Chap. 592.—An ACT to allow School District No. 2, of Norfolk county, to borrow
money and issue bonds therefor.

Approved April 2, 1902.

1. Be it enacted by the general assembly of Virginia, That it shall be
lawful for the school district number two, in the county of Norfolk (Deep
Creek magisterial district), to borrow money not to excced the sum of
fifteen thousand dollars, and to issue bonds therefor.

2. That the money so borrowed by said board shall be expended in ac-
quiring lands for public free school purposes, and in the construction
and equipment of suitable and sufficient school buildings thereon in Deep
Creek magisterial district, in said county.

3. That the said bonds shall be in such denominations as the said board
shall prescribe, and bear interest not to exceed five per centum per an-
num, pavable annually, with interest coupons thereto attached, and the
principal thereof to be paid in not less than ten years nor more than
twenty years after the date thereof; the said board to reserve the priv-
ilege of paying the same at any time after ten years from the date of said
bonds, and they shall be in the form following:

Know all men bv these presents, that school district number two, in
the county of Norfolk, State of Virginia, is justly indebted to the
eee eee eeaee , or bearer, the sum of........dollars, redeemable
ten vears after the date hereof, at the option of the board of school trus-
tees for said school district, and payable twenty years after date, with
interest thereon at the rate of five per centum per annum from date,
pavable annually on surrender of the proper coupons hereto attached
until payment of the principal sum.

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

And the said bonds shall be signed by the chairman and attested bv
the clerk of said board, and have the corporate seal of said school district
iffixed thereto.

4. That any and all bonds which shall be issued in accordance with
the provisions of this act shall be a hen upon all the school property of
700 ACTS OF ASSEMBLY.

said school district number two, in the county of Norfolk, and the said
school property 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 at least one-twentieth of the principal of said bonds annually, and
shall include in annual estimate of the amount which shall be needed in
said district under clause eight, section fourteen hundred and sixty-six
of the Code of eighteen hundred and eighty-seven, a sum for that pur-
pose, in addition to What shall be necessary {o defray other lawful ex-
penses therein mentioned, which sum shall be appropriated to the pay-
ment of said interest, and provide a fund for the redemption of said
bonds; and it is further provided that it shall be lawful for said board
of trustees to include in their annual estimate for said school district
for the purpose of said redemption fund a district school tax of not more
than five cents on the hundred dollars of the taxable value of the prop-
erty in said school district, in addition to the tax provided for in the
third clause of section fifteen hundred and six of the Code of eighteen
hundred and eighty-seven ; and the board of supervisors shall levy a tax
on the property in said district not to exceed five cents on the hundred
dollars of taxable property therein for said redemption fund, in addition
to the tax provided for in third clause of section fifteen hundred and
six of the Code, as a special fund for redeeming said bonds, if required so
to do by the said board of school trustees.

5. And whenever any portion of said school district shall be amended
or taken into the corporate limits of any city, said city shall assume the
payment of the principal and interest of such an amount of said bonds
as will represent the expenditure of money raised under this act upon
the school buildings in that portion of said school district so annexed or
taken into the corporate limits of said city. And any city so annexing
any portion. of said school district shall do so with notice of and subject
to the provisions of this act.

6. The bonds to be issued under the provisions of this act shall not be
subject to any tax whatever by the county of Norfolk.

7. The said bond or bonds may be issued and sold by said board of
trustees for the purpose of raising said sum of moncy or any part thereof :
provided, they shall not be sold for less than their par value.

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