Chap. 77.—An ACT to provide for the issuance of bonds aby Henrico county for the
purpose of opening, widening, ving the publi re-constructing, macadamizing, or
otherwise permanently improving the public roads and penigea in the magis-
terial districts of the said county... (S B 215]

Approv ed February 29, 1924.

Be it enacted by the general assembly -of : Mirginia, That. bdnds
may be issued by Henrico county for the purpose of opening, widening,
constructing, re-constructing, macadamizing or otherwise permanently
improving the public roads and bridges of any magisterial district in
said county upon the conditions hereinafter provided. The judge ‘of
the circuit court of said county upon the petition 6f a’ majority of the
board of supervisors of said county, or-upon petition of fifty qualified
voters of said district, shall make an order requiring the judges of elec-
tion, at.any time not. ‘less than thirty days from ‘the date‘ of:such order
which shail be designated therein, to open-a poll and take the sense of
the qualified voters of the district-on the question: whether the board of
supervisors shall issue bonds for said purposes, or either of them.

The qualified voters at any special election held under this act, shall
be those qualified to vote at the preceding regular November eleetion
and those who may. come of age and register’since said preceding regular
November election, except those who by commission ‘of crite or removal
from-the district or county have disqualified themselves to vote. —

2. The regular election offieers of-said county in and for the said
district or districts, at the time designated in the order: authorizing the
vote, shall open polls ‘at the various voting places in the said district:or
districts, including the polls-at the voting places in the incorporated
towns loeated within such district or districts, and shall conduct such
election and close the polls in such manner as is provided by the law in
other elections; and at said election, each qualified voter who shall ap-
prove such issue of bonds shall deposit a ticket or ballot on which shall
be written or printed the words ‘‘for bond issue,” and each qualified
voter who shall oppose such issue of bonds shall deposit a ticket or ballot
whereon shall be written or printed the words “against bond issue.”’
The judges of: election’ at the several voting places shall immediately
after the closing of the polls at each of the said places, count the ballots
deposited, and shall, within two days after said election, make return
thereof, as is provided in other elections. Said ballots shall be printed
and furnished by the regular election officers.

3. The commissioners of election of said county shall, within two
days after the judges of election have made returns of the poll books and
ballots as aforcsaid, meet at the, office of said clerk, and having taken an
oath before him, faithfully to discharge their duties, canvass the returns
and certify the results thereof to the circuit court.

4. If it shall appear by the report of the commissioners that a
majority of the qualified voters of the district or districts voting on the
questions, or on either of them, are in favor of issuing the bonds for the
purposes aforesaid, the circuit court shall, at its next term, enter of
record an order requiring the supervisors of the county to proceed at
their next meeting to carry out the wishes of the voters as expressed
at the said election.

5. Whenever the sense of the qualified voters of any district or
districts shall be taken on the question, whether the board of super-
visors of the said county shall issue bonds for the purpose aforesaid, the
said election and returns shall be subject to the inquiry, determination
and judgment of the circuit court of the county in. which said election
was held, upon the written complaint of fifteen or more of the qualified
voters of such county, of an undue election or of false returns, two of
whom shall take an oath that facts set forth in such complaint are true
to the best of their knowledge and belief, and the court shall, in judging
of such election and returns, proceed upon the merits thereof and de-
termine concerning the same according to the Constitution and laws of
this State, but such complaint shall not be valid, unless it shall have been
filed within thirty days after said election in the clerk’s office of the
said circuit court. The board of supervisors of such county shall be
made a defendant by summons or notice to its chairman of the filing
of the complaint, and after such service of notice on the chairman of the
board of supervisors, either party upon reasonable notice to the other
shall be at liberty to take depositions to sustain or invalidate such elec-
tion. Service of notice on any three of the complainants shall be suff--.
cient. The court shall proceed at its next term after such service or
summons or notice to determine the contest without a jury on the
evidence, oral or written, unless good cause be shown for a continuance,
and shall make a proper record of its judgment. If the judgment be
that the election is a valid one in favor of the issuing of bonds for per-
manent road improvement in said district or districts, or either of them,
the court shall make an order in conformity with the preceding section.

