Chap. 447.—An ACT to authorize the trustees of Maysville school district, in
Buckingham, to borrow money and issue bonds.

Approved March 29, 1902.

1. Be it enacted by the general assembly of Virginia, That it shall be
lawful for the board of school trustees of Maysville school district, in the
county of Buckingham, to borrow money, not to exceed the sum of one
thousand dollars, and to issue bonds therefor, to bear interest at a rate
not greater than five per centum per annum.

2. That the money so borrowed by said board shall be expended for the
purpose of improving, enlarging, or building a school-house, and other
purposes, in the discretion of said board, for school number one in said
district, and in paying such debts as may be hereafter contracted for the
purpose aforesaid.

3. That the said bonds shall be issued in such denominations, and shall
be payable at such time or times as the said board may prescribe, and bear
interest not to exceed five per centum per annum, payable annually, the
said board to reserve the privilege of paying the same at any time after
six months’ notice to the holder, and shall be in the form following:
454 ACTS OF ASSEMBLY.

Know all men by these presents, That Maysville school district, of the
county of Buckingham, is justly indebted to.......... , or bearer, in the
sum of....... dollars, redeemable, after six months’ notice to the holder,
at the pleasure of the board of school trustees of said district, and payable
on the....day of ........ to bearer, with five per centwm interest from
date, payable annually.

In testimony whereof, the board of school trustees of said district have
caused the corporate seal of said district to be affixed hereto, and caused
these presents to be signed by its chairman and attested by its clerk, this
... day of........ , and shall be signed by the chairman and clerk of
said board, and: have the corporate seal of the said district affixed thereto.

That when the said bonds shall be issued in accordance with this act,
the property of the said school district shall be pledged for the payment
of the principal and interest thereof, according to their tenor and date.
And the said board of school trustees shall provide for the payment of the
accruing interest, and may provide for the payment of at least one-twen-
tieth of the principal of said bonds annually, and may include in the an-
nual estimate of the amount of money which will be needed in the said
district, under clause eight of section fourteen hundred and sixty-six of
the Code of Virginia, a sufficient sum for that purpose in addition to what
shall be necessary to defray other lawful expenses therein mentioned,
which sum shall be appropriated to the payment of the said interest, and,
in the discretion of said board of trustees, provide a fund for the re-
demption of the said bonds.

4. That the said bonds may be issued and sold by the said board for the
purpose of raising the said sum of money: provided, that they shall not
be sold for less than their par value, and that they shall not be issued
after two years from the passage of this act.

5. This act shall be in force from its passage.