Chap. 192.—An ACT to authorize, empower and direct the board of supervisors
of the county of Princess Anne to borrow money by the issue of bonds in the
aggregate sum of one hundred and sixty-eight thousand dollars ($168,000.00),
for the purpose of purchasing, building and improving roads and bridges in
Pungo magisterial district in said county; to sell the said bonds; to provide
for the payment of interest thereon and principal thereof and to authorize the
commission of roads and bridges of Princess Anne county for Pungo magis-
terial district, to dispense the funds so obtained. [H B 403]

Approved March 18, 1926.

1. Be it enacted by the general assembly of Virginia, That the
board of supervisors of Princess Anne county be, and it is hereby,
authorized, empowered and directed to issue bonds in the aggregate
amount of one hundred and sixty-eight thousand dollars ($168,000.00)
in accordance with the provisions hereinafter contained in the name
of the county of Princess Anne, for the purpose of purchasing, build-
ing and improving roads and bridges in the Pungo magisterial dis-
trict in said county. But no such bonds shall be issued unless and
until a majority of the qualified voters of the said Pungo magisterial
district voting at a special election to be called for the purpose by the
judge of the circuit court of Princess Anne county, on petition of
twenty-five qualified voters of said magisterial district, shall favor
the issuance of said bonds. Such election shall be held, and the qual-
ification of voters shall be determined in conformity with the general
law concerning the holding of bond issue elections in magisterial
districts.

2. If the majority of the voters voting at such election shall favor
the issuance of said bonds, the board of supervisors, at their first
meeting thereafter, shall direct the issue of so many of said bonds at
such interest and of such maturity, subject to the provisions of this
act, as the said board of supervisors may determine and shall enter
of record the amount so determined and in the event they do not at
said meeting direct the present issue of all of the said bonds, they
shall hereafter, from time to time, direct the residue thereof to be
issued, if, when and as they deem advisable or whenever requested in
writing so to do by any commission of roads and bridges of Princess
Anne county for Pungo magisterial district now or hereafter created
and existing, and in the event the said board of supervisors, for any
reason, fails or refuses to issue the bonds so authorized to be issued,
the circuit court of said county may, upon the complaint of ten (10)
qualified voters of said county, residing in said Pungo magisterial
district, and after ten (10) days’ notice to the chairman of said board
of supervisors, for cause shown, issue an order directing the said
board of supervisors, and members thereof, to issue the said bonds,
or any unissued residue thereof as the court may, from time to time
deem proper to be issued, in order to enable the proper road author-
ities to carry out their duties as such.

3. The said board of supervisors shall have power to appoint an
agent or agents to sell the said bonds; provided that said bonds shall
be sold to be paid for in lawful money only, and upon the sale of said
bonds the board of supervisors shall issue and deliver the same.

4. The said bonds may be either registered or coupon bonds, as
said board of supervisors may prescribe, and they shall have written
or printed in each, the following language, namely:

‘These bonds are issued for highway improvements in Pungo
magisterial district, but the full faith and credit of the entire county
of Princess Anne is hereby pledged for their payment, and a tax is
to be levied upon the real estate and tangible property in said Pungo
magisterial district (including the property, if any, located, or the
situs of which for taxation is, within the limits of any incorporated
town situated within said district wherein real estate is subject to
county and district road tax) to pay the interest on these bonds and
to create a sinking fund sufficient in amount to pay the same upon
maturity.” |

5. The said bonds shall be signed by the chairman and counter-
signed by the clerk of the said board of supervisors under the seal
thereof; shall be in denominations of one hundred dollars ($100.00)
or some multiple thereof; shall bear interest at the rate of not more
than six per centum. (6%) per annum, payable semi-annually at the
office of the treasurer of said county or at some bank or trust company
in the city of Norfolk, Virginia, or in the city of New York, in the
State of New York, and shall be payable as to the principal thereof
at not exceeding thirty-four (34) years from the date thereof at said
office or at said bank or trust company, said interest rate and maturity
to be determined by said board of supervisors, subject to the direc-
tion of the circuit court of said county. The said bonds may, in the
discretion of the said board, with the approval of the circuit court of
said county, or the judge thereof in vacation, be made redeemable
at such time or times or after such period or periods and upon such
notice, as the said board, with the approval of the said court or judge
thereof in vacation, may prescribe and as may be accordingly stipu-
lated upon the face of the said bonds when issued.

6. The board shall deliver the said bonds to the treasurer of the
county, who shall deliver the said bonds to the purchasers thereof
or their order, upon the payment of the price thereof. The said
treasurer and his sureties shall be liable for the amount received for
said bonds as though it were a county levy, and the said fund shall
be expended in the improvement of the roads and bridgesin said Pungo
magisterial district of Princess Anne county and for no other purposes.

7. The said treasurer shall receive as compensation for his ser-
vices hereunder, one-tenth (1-10) of one per centum (1%) 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 re-
quired of him, if any, on account of his receipt hereafter of said
funds, and the treasurer of said county shall deposit the proceeds of
said bond issue in such bank or banks, at such rate of interest, if any,
as may be approved by the said court or the judge thereof in. vaca-
tion, to the credit of the said treasurer, to be paid out on his checks
therefor; and the amount so deposited and all interest accrued there-
from shall be accounted for by said treasurer and be expended for the
said purposes in the manner now or hereafter required by law and
insofar as not necessary for said improvements, in the discretion of
the then existing local road authorities of said county, for said dis-
trict, shall be paid into such sinking fund as is provided for the pay-
ment of the principal of said bonds.

8. The said board of supervisors are directed, before making sale
of any of said bonds, to advertise for bids for the purchase of the same
at least oncea week for four (4) successive weeks in one or more news-
papers published in the city of Norfolk, Virginia, which advertise-
ment shall describe the bonds proposed to be sold by stating the
number and amount, security and rate of interest and the time of
redemption, if any, and the said board of supervisors shall receive
sealed bids for said bonds, addressed to the chairman of the said
board, to be opened by the chairman of said board in the presence of
the judge of the said court, and the highest and best bid, amounting
to at least the par value of said bonds to be sold, or such lesser amount
as the said court may approve, shall be accepted.

9 Save as otherwise provided by law the redemption and pay-
ment of said bonds, and interest thereon, and the levy, collection and
application of taxes therefor shall be governed by the general laws of
this Commonwealth in force at the time of the issue of said bonds
relating to the issuing of county bonds for permanent road or bridge
improvement in the magisterial districts of the counties of the State,
it being intended that bonds issued hereunder are county obligations,
but payable primarily out of levies upon the property in said Pun-
go magisterial district, where the proceeds of the bonds are to be ex-
pended hereunder.

10. By reason of the condition of the roads in said Pungo magis-
terial district and the necessity of opening said roads for the public
mails and other purposes, an emergency is hereby declared to exist
and this act shall be in force from its passage.

a All acts and parts of acts in conflict herewith are hereby re-
pealed. ,