Chap. 398.—An ACT to amend and re-enact an act entitled ‘“‘an act to authorize
School District No. 4, in Elizabeth City county, to borrow money,” ete., ap-
proved January 16, 1902.

Approved March 29, 1902.

1. Be it enacted by the general assembly of Virginia, That school dis-
trict number four, in the county of Elizabeth City, be, and the same is
hereby, authorized and empowered to borrow money to an amount not
exceeding seventeen thousand dollars, and to issue coupon bonds therefor.
Such bonds shall bear interest at a rate not exceeding six per centum per
annum; shall be sold at not less than par, and shall be payable not less
than thirty nor more than fifty years from the date of issue. Such bonds
may be issued for such sums (not exceeding seventeen thousand dollars
in the aggregate), in such series and at such time or times, and each of
such denomination as may be determined upon by the said school board.

2. The proceeds of the sale of such bonds shall be used for the build-
ing and equipment of a new school building in the town of Phcebus, in
Elizabeth City county, providing furniture and apparatus therefor, and
for such addition or betterment thereto as the said school board of said
district may determine upon: provided, that the purchaser or purchasers
of any bonds issued under this act shall not be liable for the application
of money arising from their sale.

3. All bonds issued pursuant to the authority of this act shall be
signed by the chairman of the said district school board and counter-
signed by the clerk thereof, and have attached thereto the corporate seal
of the said school board of the said district, and attested by the clerk.
Each of the coupons attached to the said bond shall be in such amount
as will cover the semi-annual interest accruing on the bond to which it is
attached.

4. It shall be the duty of the board of supervisors of Elizabeth City
county to make a levy on the real and personal property in school district
number four, in the county of Elizabeth City, sufficient to pay—first, the
annual interest on such bonds as may be issued under this act, and then
for all other district school purposes ag is now provided by law; and
after fifteen years from the time of the issue of such bonds, the said
board of supervisors shall make such sufficient and additional levy as
may be necessary to create a sinking fund for the redemption of such
bonds at maturity, but the tax so levied shall not excced the maximum
prescribed in the third sub-division of section fifteen hundred and six
of the Code of Virginia, eighteen hundred and eighty-seven. All taxes
levied pursuant to the authority of this act shall be collected by the
treasurer of Elizabeth City county, out of which he shall pay interest on
the said bonds as the coupons fall due, and the additional levy to pay off
the said bonds as they fall due is to be invested as the said board of
school trustees for district number four, in the county of Elizabeth City,
may direct.

5. An act of the general assembly entitled “an act authorizing the
county school board of Elizabeth City county to borrow ten thousand dol-
lars and issue bonds therefor for the building and equipment of a new
school-house in the town of Phoebus,” approved February eleventh, nine-
iven hundred and one, is hereby repealed.
i. i. AMI acts or parts of acts inconsistent with this act are hereby repealed.
. This act shall be in force from its passage.