Chap. 527.—An ACT to amend and re-enact section 6 of an act entitled an act
to amend and re-enact an act to provide for the issuing of county bonds for
permanent road or bridge improvement, in the magisterial districts of the
counties of the State, and repealing all acts insofar as the same are in con-
flict herewith, approved September 5, 1919, approved March aha Be

B 293]
Approved March 25, 1926.

1. Beit enacted by the general assembly of Virginia, That section
six of an act entitled an act to amend and re-enact an act to provide
for the issuing of county bonds for permanent road or bridge improve-
ment, in the magisterial districts of the counties of the State, and re-
pealing all acts insofar as the same are in conflict herewith, approved
September fifth, nineteen hundred and nineteen, approved March
twenty-eighth, nineteen hundred and twenty-two, be amended and
re-enacted so as to read as follows:

Section 6. The board of supervisors, at their meeting, or as soon
thereafter as practicable, shall determine what amount of bonds for
road improvement in said district or districts, not exceeding the maxi-
mum aforesaid, and in event they do not at said meeting direct the
present issuing of all the said bonds, they may thereafter, from time
to time, direct the residue thereof to be issued to carry out the wishes
of the voters, so far as necessary, as expressed in such election, and in
event the board, for any reason, fails or refuses to issue the bonds so
authorized to be issued, the circuit court of the county may, upon the
complaint of ten qualified voters of the county and after ten days’
notice to the chairman of the board, for cause known, issue an order
directing them to issue the said bonds or any unissued residue thereof,
or such portion thereof as the court may, from time to time, deem
proper to be issued in order to enable the proper road authorities to
carry out the wishes of the voters as expressed in said election. And
this remedy shall apply to any bond issue heretofore or hereafter
authorized by voters of any district or districts. They shall have the
power to appoint agent or agents to sell said bonds (and to pay said
agent or agents a commission for negotiating said sale not to exceed
three per centum of the amount of bonds sold by them, or to pay such
sum to the purchaser of such bonds; provided, that said bonds shall be
sold to be paid for in lawful money only, and shall not be sold at less
than par value). When such a sale of bonds has been negotiated, the
board of supervisors shall issue the same. Such bonds may be either
registered or with coupons attached, as said board of supervisors may
prescribe, and shall have written or printed in ink the following sen-
tences: ‘These bonds are issued for road improvement in..........
magisterial district, but the full faith and credit of the entire county of
Lecce eee e eee is hereby pledged for their payment.”” Such bonds
shall be signed by the chairman and countersigned by the clerk thereof
under the seal of the board; shall be in denomination of one hundred
dollars or some multiple thereof; shall bear interest at a rate not ex-
ceeding six per centum per annum, payable semi-annually, both prin-
cipal and interest to be payable at such place or places as may be deter-
mined by the board of supervisors, and shall be payable not exceeding
thirty-four years from the date thereof at said office, but may, in the
discretion of the said board, be made redeemable at such time or times
within such period or periods and upon such notice as the said board
may prescribe and stipulate upon the face of the bonds when issued.
The board shall deliver them to the treasurer of the county, who shall
deliver said bonds to the purchasers thereof, or their order, upon the
payment of the price thereof. The delivery of bonds sn executed shall
be valid notwithstanding any change in the officers occurring after the
signing and sealing of the bonds. The said treasurer and his securities
shall be liable for the amount received for said bonds as though it were
a county levy, and said funds shall be expended for the purposes and
in the magisterial district or districts for which it was intended, and
none other. The said treasurer shall receive as compensation for his
services hereunder one-eighth of one per centum of the amount thus
coming into his hands, and also the reasonable cost to him giving
surety on such additional bond or bonds as may be required of him,
if any, on account of his receipts heretofore or hereafter of said funds,
and the board of supervisors of such county may direct the treasurer
to deposit the proceeds of said bond issue in such bank or banks as it
may approve, to the credit of the said treasurer, to be paid out on his
checks therefor, and at the rate of interest to be specified, and all in-
terest accrued therefrom shall be accounted for by said treasurer and
be expended for the purposes of the said road improvement, and in so
far as not necessary for said road improvement, shall be covered into
the sinking fund for the payment of the principal of said bonds, as
provided in section seven.

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