Chap. 94.—An ACT to authorize the board of supervisors of the county of
Louisa to borrow money and issue bonds for a sum not exceeding two
hundred thousand dollars, and to use the proceeds of such bond issue
to pay off the indebtedness of the said county incurred in pursuance
of an act approved March 16, 1920, which act is printed as chapter
213 of the acts of assembly of 1920. [H B 119]

Approved March 24, 1928.

1. Be it enacted by the general assembly of Virginia, That
the board of supervisors of Louisa county be, and they are
hereby, authorized to borrow a sum of money to be determined
by the board, not exceeding two hundred thousand dollars to be
used solely for paying off the indebtedness of the said county,
incurred in pursuance of an act approved March sixteenth, nine-
teen hundred and twenty, which act is printed as chapter two
hundred and thirteen of the acts of assembly of nineteen hundred
and twenty.

2. The said loan shall be effected by issuing the bonds of
the county signed by the chairman of said board and counter-
signed by the clerk, payable not more than ten years after date
of issue, with the right to anticipate the payment of one or
more of said bonds after the expiration of three years from the
date of issue; the said bonds to be in the denomination of one
hundred dollars, five hundred dollars, and one thousand dollars,
or five thousand dollars, each, or partly of one and partly of
the other or others, as said board may think best, with coupons
attached for semi-annual interest. Said bonds shall be numbered
consecutively and shall contain a provision that at any time after
three years from the date thereof, any or all of said bonds, at
the option of said board, may be paid off, but in case the said
board of supervisors, after the expiration of three years, should
wish to pay off any or all of said bonds, they shall select by lot
the bonds so to be paid off at any time, and shall give notice by
publication in some newspaper, published in the county of
Louisa, for at least once a week for four consecutive weeks, of
the number of bonds so selected, and thereupon they shall be
authorized to pay off the bonds so selected, at any interest pay-
ment period after the selection by lot of the said bonds shall be.
made and publication given, and thereupon interest shall cease
upon said bonds so selected at the next period after same shall
have been selected for payment, and the board of supervisors
may continue this method of payment of said bonds after the
said period of three years from their date, from time to time
until all of said bonds are paid off.

3. The said board of supervisors may fix the rate of in-
terest which said bonds shall bear, but such rate shall not ex-
ceed five per centum per annum.

' 4, The said board of supervisors shall have full power to
negotiate the said bonds at same time or at different times, as
money is needed, through an agent or agents, or in any way they
may think best, and may deposit the proceeds in any one or
more of the banks of Louisa county, Virginia, at such interest as
can be obtained therefor, subject to their order, pending the
application of said proceeds to the purpose for which they are
rasied; provided, however, that they shall not negotiate any of
said bonds for less than par value nor pay any brokerage.

5. The board of supervisors shall provide for the payment of
the interest on said bonds and their retirement at maturity.

6. An emergency existing, this act shall be in force from

its passage.