Chap. 249.—An ACT to amend and re-enact an act entitled an act validating
certain negotiable notes issued by the board of supervisors of the county of
Shenandoah and authorizing said board to issue additional negotiable notes
of said county, and, in addition, to authorize renewals of said negotiable
notes; and to authorize said board of supervisors of Shenandoah county to
borrow for general county purposes, a sum not exceeding fifty thousand dol-
lars ($50,000.00), including its present indebtedness, and to issue negotiable
notes and certificates of indebtedness of said county of Shenandoah therefor,
and to provide how such negotiable notes and certificates of indebtedness
shall be retired, and to provide for the renewal of the negotiable notes and
certificates of indebtedness issued hereunder, and to provide for the keeping
of a record of such negotiable notes and certificates of indebtedness as may
be tssued under this act. [H B 263]

Approved March 23, 1926.

1. Be it enacted by the general assembly of Virginia, That an
act entitled: an act validating certain negotiable notes issued by the
board of supervisors of the county of Shenandoah and authorizing
said board to issue additional negotiable notes of said county, ap-
proved March fifteenth, nineteen hundred and twenty-two, be
amended and re-enacted so as to read as follows:

Section 1. That certain negotiable notes of the county of Shen-
andoah heretofore issued by the board of supervisors of said county
for general county purposes, be, and the same are hereby, validated;
and be it further enacted that the said board of supervisors of Shen-
andoah county be, and it is hereby, authorized to borrow, for general
county purposes, during the year nineteen hundred and twenty-six, a
sum not exceeding fifty thousand dollars ($50,000.00), including the
amount heretofore borrowed and evidenced by the negotiable notes
herein validated; and the said board of supervisors is authorized to
issue negotiable notes and certificates of indebtedness of the said
county of Shenandoah during the year nineteen hundred and twenty-
six, in an amount not exceeding fifty thousand dollars ($50,000.00) to
cover and evidence the amount of money so borrowed, including the
negotiable notes heretofore issued and validated by this act, and any
renewals thereof; provided, that the total amount of money borrowed,
and the total of the negotiable notes and certificates of indebtedness
validated and authorized by this act shall not exceed the sum of fifty
thousand dollars ($50,000.00) at any time during the calendar year of
nineteen hundred and twenty-six; and the same shall thereafter be
reduced and retired as is hereinafter provided; and provided, further,
that said board of supervisors shall at its first meeting after the first
day of October, in the year nineteen hundred and twenty-six, and at
such meeting each year thereafter, so long as any of the negotiable
notes and certificates of indebtedness validated and authorized to be
issued hereunder remain unpaid, by proper order spread upon its
minutes, set aside one-sixth (1/6) of its then total indebtedness, as
evidence by negotiable notes and certificates of indebtedness, herein
validated and authorized to be issued, together with the next year’s
interest for the balance that will remain unpaid at the beginning of
said year, which said sum shall be held by the county treasurer as a
separate fund to be known and designated as “county retirement
fund,” and the same shall be taken and set aside from the first moneys
collected by taxation for general county purposes each year, and shall
be applied before the first day of January following to the payment
and retirement of the negotiable notes and certificates of indebtedness
herein validated and authorized; provided, further, that all negotiable
notes and certificates of indebtedness issued under this act, including
renewals of the negotiable notes heretofore issued and validated
hereby, shall be payable on or before the day of maturity named
therein; and provided, further, that no negotiable notes or certificates
of indebtedness herein authorized to be issued shall be made payable
at any date longer than six years from date thereof; and as far as
practicable, one-sixth (1/6) of the sum borrowed under the provisions
of this act during the year nineteen hundred and twenty-six, and all
negotiable notes and certificates of indebtedness given during said
year, shall be made to mature each succeeding year, so that one-sixth
(1/6) of the total indebtedness incurred hereunder, shall mature each
year beginning in the year nineteen hundred and twenty-six and
ending in the year nineteen hundred and thirty-one; and provided,
further, that said board may issue renewals of the negotiable notes
and certificates of indebtedness hereinbefore validated and author-
ized to be issued, should the said board find it impracticable to finance
the total debt of fifty thousand dollars ($50,000.00) aforesaid, so as
to make one-sixth (1/6) of the said total indebtedness fall due and
mature each year over the period before mentioned, but the authority
to issue the renewals aforesaid shall not in any manner be construed
to alter or to change the provisions herein contained for the retirement
and refunding of the said indebtedness of not exceeding fifty thousand
dollars ($50,000.00), or to enlarge the power of said board to incur a
greater indebtedness than said amount in accordance with the pro-
vision of this act; and provided, further, that the clerk of the board
of supervisors of Shenandoah county shall, in a proper book provided
for the purpose, keep an accurate record of all negotiable notes and
certificates of indebtedness issued by said board hereunder, including
the negotiable notes heretofore issued and any renewals thereof, to-
gether with the name, or names of the payees, the respective amounts
thereof, and the dates when the same shall mature.

2. An emergency existing, this act shall take effect and be in
force from its passage.