Chap. 340.—An ACT to authorize, empower and direct the board of supervisors
of the county of Princess Anne to borrow money by the issue of bonds in
the aggregate sum of five hundred thousand dollars ($500,000), for the pur-
pose of purchasing, building and improving roads and bridges in Scaboard
magisterial district in said county; to sell the said bonds; to provide for the
payment of interest thereon and principal thereof and to authorize the com-
mission of roads and bridges of Princess Anne county, for Scaboard magis-
terial district, to dispense the funds so obtained. (H B 226)

Approved March 23, 1922.

1. Be it enacted by the general assembly of Virginia, That the
board of supervisors of Princess Anne county be, and it is hereby.
authorized, empowered and directed to issue bonds in the aggregate
amount of five hundred thousand dollars ($500,000) in accordance with
the provisions hereinafter contained, in the name of the county otf
Princess Anne, for the purpose of purchasing, building and improving
roads and bridges in the Seaboard magisterial district in said county.
But no such bonds shall be issued unless and until a majority of the
qualified voters of the said Seaboard magisterial district voting at a
special election to be called for the purpose by the judge of the
circuit court of Princess Anne county, on petition of twenty-five
qualified voters of said magisterial district, shall favor the issuance
of said bonds. Such election shall be held, and the qualification
of voters shall be determined in conformity with the general law
concerning the holding of bond issue elections in magisterial districts.

2. If the majority of the voters voting at such election shall
favor the issuance of said bonds, the board of supervisors at their
first meeting thereafter shall direct the issue of so many of said
bonds at such interest and of such maturity, subject to the provisions
of this act, as the said board of supervisors may determine and shall
enter of record the amount so determined and in the event they do
not at said meeting direct the present issue of all of the said bonds
they shall hereafter from time to time direct the residue thereof to
be issued, if, when and as they deem advisable or whenever requested
in writing so to do by any commission of roads and bridges of
Princess Anne county for Seaboard magisterial district now or here-
after created and existing; and in the event the said board of super-
visors for any reason, fails or refuses to issue the bonds so authorized
to be issued the circuit court of said county may, upon the complaint
of ten (10) qualified voters of said county, residing in said Seaboard
magisterial district, and after ten (10) days’ notice to the chairman
of said board of supervisors, for cause shown, issue an order directing
the said board of supervisors, and members thereof, to issue the
said bonds, or any un-issued residue thereof as the court may, from
time to time deem proper to be issued, in order to enable the proper
road authorities to carry out their duties as such.

The said board of supervisors shall have power to appoint an
agent or agents to sell the said bonds; provided that said bonds shall
be sold to be paid for in lawful money only, and upon the sale of
said bonds the board of supervisors shall issue and deliver the same.

The said bonds may be either registered or coupon bonds, as said
board of supervisors may prescribe and they shall have written or
printed in each, the following language, namely:

“These bonds are issued for highway improvements in Seaboard
magisterial district, but the full faith and credit of the entire county
of Princess Anne is hereby pledged for their payment, and a fax is to
be levied upon the real estate and tangible property in said Seaboard
magisterial district (including the property, if any, located, or the
situs of which for taxation is, within the limits of any incorporated
town situated within said district wherein real estate is subject to
county and district road tax) to pay the interest on these bonds and
to create a sinking fund sufficient in amount to pay the same upon
maturity.” |

The said bonds shall be signed by the chairman and countersigned
by the clerk of the said board of supervisors under the seal thereof;
shall be in denominations of one hundred dollars ($100) or some
multiple thereof; shall bear interest at the rate of not less than five
and one-half per centum (5%%) and not more than six per centum
(6%) per annum; shall be payable semi-annually at the office of the
treasurer of said county or at the Trust Company of Norfolk, Norfolk,
Virginia, and shall be payable as to the principal thereof at not ex-
ceeding thirty-four (34) years from the date thereof at said office
or at said Trust Company of Norfolk, said interest rate and maturity
to be determined by said board of supervisors, subject to the direction
of the circuit court of said county. The said bonds may, in the
discretion of the said board, with the approvel of the circuit court
of said county, or the judge thereof in vacation, be made redeemable
at such time or times or after such period or periods and upon such
notice, as the said board, with the approval of the said court or judge
thereof in vacation, may prescribe and as may be accordingly stipu-
lated upon the face of the said bonds when issued. —

The board shall deliver the said bonds to the treasurer of the
county, who shall deliver the 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, and the said fund shall be expended
in the improvement of the roads and bridges in said Seaboard magis-
terial district of Princess Anne county and for no other purpose.

The said treasurer shall receive as compensation for his ser-
vices hereunder, one-tenth (1/10) of one per centum (1%) 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 receipt hereafter of said
funds, and the treasurer of said county shall deposit the proceeds
of said bond issue in such bank or banks, at such rate of interest,
if any, as may be approved by the said court or the judge thereof
in vacation, to the credit of the said treasurer, to be paid out on his
checks therefor ; and the amount so deposited and all interest accrued
therefrom shall be accounted for by said treasurer and be expended
for the said purposes in the manner now or hereafter required by law
and insofar as not necessary for said improvements, in the discretion
of the then existing local road authorities of said county for said
district, shall be paid into such sinking fund as is provided for the
payment of the principal of said bonds.

The said board of supervisors are directed before making sale
of any of said bonds, to advertise for bids for the purchase of the
same at least once a week for four (4) successive weeks in one or
more newspapers published in the city of Norfolk, Virginia, which
advertisement shall describe the bonds proposed to be sold by stating
the number and amount, security and rate of interest and the time
of redemption, if any, and the said board of supervisors shall receive
sealed bids for said bonds, addressed to the chairman of said board,
to be opened by the chairman of said board in the presence of the
judge of the said court, ard the highest and best bid, amounting to
at least the par value of said bonds to be sold, or such lesser amount
as the said court may approve, shall be accepted.

3. Save as otherwise provided by law the redemption and pay-
ment of said bonds, and interest thereon, and the levy, collection
and application of taxes therefor shall be governed by the general
laws of this Commonwealth in force at the time of the issue of said
bonds relating to the issuing of county bonds for permanent road
or bridge improvement in the magisterial districts of the counties
of the State, it being intended that bonds issued hereunder are county
obligations, but payable primarily out of levies upon the property
in said Seaboard magisterial district, where the proceeds of the bonds
are to be expended hereunder.

4. By reason of the conditior: of the roads in said Seaboard magis-
terial district and the necessity of opening said roads for the public
mails and other purposes, an emergency is hereby declared to exist
and this act shall be in force from its passage.

5. All acts and parts of acts in conflict herewith are hereby
repealed.