Chap. 176.—An ACT to authorize the board of supervisors of Tazewell cour
to issue bonds of, Tazewell county to an amount not exceeding twenty tho
sand dollars ($20,000.00), to pay off and discharge indebtedness incurr
for work done and materials furnished in macadamizing, repairing a2
improving the roads and public bridges of Jeffersonville magisterial distr
of said county. {[H B 5l

Approved March 15, 1922.

Whereas, the board of supervisors of Tazewell county, 1m ma
adamizing, repairing and improving the roads and bridges of Jeffe.
sonville magisterial district of said county have incurred an indeb’
edness; and,

Whereas, the amount of such indebtedness so incurred heretofore b
the said board of supervisors of said county, together with the bond
heretofore issued for permanent road improvement, do not excee
an amount in excess of ten per centum of the total taxable value a
this time in Tazewell county, in which the roads have been built
macadamized, repaired and improved; therefore,

1. Be it enacted by the general assembly of Virginia, That the
board of supervisors of Tazewell county be, and the same is hereby
authorized to issue additional bonds of said county, not exceeding
twenty thousand dollars, for the purpose of paying off the excess
indebtedness incurred by said board of supervisors as aforesaid.

The board of supervisors shall determine what amount of bonds,
not exceeding the maximum aforesaid, shall be issued, shall enter of
record the amount so determined; they shall have the power to
appoint an agent or agents to negotiate a loan or loans, or to sell
said bonds. It is provided that said bonds shall be paid for in lawful
money, and shall not be sold at a price that will net the county less
than their par value. When such a loan has been negotiated, or bonds
sold, the board of supervisors shall issue said bonds, which may be
either registered or with coupons attached, as said board of super-
visors may prescribe; and shall have written or printed in said bonds
the following sentences:

“These bonds are issued for Jeffersonville magisterial district,
and a tax is to be levied upon the property of said district to pay the
interest on them, and to create a sinking fund sufficient in amount
to pay them upon maturity.” :

Said bonds shall be signed by the chairman, and countersigned
by the clerk thereof; shall be in denominations of one hundred dollars
($100) or some multiple thereof; shall bear interest at a rate not
exceeding six per centum, payable annually at the office of the treas-
urer of said county, and the principal of said bonds shall be payable
in equal annual installments not exceeding five years from the date
thereof at said office.

The board shall deliver them to the treasurer of its county, who
1all deliver said bonds upon the payment of the price thereof. The
aidi treasurer and his sureties shall be liable for the amount received
>r said bonds as though it were a county levy, and said funds shall
e expended for the purposes and in the magisterial district for
ryhich it was intended, and none other, as hereinbefore specified.
“he said treasurer shall receive as compensation for his services
iereunder a commission of one-fourth of one per centum on the
“mount thus coming into his hands. |

After issuing such bonds, when the next levy is made, or tax
muposed in said county, a tax shall be levied on all property liable
tO road tax in such magisterial district in which the proceeds of the
funds have been expended to pay the interest on the bonds so issued
as said bonds respectively mature; and from year to year said levy
Or assessment shall be made until the debt and interest are paid;
the amount levied for the payment of said bonds and interest shall
be used for the payment thereof, 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 a tax in said
magisterial district as may. be necessary to repay the amount assumed
by the county.

Whereas, the indebtedness incurred as aforesaid is past due, there-
fore, this act shall be in force from its passage.