An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1934 |
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Law Number | 300 |
Subjects |
Law Body
Chap. 300.—An ACT to amend and re-enact section 7 of an act entitled an act
to provide for the issuance of county bonds for constructing and operating
water supply systems in the magisterial districts of certain counties of the
State; to provide for the payment of the interest thereon and the principal
thereof at maturity, and to provide for the construction and operation of such
water supply systems, approved March 24, 1926, as heretofore amended.
[H B 82]
Approved March 29, 1934
1. Be it enacted by the General Assembly of Virginia, That section
seven of an act entitled an act to provide for the issuance of county
bonds for constructing and operating water supply systems in the mag-
isterial districts of certain counties of the State; to provide for the pay-
ment of the interest thereon and the principal thereof at maturity, and
to provide for the construction and operation of such water supply sys-
tems, approved March twenty-fourth, nineteen hundred and twenty-six,
as heretofore amended, be amended and re-enacted so as to read as
follows:
Section 7. The board of supervisors of the said county, shall have
authority to construct, maintain and operate for and on behalf of the
said district or districts public water supply system in accordance with
such rules and regulations as may be adopted by said board, and to fix
the rates at which water shall be supplied or furnished to consumers.
The net revenues derived from the operation of such water supply
systems shall be set apart by the said board to pay the interest on the
bonds so issued or to be issued, and create a sinking fund to redeem the
principal thereof at maturity. The board of supervisors is hereby
authorized and empowered to apply any part or all of said sinking fund
to the payment, if redeemable by their terms, or to the purchase of any
of said bonds, at any time, and all bonds so paid off or purchased by said
board of supervisors shall be immediately cancelled, and shall be retired,
and the board of supervisors is authorized and empowered to lend out,
upon real estate security, the loan not to exceed fifty per centum of the
assessed value of such real estate, or deposit in bank at interest all ac-
cumulations of money to the credit of said sinking fund and to collect
and reinvest the same and the interest ‘accruing thereon from time to
time, so often as may be necessary or expedient, until such bonds be-
come subject to call; provided, that no money to credit of said sinking
fund shall be loaned out or deposited or invested by the said board of
supervisors, unless said loan, deposit or investment shall be first ap-
proved by the circuit court of said county, or the judge thereof in va-
cation, and the form of the security be examined and approved by the
Commonwealth’s attorney of said county, which approval shall be en-
tered of record in the order book of said court.
The treasurer shall not be liable for any funds herein provided for
that shall be lost while on deposit made by order of the board of super-
visors with any bank or banks, or when invested in any real estate se-
curity as provided herein, but the board of supervisors may require of
any such bank a bond, with corporate or other surety, to secure such
deposit.
The boards of supervisors shall have authority to accept negotiable
notes or bonds in payment for water connection charges. Whenever
any such note or bond is accepted by said board in payment for such
charges, such note or bond shall be listed by the treasurer of the county
in a special book provided by the board of supervisors for that purpose,
which list shall set forth the name of the maker, the date thereof, the
amount due, and when and how payable, and shall be indexed in the
name of the maker in the general index for deeds in the clerk’s office
of the circuit court of the county. From and after the time such note
or bond has been so listed and indexed, it shall be a lien upon and
against the real estate upon which the water connection was made.
For the purpose of obtaining funds for maintaining the water sys-
tem and making additional connections, the board of supervisors shall
have authority to borrow money from time to time not in excess of the
unpaid balances due upon notes given in payment for water connection
charges in the hands of the board, and to assign and use such notes or
bonds as collateral security for the payment of the money so borrowed.