An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1923es |
---|---|
Law Number | 9 |
Subjects |
Law Body
Chap. 9.—An ACT to authorize the board of supervisors of the county of
Tazewell, to issue county bonds to an amount not exceeding one
hundred and twenty-five thousand dollars, the proceeds of which shall
be expended in constructing, macadamizing or otherwise permanently
improving certain public roads in Maiden Spring magisterial district
in said county. [H B 1]
Approved March 16, 1923.
1. Be it enacted by the general assembly of Virginia, That
the board of supervisors of Tazewell county, for the purpose of
constructing, macadamizing or otherwise permanently improv-
ing the road from Busthead to Cedar Bluff, shall issue bonds of
Tazewell county for an amount not exceeding thirty thousand
dollars, the proceeds from the sale of which shall be used for
such purposes and none other; that the said board of super-
visors, for the purpose of constructing, macadamizing or other-
wise permanently improving the road from the mouth of Laurel
creek to Bondy, shall issue bonds of Tazewell county for an
amount not exceeding twenty-five thousand dollars, the proceeds
from the sale of which shall be used for such purposes and none
other; that the said board of supervisors, for the purpose of
constructing, macadamizing or otherwise permanently improv-
ing the road from Richlands Pharmacy, in the town of Rich-
lands, to Coaldan, shall issue bonds of Tazewell county for an
amount not exceeding twenty thousand dollars, the - proceeds
from the sale of which shall be used for such purpose and none
other; that the said board of supervisors, for the purpose of con-
structing, macadamizing or otherwise permanently improving
the road from the mouth of Town Hill creek to the store of Wil-
son Coal Company, shall issue bonds of Tazewell county for an
amount not exceeding twenty thousand dollars, the proceeds
from the sale of which shall be used for such purposes and none
other; that the said board of supervisors, for the purpose of
construction, macadamizing or otherwise permanently improv-
ing the road from Raven to the Russell county line, shall issue
bonds of Tazewell county for an amount not exceeding fifteen
thousand dollars, the proceeds from the sale of which shall be
used for such purposes and none other; that the said board of
supervisors, for the purpose of constructing, macadamizing or
otherwise permanently improving the road from the forks of
the road at Paint Lick to the Russell county line, shall issue
bonds of Tazewell county for an amount not exceeding fifteen
thousand dollars, the proceeds from the sale of which shall be
used for such purposes and none other.
2. The board of supervisors of Tazewell county may ap-
point 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 attached as said board of supervisors
may prescribe, and shall have written or printed in ink the fol-
lowing sentence: “These bonds are issued for road improve-
ment 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 sink-
ing 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 denomina-
tions of one hundred dollars or some multiple thereof; shall bear
interest at a rate not exceeding six per centum per annum; pay-
able 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 de-
liver 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 service 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 receipt of said funds.
8. 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 magisterial district, including such property located or
the situs of which for taxation is, within the limits of any in-
corporated town situated within such district, to pay the inter-
est 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 shall be made until the debt and interest are paid, and
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 otber
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 neces-
sary to defray the amount assumed by the county, it being in-
tended that bonds issued, or to be issued, under this act are
county obligations, but payable primarily out of levies upon the
property in said Maiden Spring magisterial district, where the
proceeds of the bonds are to be expended hereunder.
4. The board of supervisors is hereby authorized and em-
powered to apply any part or all of said sinking fund to the
payment or purchase 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 re-issued.
5. When the said county wishes to redeen any of its out-
standing bonds subject to call, issued under the provisions of
this act, it may, through the chairman of the board of super-
visors, give notice of its readiness to do so to the holder in per-
son 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 to fix a day for its presentation for payment,
which shall not be less than ten days from the date of persona!
service of notice, or the completion of the publication thereof,
as the case may be. If the boud be not presented on the day
fixed for its redemption, interest thereon shall cease from that
ay.
6. The said board of supervisors shall have the right to use
the funds derived from the sale of said bonds for the purposes
hereinbefore specified independently of the State highway com-
missioner or the State highway commission, and for said pur-
~
poses 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 macadamizing, permanent improvement,
or improvement of said roads, or any or all of them, under such
supervision or control of the State highway commission, or the
State highway commissioner, as will entitle said county to re-
ceive - benefit of State aid funds for the money to be so ex-
pended. |
7. An emergency existing, this act shall be in force from its
passage.