Chap. 270.—An ACT to allow school district number one, of Norfolk county,
to borrow money and issue bonds therefor.

Approved February 16, 1901.

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

2. That the money so borrowed by said board shall be expended in
acquiring lands for public free school purposes and in the construction
and equipment of suitable and sufficient school buildings thereon in West-
ern branch 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, payable 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 privi-
lege 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 by these presents, That school district number one, in
the county of Norfolk, state of Virginia, is justly indebted to the
or bearer the sum of dollars, redeemable ten years after the date
hereof, at the option of the board of school trustees for said school dis-
trict, and payable twenty years after date, with interest thereon at the
rate of five per centum per annum from date, pavable annually, on sur-
render of the proper coupons hereto attached until payment of the prin-
cipal 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 the said bonds shall be signed by the chairman and attested by
the clerk of said board, and have the corporate seal of said school dis-
trict affixed thereto.

4. That any and all bonds which shall be issued in accordance with
the provisions of this act shall be a lien upon all the school property of
said school district number one, 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 the 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
purpose in addition to what shall be necessary to defray other lawful
expenses 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 property in said school
district in addition to the tax provided for in the third clause of section
fifteen hundred and six of the code, eighteen hundred and eighty-seven.
and the board of supervisors shall levy a tax on the property in said dis-
irict 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
anv 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 money or any part thereof :
ale they shall not be sold for less than their par value.

. This act shall be in force from its passage.