6. The board of supervisors at their meeting or as soon thereafter
as practicable shall determine how the proceeds of the bond issue shall
be expended and what amount of bonds for improvement in said dis-
trict or districts, shall presently be issued, and shall enter of record the
amounts so determined, and in event they do not at said meeting direct
the present issuing of all the said bonds, they may hereafter from time
to time direct the residue thereof to be issued to carry out the wishes of
the voters, so far as necessary, as expressed in such election, and in the
event the board, for any reason, fails or refused to issue the bonds so
authorized to be issued, the circuit court of said county may, upon the
complaint of ten qualified voters of the county and after ten days’ notice
to the chairman of the board, for cause shown, issue an order directing
them to issue the said bonds or any unissued residue thereof, or such
portion thereof as the court may, from time to time, deem proper to be
issued in order to enable the proper road authorities to carry out the
wishes of the voters as expressed in said election. They shall have
power to appoint agent or agents to sell said bonds; and to employ an
attorney or attorneys; 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 each,
the following sentences: ‘These bonds are issued for road improvement

. 2 « « « « « Magisterial district, but the full faith and
credit of the entire county of Henrico is hereby pledged fer their pay-
ment, and a tax is to be levied upon the property in said district to pay
the interest on them and to create a sinking fund sufficient in amount
to pay them upon maturity.” Said bonds shall be signed by the chair-
man and countersigned 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 at the office of the treasurer of said
county, and shall be payable not exceeding thirty-four years from the
date thereof at said office, but may, in the discretion of the said board,
be made redeemable at such time or times or after such period or pe-
riods 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 deliver said bonds to the pur-
chasers thereof, or their order, upon the payment of the price thereof.
The said treasurer and his sureties shall be liable for the amount re-
ceived for said bonds as though it were a county levy, and said fund
shall be expended for the purposes and in the magisterial district or
districts for which it was intended, and none other. The said treas-
urer shall receive as compensation for his services hereunder 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, and the board of supervisors of such county may direct the
treasurer to deposit the proceeds of the said bond issue in such bank or
banks as it may approve, to the credit of the said treasurer to be paid
out on his checks therefor and at the rate of interest to be specified,
and all interest accrued therefrom shall be accounted for by said treas-
urer and be expended for the purposes of the said road improvement,
and in so far as not necessary for said road improvement shall be con-
verted into the sinking fund for the payment of the principal of said
bonds as provided in section seven.

7. After issuing such bonds, or any of them, when the next levy is
made for the regular county or district purposes, a tax shall be levied
on all property within the district, subject to county and district tax,
including that within the limits of any incorporated town within said
district, for the purpose of paying the interest on the bonds so issued,
and to create a sinking fund for the retirement of said bonds at matur-
ity thereof.

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 necessary to defray the amount as-
sumed by the county, it being intended that bonds issued or to be issued
under this act are county obligations, but payable primarily out of
levies upon the property in the magisterial district where the proceeds
of the bonds may be expended hereunder.

The board of supervisors is hereby authorized and empowered 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, and the board of supervisors is authorized and empowered
to lend out upon real estate security, the loan not to exceed fifty per
centum of the fair market value of such real estate, or deposit in bank
at interest, all accumulations of moneys to the credit of said sinking
fund, provided, as aforesaid, and to collect and reinvest the same and
the interest accruing thereon from time to time, so often as may be
necessary or expedient, until such bonds become subject to call; pro-
vided that no money to the credit of said sinking fund shall be loaned out
or deposited or invested by the said board of supervisors, unless said
loan, deposit or investment shall be first approved by the circuit court
of said county, or the judge thereof in vacation, and the form of the
security be examined and approved by the Commonwealth’s attorney
of said county, which approval shall be entered of record in the order
book of said court.

8. When the said county wishes to redeem any of its outstanding
bonds, subject to call, issued under 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 each bond, and fix a day for its presentation for payment,
which shall not be less than ten days from the date of personal service
of the notice; or the completion of the publication thereof, as the case
may

If the bond be not presented on the day fixed for its redemption,
interest thereon shall cease from that day.

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