Chap. 126.—An ACT to authorize the board of supervisors of Wise county
to issue bonds, or other obligations of said county on behalf of Rich-
mond magisterial district thereof, for a sum not exceeding $210,000,
for the purpose of financing the construction of that section road from
a point near Laura commissary to the top of Black mountain in said
district, known as the Appalachia-Lynch highway, if and when it
shall become a part of the State highway system, and for the purpose
of constructing or reconstructing that section of the State highway
system from the town of Big Stone Gap toward Natural Tunnel, a
distance of approximately eight miles, in said district, known as the
Wildeat route; and to levy taxes to pay the interest thereon, and to
create a sinking fund for the payment of the principal of said bonds
at maturity; and to authorize the State highway commission of Vir-
ginia to borrow said funds, without interest, from the board of super-
visors of Wise county, to finance the work aforesaid, and to repay the
same to said board of supervisors as the funds are available and are
apportioned for such work until the amount so advanced or borrowed
has been repaid. [H B 127]

Approved March 29, 1923.

Whereas, the board of supervisors of Wise county, by resolu-
tion adopted on the thirteenth day of March, nineteen hundred
and twenty-three, has declared it to be the desire of Richmond
magisterial district of said county immediately to construct that
section road from a point near Laura Commissary in Richmond
magisterial district to the Kentucky State line at the top of
Black mountain within said district, if and when the same shall
become a part of the State highway system; and immediately
to construct or reconstruct that section of the State highway
system from the town of Big Stone Gap, toward Natural Tunnel,
a distance of approximately eight miles, within said district,
and has requested the general assembly of Virginia to grant to
the said board the power to issue and sell bonds, or other obliga-
tions of said county, on behalf of. said district, to an amount not
exceeding two hundred and ten thousand dollars, for the pur-
pose of providing a fund to be loaned to the State highway
commission of Virginia, without interest, to finance the work
aforesaid; now, therefore,
1. Be it enacted by the general assembly of Virginia, That
the board of supervisors of Wise county be, and it is hereby
authorized, empowered and directed to proceed immediately or
from time to time, as it may deem expedient, to issue bonds or
other obligations of Wise county, for and on behalf of Richmond
magisterial district of said county, not exceeding in the aggre-
gate the sum of two hundred and ten thousand dollars, for the
purpose of providing funds, not in excess of one hundred and
seventy-five thousand dollars, to be loaned to the State highway
commission of Virginia, without interest, to finance the con-
struction of that section of road from a point near Laura Com-
missary to the top of Black mountain, within said magisterial
district, to the Kentucky State line, commonly known as the
Appalachia-Lynch highway; if and when it shall become a part
of the State highway system and to provide funds not in excess
of thirty-five thousand dollars, to be loaned to the said com-
mission, without interest, to finance the construction or recon-
struction of that section of road of the State highway system
from the town of Big Stone Gap toward Natural Tunnel, a dis-
tance of approximately eight miles, in said district, commonly
known as the Wildcat route.

2. Such bonds or other obligations shall be payable or re-
deemable at such time or times, not exceeding thirty years from
the date of issue, and shall bear interest payable at such times
and at such rate not exceeding six per centum per annum, and
shall be in such denominations and either coupon or registered,
as the said board of supervisors may determine. There shall be
printed in the face of said bonds or obligations the following:

“These bonds (or other obligations) are issued for the pur-
pose of financing road construction in Richmond magisterial dis-
trict of Wise county, but the full faith and credit of Wise county
is pledged for the payment of the interest thereon and the
principal thereof at maturity.”

The sale of such bonds or other obligations may be conducted,
negotiated and effected in such manner as the said board of
Supervisors may determine; provided they shall not be sold at
less than their par value.

3. The board of supervisors shall annually levy a tax upon
all the property within the said magisterial district subject to
taxation for such purposes, including such property located or
the situs whereof for taxation may be within the limits of all
the incorporated towns of said magisterial district at such rate
as will be sufficient to pay the interest on said bonds or obliga-
tions and to create a sinking fund for the payment of the
principal thereof at maturity.

4. The State highway commission is hereby authorized and
empowered to accept the loan from the board of supervisors of
Wise county, without interest, of such funds for the purpose of
financing the work aforesaid and to make repayment thereof as
the funds are available and are apportioned for such work,
until the amount so advanced has been repaid. :

5. But the foregoing sections of this act are subject to the
following proviso: that no bonds shall be issued thereunder un-
less and until the first, second, third, fourth and fifth sections
of an act entitled “An act to amend and re-enact an act to pro-
vide for the issuing of county bonds for permanent road or
bridge improvement, in the magisterial districts of the counties
of the State, and repealing all acts insofar as the same are in
conflict herewith, approved September fifth, nineteen hundred
and nineteen,” approved March twenty-eighth, nineteen hundred
and twenty-two, shall have been complied with, and at the elec-
tion held thereunder a majority of the qualified voters of the
said Richmond magisterial district voting in said election shall
vote in favor of the issuance of the bonds aforesaid.

6. An act entitled “An act to authorize and direct the
board of supervisors of Wise county to borrow one hundred and
twenty-five thousand dollars for the purpose of grading,
macadamizing or otherwise permanently improving what is
known as Appalachia-Lynch highway in Richmond magisterial
district, approved March twenty-fourth, nineteen hundred and
twenty-two,” and all other acts or parts of acts inconsistent with
this act are hereby repealed. |

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