The Richmond Virginian. (Richmond, Va.) 1910-1920, 1912-04-21

OF the principal OF Soid Donds, ana
for no other purpose. Should for any
reason the county IN any way have,
to assume any payment on account
of said bond issue. either interest or
principal. 1t is hereby provided that the
board Of supervisors shall levy such
tax In said magisterial district as may
be necessary TO defray the amount
assumed by the county.
The board of supervisors Is hereby
authorized and empowered to apply
any part or all of said sinking fund
to the payment or purchase of any said
bonds. at any time. and all bonds SO
paid off or purchased by said board
of supervisors shall be Immediately
cancelled, and shall not be re-issued,
and the board of supervisors are au-
thorized and empowered to lend OUT,
upon real estate security. the loan not
to exceed fifty per centum of the as
sessed value Of such real estate. or
deposit in bank at interest. all accumu-
lations Of money to the credit of said
sinking fund, provided az aforesaid,
and to collect and reinvest the same
and the interest accruing thereon
thereon from time to time. SO often
as may be necessary or expedient, UNI
til such bonds become subject TO
call: provided. that no money to the
credit OF said sinking fund shall be
loaned out or. deposited or Invested
by the said board of supervisors. un-
less said 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 the security be examined and ap-
proved by the Commemorative at
torney Of said county. which approval
shall be entered of record in the or
der book Of said cour,.
Redeem Bonds.
s. When the said county wishes to
redeem any Of its outstanding bonds.
subject to call. issued under the pro-
visions of this act. 1t may. through
the chairman of the board of super
visors. give notice of its readiness to
do so to the holder in person, or by
publication thereof once week for
two successive weeks In a newspaper
published i'll said county. or nearest
thereto 1t shall be sufficient in the
notice to give the number and amount
of each bond and fix a day for its
presentation for payment. which shall
not be less than ten days from the
date of personal service of the notice.
or the completion Of the publication
thereof. as the case may be.
II the bond be not presented on the
day fixed for its redemption. interest
thereon shall cease from that day.
Letting the Contract.
Q. The said local road authorities OF
the county shall apply TO the State
highway commissioner for. or shall
employ n competent road engineer,
whose selection shall be approved by
he State highway commissioners. to
make plans and specifications OF all
roads or bridges TO pc built or per-
manently improved from the proceeds
of such bond issue. and to supervise
the building Of the same. and shall let
the work to contract to the lowest
responsible bidder. after due public
access to the specifications and due
public advertisement for bids for at
least two consecutive weeks III a news
paper having a general circulation III
such county. and In such publication
as the State highways commissioner
may deem proper. If any, for the fur
nishing for all material and for the
construction Of such road according
to such plans and specifications, and
such State highways commissioner ana
the local road authorities, acting
Jointly, may award such contract to
the lowest responsible bidder. The
local road authorities of the county In
which any portion of such road lies
may offer bids. and be awarded such
contracts for or on behalf of SUCH
county. Such commissioner and local
road authorities may reject any and
all bids. and before entering into any
contract with any bidder other than
the local road authorities. they shall
require a bond in the penalty OF at
least thirty per centum of the con-
tract price. with sufficient security con-
ditioned that II the proposal shall
be accepted the contractor VIII furnish
the material and perform the work
upon the terms proposed. within the
time prescribed, and in accordance
with the plans and specifications; par
tiaI payments may be provided Tor IN
the contract and paid in the manner
herein provided when certified to by
such commissioner or road engineer
approved by him to an amount nor
exceeding ninety per centum of the
value of the work done, and ten per
centum OF the contract price shall he
retained until ninety days after the
entire work has been accepted and
open 10 the public. The said con-
tractor shall conform to all reasona-
bla regulations and directions OF the
said highways commissioner or road
engineer. The board OF Supervisors
or local road authorities shall have
no mower or authority to expend the
money derived from the bond sales as
aforesaid. except to pay for materials
furnished and work done under SUPER
vision and contract as a1oresaid.
10, No election upon the question
of the issuance OF bonds under this
act shall he held oftener than once
in two years for the same magisterial
district.
II. An emergency existing in order
that the masisterial districts OF the
counties of the State may vote upon
the question of issuing ponds. this
act shall. be IN force from its passage.
What the Presby tcrians Propose.
The executive commission OF the
Presbyterian General Assembly has
prcpar~tsa budget fer the year heAtn-