Chap. 114.——An ACT to amend and re-enact section 2116 of the Code of Vir-
ginia, as amended by an act approved March 28, 1922, in relation to the
issuance of county bonds for road and bridge construction and improvement.

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Approved March 6, 1926.

_ 1. Be it enacted by the general assembly of Virginia, That sec-
tion twenty-one hundred and sixteen of the Code of Virginia, as
amended by an act approved March twenty-eight, nineteen hundred
and twenty-two, be amended and re-enacted so as to read as follows:

Section 2116. Duty and powers of the supervisors; bonds must
be sold not lower than par; issuance of bonds.—The board of super-
visors at their meeting, or as soon thereafter as practicable, shall
determine what amount of bonds, not exceeding the maximum afore-
said, shall be issued, and shall enter of record the amount so deter-
mined. They shall have power to appoint an agent or agents to
negotiate a loan or loans, or to sell said bonds, and to pay said agent
or agents a commission for negotiating said sale not to exceed three
per centum of the amount of bonds sold by them, or to pay such sum
to the purchaser of said bonds, provided that said bonds shall be sold
to be paid for in lawful money only, and shall not be sold at less than
par value. When such a loan has been negotiated, or bonds sold, the
board of supervisors shall issue said bonds, which may be registered
or with coupons attached, as the board of supervisors may prescribe;
said bonds shall be signed by the chairman and countersigned by the
clerk thereof; shall be in denominations of one hundred dollars, or
some multiple thereof, shall bear interest at the rate not exceeding six
per centum, payable semi-annually, both principal and interest to
be payable at such place or places as may be determined by the
board of supervisors, and shall be payable not exceeding thirty-four
years from the date thereof, but may,in the discretion of said board,
be made redeemable at such time or times, within such period or per-
iods, 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 upon the payment of the
price thereof. The delivery of bonds so executed shall be valid not-
withstanding any change in the officers occurring after the signing
and sealing of the bonds. The said treasurers and his sureties shall
be liable for the amount received for said bonds as though it were
a county levy, and ‘said funds shall be expended for the purposes for
which they were intended and none other. The board of supervisors
may direct the treasurer to deposit the proceeds of said bond issue in
such bank or banks as it may approve, to the credit of the said treas-
urer, 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 treasurer and be expended for the purposes of the said road
improvement, and, in so far as not necessary for said road improve-
ment, shall be covered into the sinking fund for the payment of the
principal of said bonds.

2. An emergency existing, this act shall be in force from its pas-
sage.