CHAP. 41.--An ACT to authorize Northampton county to borrow money and issue bonds for a sum not exceeding twenty thousand dollars ($20,000), for the purpose of building, improving and maintaining the public roads and bridges of Capeville magisterial di...

1. Be it enacted by the general assembly of Virginia, That the board of supervisors of Northampton county be, and it is, hereby authorized to borrow from time to time, as may be necessary, money not exceeding twenty thousand dollars ($20,000), for the magisterial district of Capeville, in said county, the said sums to be used for the purposes of building, improving and maintaining the public roads and bridges in said Capeville magisterial district.

2. The said loans shall be effected by issuing the bonds of said county, signed by the chairman of the said board of supervisors and countersigned by the clerk thereof, in denominations of five hundred dollars ($500) and one hundred dollars ($100) each, or either, as in the discretion of the said board may deem best, payable in not exceeding twenty (20) years after the date thereof, with coupons attached for the semi-annual payment of interest at a rate of interest not exceeding six per centum; provided, however, that any or all of the bonds shall, by the terms thereof, be made redeemable at the discretion of the said board at any time after the expiration of five years from the date of issue.

3. The said board shall have full power to negotiate the said bonds through an agent or by such other method as in its discretion may seem best, and deposit the proceeds in some bank or banks of the said county of Northampton, to be selected by the Capeville district road commission provided for by an act of the general assembly of Virginia of nineteen hundred and sixteen, entitled an act to provide a road commission for Capeville magisterial district, in Northampton county, and to repeal previous acts, enacted on the day of, nineteen hundred and sixteen, to the credit of said Capeville road commission and subject to its order; provided, however, that the said bonds shall be so negotiated for no less than their normal or par value, and the same shall not be issued except upon the approval of a majority of the citizens of the Capeville magisterial district, of said county, voting in election, exclusive of the citizens of the town of Cape Charles of said district, for which said issue is made, who were qualified to vote in the last preceding general election held therein, and such approval or non-approval, as the case may be, to be ascertained in an election to be held for that purpose in said Capeville magisterial district of said county, exclusive of the town of Cape Charles, upon an order of the circuit court of said county or the judge thereof in vacation, at any time after the enactment hereof, upon the petition of fifty (50) qualified voters of said magisterial district; said election to be had upon thirty days notice thereof duly posted at the front door of the courthouse of the said county and at each of the voting precincts of said magisterial district, exclusive of the town of Cape Charles, asking an election hereunder, said election to be conducted in the same manner and by the same election officers of said magisterial district in said county, who conducted the general election next preceding the same.

4. The ballots to be used in such election shall be prepared as the ballots used in other general elections and shall contain the words, "For the issue of bonds for public road improvement in Capeville magisterial district," and "Against the issue of bonds for public road improvement in Capeville magisterial district," and if upon the canvass of the ballots cast it shall be found that a majority of those voting are in favor of such bond issue, the fact shall be so reported, as on the results of other general elections, and the board of supervisors, upon receipt of notice of such result, shall proceed immediately to prepare, execute and negotiate such bonds accordingly.

5. After issuing the bonds, or any of them, provided for in this act, when the first levy is made by the board of supervisors a tax shall be levied on all property, except the property within the corporate limits of the town of Cape Charles, subject to local taxation in Capeville magisterial district in said county, in which the proceeds of such bonds have been or are to be expended, to pay interest on the bonds so issued and to create a sinking fund to redeem the principal thereof at maturity; and from year to year such levies shall be made on such property in said district until such debt, together with the interest thereon, is paid, the said levy not to exceed the sum of thirty (30) cents on the one hundred dollars ($100) of taxable property within such district.

6. An emergency arising by reason of the importance of the immediate execution of the provisions of this act, the same shall be in force from its passage.