Chap. 136.—An ACT to authorize the board of supervisors of the county of
Tazewell to issue county bonds’ to an amount not exceeding $135,000.00,
the proceeds of which shall be expended in constructing and permanently
improving and repairing certain public roads in Maiden Spring magisterial
district in the said county. [S B 255]

Approved March 7, 1922.

1. Be it enacted by the general assembly of Virginia, That the
board of supervisors of Tazewell county, for the purpose of repairing
and resurfacing the Fincastle turnpike from the division line between
Jeffersonville and Maiden Spring magisterial districts west via Maiden
Spring to the end of the rock road at or near Henry Copenhaver’s
and for the purpose of constructing or permanently improving the
road from the end of the rock road at or near Henry Copenhavers
to a point where the road leading from Cedar Bluff via Wardell
connects with the Fincastle turnpike, shall issue the bonds of the
county of Tazewell for an amount not exceeding eighty thousand
dollars, the proceeds from the sale of which shall be used for said
purposes and none other; that the board of supervisors of Tazewell
county, for the purpose of permanently improving and surfacing the
road from Jewell Ridge down Big Creek to the corporate limits of
the town of Richlands, shall issue the bonds of the county of Taze-
well for an amount not exceeding thirty-five thousand dollars the
proceeds from the sale of which shall be used for said last men-
tioned purposes and none other; and that the said board of super-
visors of Tazewell county, for the purpose of permanently improv-
ing and surfacing the road from Busthead to Bandy, shall issue the
bonds of the county of Tazewell for an amount not exceeding twenty
thousand dollars, the proceeds from the sale of which shall be used
for said last mentioned purposes and none other.

2. The board of supervisors of Tazewell county may appoint
an agent or agents to sell said bonds, provided that said bonds shall
be sold to.be paid for in lawful money only, and shall not be sold at a
price that will net the county less than par value. When such a sale
of bonds, has been negotiated, the board of supervisors shall issue
the same. Such bonds may be either registered or with coupons at-
tached as said board of supervisors may prescribe, and shall have
written or printed in ink the following sentence: “These bonds are
issued for road improvement in Maiden Spring magisterial district,
but the full faith and credit of the entire county of Tazewell is hereby
pledged for their payment, and a tax is to be levied upon the property
in said district to pay the interest on them and to create a sinking
fund sufficient in amount to pay them upon maturity.” Such 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 on
the first day of December and June of each year at the office of the
treasurer of said county, and shall be payable not exceeding thirty
years from the date thereof at said office, but may, in the discretion
of the said board, be made payable or redeemable at such time or
times within said thirty years 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 purchasers thereof, or their order,
upon the payment of the price thereof. The said treasurer and his
sureties shall be liable for the amount received for said bonds as
though it were a county levy. The said treasurer shall receive, as
compensation for his services hereunder, not exceeding 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
of said funds.

3. After issuing such bonds, or any of them, when the next levy
is laid or tax imposed in said county, a tax shall be levied on all
property liable to county or district tax in said Maiden Spring dis-
trict, including such property located or the situs of which for taxa-
tion is, within the limits of any incorporated town situated within
such district, to pay the interest on the bonds so issued, and to create
a sinking fund to redeem the principal thereof at maturity and from
year to year said levy shall be made until the debt and interest are
paid, which levy shall not exceed ninety cents on the one hundred
dollars of taxable property within the said magisterial district of said
county; the amount levied for and set apart as a sinking fund shall
be used for the payment of the principal of said bonds, and for no
other purpose.

Should for any reason the county in any way have to assume any
payment on account of said bond issue, either interest or principal,
it is hereby provided that the board of supervisors shall levy such
tax in said magisterial district as may be necessary to defray the
amount assumed by the county, it being intended that bonds issued,
or to be issued, under this act are county obligations, but payable
primarily out of levies upon the property in the said Maiden Spring
magisterial district, where the proceeds of the bonds are to be ex-
pended hereunder.

4. 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 of 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 reissued.

5. When the said county wishes to redeem any of its outstanding
bonds subject to call, issued under the provisions 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 such 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 notice, or the completion of the pub-
lication 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.

6. The said board of supervisors shall have the right to use the
funds derived from the sale of said bonds for the purposes herein-
before specified independently of the State highway commissioner
or the State highway commission, and for said purposes may employ
such engineers as it chooses and may either let said work to contract
or cause it to be performed in such other manner as it may choose;
or said board of supervisors may expend the funds derived from the
sale of said bonds, or any part thereof, in the construction, permanent
improvement, repairing or resurfacing of said roads, or any or all of
them, under such supervision or control of the State highway commis-
sion, or the State highway commissioner, as will entitle said county
to receive the benefit of State aid funds for the money to be so
expended.

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