CHAP. 262.--An ACT to authorize the board.of supervisors of Accomac county to borrow a sum of money not exceeding $100,000.00, and to issue its refunding bonds therefor, for the purpose of paying a like amount of outstanding bonds of said county issued...

1. Be it enacted by the general assembly of Virginia, That the board of supervisors of Accomac county is hereby authorized and empowered to borrow money not exceeding one hundred thousand dollars, and issue bonds therefor, for the purpose of providing funds to redeem a like amount of outstanding bonds of said county issued for road improvement in the magisterial districts of Atlantic, Lee and Pungoteague, pursuant to an act approved March thirteenth, nineteen hundred and twelve, and designated as chapter one hundred and ninety-one of the acts of nineteen hundred and twelve, which are not yet due, and which by their terms are redeemable at a date prior to the final maturity date therein specified.

Said bonds shall be denominated "Refunding road bonds," shall be signed by the chairman of the board of supervisors of said county, attested by the clerk thereof, and the coupons thereon may bear the facsimile signatures of such officers. They shall in every case bear interest at a rate lower than that borne by the outstanding bonds which they are issued to redeem, and shall mature not later than the final maturity dates of the original bonds which they are issued to refund, provided, however, that any or all of the "Refunding roads bonds" so issued, shall by the terms thereof be made redeemable at such time or times as the board of supervisors may determine. They shall be of such denomination's as the said board may determine, with coupons attached for the semi-annual payment of interest at a rate not exceeding six per centum per annum, and shall be payable at such place or places within or without the State, and the bonds shall be of such form as the said board may determine. The said board shall have full power to negotiate the said bonds, either through an agent or by such other method as, in its discretion, may seem best, and the proceeds shall be immediately applied to the redemption of the bonds which they were issued to redeem. The original bonds shall be forthwith destroyed upon their redemption by the board of supervisors and a recital thereof spread upon its minutes.

2. That such bonds shall be issued only after notice has been given by the said board of the redemption of the original bonds for four weeks in the newspapers published in said county.

3. That where such refunding road bonds are issued as herein provided, they shall be deemed in every respect to stand in the place of the outstanding and redeemable bonds they are issued to refund, and to that end shall be an obligation of the said county, and such refunding road bonds shall in every case contain a recital, setting forth the specific statutory authority by virtue of which the original bonds were issued, and the particular magisterial district liable for the payment of the principal and interest thereof, but the faith and credit of the entire county shall be pledged for their payment, and all the proceedings authorizing said original bonds and sales and issuance of same are hereby validated.

4. That said refunding road bonds shall not be sold or negotiated by the board of supervisors for less than the par value thereof, including interest from their respective dates to the date of delivery to the purchaser.

5. That the board of supervisors of Accomac county shall provide for the annual levy and collection of a tax upon all of the taxable property within the magisterial district of such county originally liable in the premises, and subject to taxation for such purpose, and at such rate as will be sufficient to provide for the payment of the interest, and to provide a sinking fund for the payment of the principal of such refunding road bonds at maturity.

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