repealed.