Chap. 390.—An ACT to authorize the board of supervisors of Grayson county to
borrow a sum not exceeding $75,000.00 and to issue bonds therefor for the
construction and improvement of a public road in Old Town magisterial dis-
trict of said county; to provide tor a tax to pay the principal and interest of
said bonds; to appoint a commission to supervise the construction of the said
road; and to provide tor submitting to the voters of the said district the ques-
tion of issuing the said bonds. [S B 399]

Approved March 20, 1924.

1.. Be it enacted by the general assembly of Virginia, as follows:

The board of supervisors of Grayson county is hereby authorized
and required to issue and sell bonds of the said county, for and on behalf
of the Old Town magisterial district thereof, not exceeding in the ag-
gregate the sum of seventy-five thousand dollars, for the purpose of
providing funds for the construction and improvement of a public road
from the town of Galax, in said district, via T. J. McCamett’s place,
Robert Winesett’s store and C. H. Williams’ store, to such point on the.
Virginia-North Carolina line near Low Gap as will make connection
with the road being constructed by the State of North Carolina. The
full faith and credit of the entire county of Grayson shall be pledged to
the payment of the said bonds and the interest on the same.
2. The said board of supervisors is hereby authorized and required,
after issuing said bonds or any of them, when the next levy is made or
tax imposed in the said county, to levy a tax on all property in the said
Old Town magisterial district liable to taxation for the purpose herein
set forth, including property the situs of which for taxation is within the
limits of any incorporated town in said district, to pay the interest on
said bonds so issued and to create a sinking fund to redeem the principal
of said bonds at maturity.

3. The said board of supervisors is hereby authorized to issue and
sell the said bonds at such time or times as may seem to it advisable;
provided, that none of such bonds shall be sold for less than the par value
thereof, nor shall any bond bear interest at a higher rate than six per
centum per annum payable semi-annually. The said bonds shall be
issued in denominations of not less than one hundred dollars and not
more than one thousand dollars; they shall be payable at such time or
times as the board of supervisors may prescribe not exceeding thirty
years from the date thereof. The said bonds shall be signed by the chair-
man of the board of supervisors and countersigned by the clerk, and the
seal of the board affixed.

4. The said bonds, when issued, shall be delivered to the treasurer
of Grayson county, and shall be sold and marketed, as provided by gen-
eral law for the sale and marketing of county road bonds, and when said
bonds are sold the said treasurer shall deliver them to the purchaser or
purchasers. All money realized from the sale of said bonds shall be
received by the said treasurer, and shall be kept separate from other
moneys coming into his hands. For the services required under this
act, the said treasurer shall be paid as provided by law. No purchaser
of any bonds issued under this act shall be required to see to the appli-
cation of the purchase money.

5. To supervise the expenditure of the funds obtained from the
sale of the said bonds in the construction and improvement of the afore-
said road, a commission is hereby appointed, to consist of the county
supervisor from Old Town magisterial district, chairman, I. G. Vass,
Robert Winesett, G. C. Felts, and C. P. Waugh. The said commission
shall employ a competent civil engineer to survey and locate the said
road, and may have the said road built under contract or in such other
manner as to it shall seem best. The said commission shall keep or have
kept an itemized account of the work done under this act, and shall
from time to time issue its warrants, signed by the chairman, on the
treasurer of Grayson county in payment therefor, and the said treasurer
shall pay the said warrants from the funds secured by the sale of the
bonds aforesaid.

The members of the said commission shall be entitled to the sum of
four dollars per day each while actually engaged in the work authorized
under this act.

6. But the foregoing sections of this ‘act shall not become effective
unless and until an election is held in the said Old Town magisterial
district in accordance with the provisions of sections one, two, three,
four and five of an act entitled an act to amend and re-enact an act
to provide 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, ap-
proved September fifth, nineteen hundred and nineteen, approved
March twenty-eighth, nineteen hundred and twenty-two, so far as the
said sections apply to elections, and at the said election a majority of the
qualified voters of the said district voting in said election shall votelin
favor of the issuance of the bonds aforesaid. If the said bond issue}is
so approved at the said election, the provisions of this act shall be man-
datory.

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