Chap. 208.—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 twenty-five thousand dollars ($125,-
000.00) for the purpose of purchasing, building and improving roads and
bridges in Seaboard 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 Seaboard magisterial district, to dispense the funds so obtained.

; [EL B 402]
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 twenty-five thousand dollars ($125,000.00)
in accordance with the provisions hereinafter contained in the name
of the county of Princess Anne, for the purpose of purchasing, building
and improving roads and bridges in the Seaboard magisterial district
in said county. But no such bonds shall be issued unless and until
a majority of the qualified voters of the said Seaboard 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 qualifica-
tion 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 Seaboard 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 Seaboard magisterial district,
and after ten (10) days’ notice to the chairman of said board of super-
visors, for cause shown, issue an order directing the said board of
supervisors, and members thereof, to issue the said bonds, or any
unissued residue theréof as the court may, from time to time deem
proper to be issued, in order to enable the proper road authorities to
carry out their duties as such.
3. 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 Seaboard
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
he levied upon the real estate and tangible property in said Seaboard
magisterial district to pay the interest on these bonds and to create
a sinking fund sufficient in amount to pay the same upon maturity.”

4. 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, 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 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 prescribe and as may be
accordingly stipulated upon the face of the said bonds when issued.

5. 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 bridges in said Seaboard magis-
terial district of Princess Anne county and for no other purposes.

6. 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 said treasurer, to be paid out on his checks therefor; 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 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 district, shall be paid
into such sinking fund as is provided for the payment of the principal
of said bonds.

7. Phe said board of supervisors are directed, before making sale
ACTS OF ASSEMBLY. 381

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 news-
papers published in the city of Norfolk, Virginia, which advertisement
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
bythe 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.

8. 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 State, it being intended
that bonds issued hereunder are county obligations, but payable
primarily out of levies upon the property in said Seaboard magisterial
district, where the proceeds of the bonds are to be expended hereunder.

9. By reason of the condition of the roads in said Seaboard
magisterial 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.

10. All acts and parts of acts in conflict herewith are hereby
repealed.