Chap. 344.—An ACT to authorize the board of supervisors of Scott county to
issue bonds of Scott county to refund outstanding bonds of said county is-
sued on behalf of Estillville magisterial district, and to authorize the levy
of a tax for the payment of the principal and interest of said bonds, and to
validate said outstanding bonds. [S B 374]

Approved March 21, 1928

1. Be it enacted by the general assembly of Virginia, That the
bonds of the county of Scott heretofore issued by the board of super-
visors of said county, on behalf of Estillville magisterial district in
said county, pursuant to the provisions of chapter three hundred and
fifty-eight of the acts of nineteen hundred and sixteen, consisting of
bonds of the aggregate face amount of seventy thousand dollars. dated
the first day of April, nineteen hundred and sixteen, bearing interest
at the rate of five and one-half per centum per annum, payable annually
upon the first day of April in each year, and maturing in annual in-
stallments of two thousand, five hundred dollars each, on the first day
of April in each of the years nineteen hundred and twenty-nine to
nineteen hundred and fifty-six, inclusive, and now outstanding, and all
proceedings taken for the issuance of said bonds, are hereby legalized,
validated and confirmed. |

2. Said board of supervisors may, in its discretion, redeem said
bonds upon any interest payment date on or after the first day of
April, nineteen hundred and twenty-six, in the manner provided in
said bonds, and said proceedings, and for that purpose may issue bonds
of the county of Scott in an aggregate amount not exceeding seventy
thousand dollars, which bonds shall run not longer than thirty years
from their date, and shall bear interest at a rate not exceeding five
per centum per annum, payable semi-annually, and shall be issued in
such form and with such provisions as to time, place and medium of
payment as said board of supervisors may determine, subject to the
linutations and restrictions of this act. Said bonds may be coupon
or registered bonds, and if issued in coupon form may be registered
as to principal only or as to both principal and interest. Said bonds
shall be signed in such manner as may be determined by said board of
supervisors, and the delivery of bonds signed by officers in office at
he time of such signing shall be valid, notwithstanding any change
n officers occurring after such signing.

3. The board of supervisors may sell said bonds, at not less than
yar and accrued interest, at any time not more than sixty days prior
0 the date which shall have been fixed by said board as the date upon
which said outstanding bonds shall be redeemed. The purchasers
of said bonds shall be without responsibility to see to the application
of the funds received in payment for said bonds.

4. The board of supervisors is further authorized to levy annually
1 special tax, ad valorem, on all taxable property lable to county or
district road tax in Estillville magisterial district in said county, for
the special purpose of paying the principal and interest of all bonds
issued under this act, as such principal and interest become due, which
tax shall be in addition to all other taxes authorized by law to be levied
in said district. The full faith and credit of the entire county of
Scott shall be pledged for the payment of such principal and interest,
and said board of supervisors, if it becomes necessary, shall levy a
tax upon all the taxable property in said county sufficient to pay
said principal and interest as they become due.

5. The powers granted by this act are granted in addition to and
not in substitution for the existing powers of Scott county, and are not
subject to any debt limitations or other limitation or restriction pre-
scribed by any other law.

6. It being necessary that immediate steps be taken for the purpose
of providing funds so that said outstanding bonds of Scott county
can be called for redemption on the first day of April, nineteen hun-
dred and twenty-eight, an emergency exists, and this act shall be in
force from its passage.