Chap. 25.—An ACT authorizing the councils of the city of Norfolk to issue
bonds not exceeding $25,000 for public school purposes in Atlantic City
ward.

Approved February 2, 1901.

1. Be it enacted by the general assembly of Virginia, That the coun-
cils of the city of Norfolk are hereby authorized and empowered, upon
the recommendation of the local hoard of improvement of Atlantie City
ward of said city to issue bonds of said city not exceeding the sum of
twenty-five thousand dollars for public school purposes, predicated upon
the assessed valuation of the real and personal property embraced in said
Atlantic City ward. The said bonds shall be payable at such time, not
exceeding thirty years from their dates, and at such rate of interest as
may be determined on by the councils. The procceds from the sale of
said.bonds shall be used for the purposes of returning to the special fund
in the hands of the city treasurer set apart for the improvement, protec-
tion, schools, police and other purposes of said ward the money tempo-
rarily advanced from said special fund for the purchase of lots on the
corner of Gradon and Moran avenues in said ward as a site for a public
school building and for the purpose of erecting thereon a public school
building and equipping the same. An account of bonds issued under thig
act shall be kept by the board of sinking fund commissioners of the city.
and also by the city treasurer. The amount necessary to pay the interest
on said bonds shall be annually reserved by the city treasurer out of the
tax levied for general purposes from the said ward to pay the interest on
the said bonds as it becomes due and payable. The said bonds shall not
be subject to any taxation by the city of Norfolk.

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