Chap. 391.—An ACT to authorize the board of supervisors ot Albemarle county
to borrow money not in excess of $500,000, and to issue bonds of said county
therefor, for the purpose of refunding certain bonds issued under the authority
of an act approved March 24, 1920, and to provide for the payment of the in-
terest thereon and the principal thereof at maturity. [S B 270]

Approved March 20, 1924.

Whereas, by an act of the general assembly of Virginia, approved
March twenty-fourth, nineteen hundred and twenty, the board of super-
visors of Albemarle county was authorized to borrow money and issue
bonds therefor in an amount not exceeding five hundred thousand dol-
lars, to be used in the permanent improvement of a certain road in
Charlottesville and Scottsville magisterial districts of said county, and,

.Whereas, as authorized by said act, bonds were issued on August
first, nineteen hundred and twenty, for a term of five years, which bonds
may have to be refunded in whole or in part, now, therefore,

1. Be it enacted by the general assembly of Virginia, That the
board of supervisors of Albemarle county be, and it is hereby, authorized
and empowered to issue bonds of said county and borrow money in an
amount not to exceed in the aggregate the sum of five hundred thousand
dollars to be used in refunding, in whole or in part, the bonds issued
under the authority of the said act of March twenty-fourth, nineteen
hundred and twenty.

2. That the bonds to be issued hereunder shall bear interest at the
rate of not more than five per centum per annum, payable semi-annually,
shall be issued by the board of supervisors of such county and shall be
signed by the chairman of said board of supervisors and attested by the
clerk of said board, and shall be in such denominations and payable at
such time or times as the board of supervisors may elect, and each of
said bonds issued hereunder shall have written or printed on the face
thereof the following words, to-wit: ‘‘this bond and the interest thereon
is to be paid by a special tax to be levied on the districts in the county
of Albemarle known as Scottsville magisterial district and Charlottes-
ville magisterial district.”

3. The board of supervisors of Albemarle county, after said loan
has been negotiated and said bonds issued, when the county levy is
made or imposed in said county, shall levy a tax on all property now
or hereafter liable to county levy in those parts of said county known as
Scottsville magisterial district and Charlottesville magisterial district,
sufficient to meet the interest on said bonds as it matures and to create
a sinking fund to pay the principal thereof, the amount of said sinking
fund to be fixed by said board, and to be invested by the treasurer of
said county under the supervision and direction of said board of super-
visors in such manner as said board may direct until the same shall be
needed to pay the principal of said bonds and shall then be used for that
purpose, and from year to year, said levy or assessment shall be made as
long as it may be necessary to meet said interest and to provide for the
payment of the principal of said bonds and no tax shall be levied for the
purpose of paying any bonds under this act, nor the interest thereon,
in any other part of said county.

4. The board of supervisors shall sell said bonds, after due adver-
tisement thereof, to the highest bidder, to be paid for in lawful money
only, and at a price that shall net the county of Albemarle not less than
par and accrued interest; and no brokerage shall be paid. The proceeds
of said bonds, pending the refunding of the old bonds, shall be deposited
in such bank or banks as the board of supervisors may approve, and sub-
ject to the order of the said board pending its use as herein provided;
but such deposit or deposits remaining in any bank for one month or
longer shall bear interest at the rate of not less than four per cent per
annum.

5. Nothing in this act contained shall be construed as ratifying or
validating the action of the board of supervisors of Albemarle county
in selling said original bonds; nor shall anything herein contained be
construed to relieve the members of said board from civil liability there-
for.