Chap. 133.—An ACT to authorize the board of supervisors of Madison county
to issue bonds of Madison county to refund outstanding bonds of said county,
issued on behalf of said county, and to authorize the levy of a tax for the
payment of the principal and interest on said bonds when issued. [fH B 335]

Approved March 20, 1930

Whereas, at an election held on the eighteenth day of May, nine-
teen hundred and twenty, in the county of Madison, State of Virginia,
under an order of the circuit court of said county, entered on the
ninth day of March, nineteen hundred and twenty, a majority of the
qualified voters of the said county of Madison voting on the question
of issuing bonds for the purpose of constructing, macadamizing or
otherwise permanently improving certain roads in the county of Madi-
son as set out and described in the order of the circuit court of Madi-
son county, entered as aforesaid on the ninth day of March, nineteen
hundred and twenty, voted in favor of the same, and authorized the
issuance of bonds of the said county to an amount not exceeding two
hundred and sixty-three thousand dollars; and,

Whereas, by an act of the general assembly of Virginia, approved
March fifteenth, nineteen hundred and twenty-two, and known as chap-
ter two hundred and fifteen of: the acts of the general assembly of
nineteen hundred and twenty-two, page four hundred and seven, the
said election held in the said county of Madison on the eighteenth day
of May, nineteen hundred and twenty was validated, ratified, approved
and confirmed, and the bonds issued and to be issued in pursuance
thereof were validated, ratified, approved and confirmed and declared
to be valid and binding obligations of the said county of Madison; and,

Whereas, the board of supervisors of Madison county, in pur-
suance of the authority conferred upon them as above set forth, issued
said bonds, eighty thousand dollars of which will be payable on the
first day of July, nineteen hundred and thirty-one, one hundred thou-
sand dollars of which will be payable on the first day of May, nineteen
hundred and thirty-two, and fifty-five thousand dollars of which will
be payable on the first day of February, nineteen hundred and thirty-
three; and,

Whereas, the said bonds so issued bear interest at the rate of six
per centum per annum; and,

Whereas, the said board of supervisors of Madison county desires
to refund the said bonds at a rate of interest not exceeding five per
centum per annum, payable semi-annually; now, therefore,
1. Be it enacted by the general assembly of Virginia, That the
said board of supervisors of Madison county may, in its discretion,
redeem eighty thousand dollars of said bonds upon any interest pay-
ment date on or after the first day of July, nineteen hundred and thirty-
one, one hundred ‘thousand dollars of said bonds upon any interest
payment date on or after the first day of May, nineteen hundred and
thirty-two, and fifty-five thousand dollars of said bonds upon any inter-
est payment date on or after the first day of February, nineteen hun-
dred and thirty-three, in the manner provided in said bonds, and said
proceedings, and for that purpose may issue bonds of the county of
Madison in an aggregate amount not exceeding two hundred and thirty-
five 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, in such denominations and with such provisions as to
time, place and medium of payment as said board of supervisors may
determine, subject to the limitations and restrictions of this act. Said
bonds may be coupon or registered bonds, and shall be signed in such
manner as may be determined by said board of supervisors, and the
delivery of said bonds signed by officers in office at the time of such
signing shall be-valid and binding, notwithstanding any change in offi-
cers occurring after such signing. |

2. The said board of supervisors may sell said bonds at not less
than par and accrued interest, at any time not more than sixty days
prior to the date which shall have been fixed by the said board as the
date upon which said outstanding bonds shall be redeemed. The pur-
chasers of said bonds shall be without responsibility to see to the appli-
cation of the funds received in payment for said outstanding bonds.

3. The board of supervisors of Madison county is further author-
ized to levy annually a special tax on all taxable property liable to
county taxes in said county for the special purpose of paying the prin-
cipal and interest on all bonds issued under this act, as such principal
and intérest become due and payable, which said tax shall be in addition
to all other taxes authorized by law to be levied in said county.