Chap. 154.—An ACT to authorize and empower the board of supervisors of
any county having authority to acquire, construct and operate a water supply
system or systems under authority of chapter one hundred seventy-five of
the Acts of Assembly of nineteen hundred forty-six, and as amended, and
the board of supervisors of such counties when and if authorized and em-
powered by the Acts of the General Assembly of nineteen hundred forty-
eight to acquire, construct, and operate a sewer system or sewer systems in
any such county, to purchase any such systems from any sanitary district
in any such county and to make just and commensurate payment to such
sanitary district or districts by way of cash settlement and/or the assumption
of any indebtedness against any such sanitary district by reason of any such
system or systems; to authorize the board of supervisors to make loans,
deposits or investments of any funds on hand to pay any such indebtedness
until any such indebtedness may become callable. {H 257)

Approved March 6, 1948

Be it enacted by the General Assembly of Virginia:

1. Section 1. That the board of supervisors of any county
having authority to acquire, construct and operate a water supply
system or systems under authority of chapter one hundred seventy-
five of the Acts of Assembly of nineteen hundred forty-six, and as
amended, and the board of supervisors of any such county when
and if authorized and empowered by the Acts of Assembly of
nineteen hundred forty-eight to acquire, construct and operate a
sewer system or sewer systems in any such county, be, and they
are authorized and empowered to purchase any of such systems
from any sanitary district in any such county and to make a just
and commensurate payment to such sanitary district or districts
by way of cash settlement and/or the assumption of any indebted-
ness against any such sanitary district by reason of any such system
or systems. If there be a sanitary district, in any such county,
having both a water supply system and a sewer system, the board
of supervisors of any such county may, in their discretion, purchase
either or both of such systems, and if there be a single indebtedness
against both such systems and the said board of supervisors elects
to purchase only one such system, then said board is authorized
and empowered to assume such indebtedness in whole or in part.
If any such indebtedness be not immediately payable, or callable
within one year from January one, nineteen hundred forty-eight,
any such board of supervisors is hereby authorized and empowered
to lend out the amount of the indebtedness, or less, until such
indebtedness is callable, upon real estate security, the loan not to
exceed fifty per cent of the appraised value of said real estate, or
deposit in bank at interest the amount of the indebtedness, or less,
or both, not to exceed the amount of the indebtedness, or may
invest any part or all of the amount of such indebtedness in securi-
ties designated by law as proper investments for fiduciary funds;
provided, that no such funds shall be loaned out or deposited or
invested by any such board of supervisors, unless such loan, deposit
or investment shall be first approved by the Circuit Court of said
county, or the Judge thereof in vacation, and the form of security
be examined and approved by the Commonwealth’s attorney of
such county, which approval shall be entered of record in the
proper order book of the said Court. The treasurer of the county
shall not be liable for any funds herein provided for that shall be
lost while on deposit made by order of the board of supervisors
with any bank or banks, or when invested in any real estate security
as provided herein, but the board of supervisors may require of any
such bank a bond with corporate security or adequate collateral
to secure such deposit.

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