Chap. 148.—An ACT to authorize the board of supervisors of Tazewell count
issue county bonds to an amount not exceeding one hundred thousagd dollars
($100,000.00), part of the proceeds of which shall be expended in refunding to to
the treasurer of Tazewell county certain funds heretofore advanced to the
State highway commission of Virginia, and the residue to be used in meeting
the residue of the obligation of said board of supervisors to the said State
highway commission of Virginia, by virtue of a certain contract. [H B 159]

Approved March 14, 1924.

1. Be it enacted by the general assembly of Virginia, That the
board of supervisors of Tazewell county are hereby authorized to issue
bonds of Tazewell county to an amount not exceeding one hundred
thousand dollars ($100,000.00), the proceeds of the sale of which shall
be used for the following purposes and none other:

(a) Of refunding to the treasurer of Tazewell county funds here-
tofore advanced to the State highway commission of Virginia by him on
warrants drawn by said board of supervisors, in pursuance of an act
entitled an act to anticipate by counties or otherwise the construction
or reconstruction of the State highway system, approved March fif-
teenth, nineteen hundred and twenty, used or to be used by said com-
mission in the construction or reconstruction of a section of State high-
way number eleven, in Tazewell county, from Tazewell west to Clay-
pool Hill;

(b) Of meeting the residue of its obligations to the said State high-
way commission of Virginia by virtue of a contract dated June thirteenth,
nineteen hundred and twenty-two, between the said board of super-
visors and the State highway commission of Virginia.

2. The board of supervisors of Tazewell county may appoint 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 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 following sentence: ‘“‘These bonds are issued for road improve-
ment in Tazewell county, Virginia, and the full faith and credit of the
county of Tazewell is hereby pledged for their payment, and a tax is to
be levied upon the property in said county to pay the interest on them
and to create a sinking fund sufficient in amount to pay them upon
maturity.”’ Such bonds shall be signed by the chairman and counter-
signed by the clerk thereof under the seal of the board; shall be in
denominations of one hundred dollars or some multiple thereof; shall
bear interest at a rate not exceeding six per centum per annum; payable
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
six 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 six years and upon such notice as the said board may pre-
scribe and stipulate upon the face of the bonds when issued. The
board shall deliver them to the treasurer of the county, who shall
deliver said bonds to the purchasers thereof, or their order, upon the
payment of the price thereof. The said treasurer and his sureties shall
be hable for the amount received for said bonds, and 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 receipts of
said funds.

3. 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 tax in said county, including such property located or
the situs of which for taxation is, within the limits of any incorporated
town situated within such county, to pay the interest on the bonds so
Issued, and, if necessary to do so, create a sinking fund to redeem 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 prin-
cipal of said bonds, and for no other purpose.

4. The board of supervisors is hereby authorized and empowered
to apply any part or all of said sinking fund, if any is created, 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 redeem any of its outstanding
bonds subject to call, issued under the provisions of this act, it may,
through the chairman of the board of supervisors, give notice of its
readiness to do so to the holder in person 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 presenta-
tion for payment, which shall not be less than ten days from the date of
personal service of notice, or the completion of the publication thereof,
as the case may be. If the bond be not presented on the day fixed for
its redemption, interest thereon shall cease from that day.

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