Chap. 26.—An ACT authorizing the board of supervisors of Alleghany county to
borrow the sum of one hundred and fifty thousand dollars, and to issue bonds
of the county therefor, the proceeds to be advanced to the State highway com-
mission under chapter 447 of the Acts of Assembly of 1924, entitled an act
to amend and re-enact an act entitled an act to anticipate by counties or
otherwise the construction of the State highway system, approved eh
15, 1920. fH B 18]

Approved February 17, 1926.

Whereas, the board of supervisors of Alleghany county have agreed
with the State highway commission of Virginia to advance to the State
highway commission the sum of one hundred and fifty thousand dol-
lars to be used by said commission in the construction of the State
highway on route fourteen (14) between the town of Covington, Vir-
ginia, and the village of Low Moor, Virginia, in Alleghany county;
an

Whereas, the State highway commission has agreed to accept the
said sum of one hundred and fifty thousand dollars to be advanced to
them and to construct said highway in accordance with an act ap-
proved March twenty-first, nineteen hundred and twenty-four, chap-
ter four hundred and forty-seven of the acts of assembly of nineteen
hundred and twenty-four, entitled, an act to amend and re-enact an
act entitled an act to anticipate by counties or otherwise the construc-
tion of the State highway system, approved March fifteenth, nineteen
hundred and twenty; and

Whereas, the board of supervisors of Alleghany county have passed
a resolution, requesting the general assembly of Virginia to allow Alle-
ghany county to borrow the said sum of one hundred and fifty thou-
sand dollars, and to issue bonds therefor; therefore,

1. Be it enacted by the general assembly of Virginia, That the
board of supervisors of Alleghany county be, and they are hereby,
authorized and empowered to borrow the sum of one hundred and
fifty thousand dollars ($150,000.00) to be used solely for the building,
under the supervision of the State highway commission, of that portion
of route fourteen (14) of the State highway system, running from the
corporate limits of the town of Covington to the village of Low Moor
in Alleghany county.

2. Thesaid loan shall be effected by i issuing the bonds of Alleghany
county, signed by the chairman of the said board and countersigned
by the clerk, payable not more than ten (10) years after date of issue,
with the right to anticipate the payment of one or more of said bonds
after the expiration of five years from the date of issue; the said bonds
to be in the denomination of five hundred dollars or one thousand
dollars, or five thousand dollars each, in the discretion of said board
of supervisors, or partly of one and partly of the other of said denom-
nations, with coupons attached for semi-annual interest; said bonds
shall be numbered consecutively and shall contain a provision that
at any time after five years from the date thereof any or all of said
bonds, at the option of said board, may be paid off. And in case said
board of supervisors should wish to pay off any or all of said bonds at
the expiration of five years, or at any interest period thereafter, they
shall have the right to pay off any or all of said bonds at their option,
and shall give notice by publication in some newspaper published in
Alleghany county for four (4) consecutive weeks, of the numbers of
bonds so selected to be paid off, and thereupon said board of super-
visors shall be authorized to pay off said bonds so selected at any in-
terest period after the notice shall be made and published as afore-
said, thereupon interest shall cease upon said bonds at the next in-
terest period after the publication of the notice as aforesaid, and the
said board of supervisors may continue this method of payment of
said bonds from time to time until all of said bonds are paid off.

3. The board of supervisors may fix the rate of interest said
bonds shall bear, but such rate shall not exceed six per centum per
annum. .

4. The said board of supervisors shall have full power to nego-
tiate said bonds, at the same time or at different times, through an
agent or agents, or in any way they may think best, and may deposit
the proceeds in any one or more of the banks in Alleghany county,
Virginia, at such interest as may be obtained therefor, subject to their
order, pending the application of said proceeds for the purpose of
advancing the same to the State for the construction of the road afore-
said; provided, however, that they shall not negotiate any bonds issued
at six per centum for less than par value.

5. The board of supervisors of said county shall pay the interest
on said bonds out of the general county road levy, or shall levy a tax
sufficient to pay the interest thereon and to retire said bonds at ma-
turity, which levy shall be upon all the property subject to local taxa-
tion in said county, including the incorporated towns, and said board
of supervisors is hereby authorized to fix said levy by separate districts
or by a county levy, in their discretion, provided same shall be sufh-
cient to pay said interest and bonds at maturity.

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