Chap. 207.--A\n ACV 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 thousand dollars ($100,000.00), for the
purpose of purchasing, building and improving a road from Bell's Corner
to the intersection of the State Highway at Princess Anne Courthouse, in
said county; to sell the said bonds; to provide fer the payment of interest
thereon and principal thereof. [H B 404]

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 thousand ($100,000.00) dollars, in accordance
with the provisions hereinafter contained, in the name of the county
of Princess Anne, for the purpose of purchasing, building and im-
proving a road from Bell’s Corner to the intersection of the State
highway at Princess Anne court-house, in said county. But no such
bonds shall be issued unless and until a majority of the qualified
voters of said county 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 fifty qualified voters of said county, shall favor the issuance
of said bonds. Such election shall be held, and the qualification of
voters shall be determined in conformity with the general laws con-
cerning the holding of bond elections.

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 ten (10) qualified voters of the said county; 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, 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 anv
unissued residue thereof as the court may, from time to time deem
proper to be issued.

3. The said bonds may be either registered or coupon bonds, as
said board of supervisors may prescribe. The said bonds shall be
signed by the chairman and countersigned 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-monthly at the office of the treasurer of said county or
at some bank or trust company in the city of Norfolk, Virginia, and
shall be pavable as to the principal thereof at not exceeding thirty (30)
years from the date thereof at said office or at said bank or trust com-
pany, said interest rate and maturity to be determined by said board
of supervisors, subject to the direction 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 pre-
scribe and as may be accordingly stipulated upon the face of the said
bonds when issued.

4. 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
and the said fund shall be expended in the improvements of the
bridges and roads, as herein designated, but any surplus remaining
from said fund, shall be expended by said board on any road or roads
in said county, as they may determine.

5. 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 vacation,
to the credit of the board of supervisors, Princess Anne county,
Oceana road, to be paid out by warrant drawn by board of supervisors,
signed by clerk attested by chairman of board, and the amount so
deposited and all interest accrued therefrom shall be accounted for
by said treasurer and be expended for the said purposes in the manner
herein provided.

6. 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 once a week for four (4) successive weeks in one or more
newspapers published in the city of Norfolk, Virginia, which adver-
tisement shall describe the bonds proposed to be sold by stating thc
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 yudge 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.

7. 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 State.
8. By reason of the condition of the roads in said county an
emergency is hereby declared to exist, and this act shall be in force
from its passage.