Chap. 59.—An ACT to authorize the school board of the city of Manchester to
borrow money and issue bonds.

Approved February 4, 1903.

1. Be it enacted by the general assembly of Virginia, That it shall be
lawful for the school board of the city of Manchester to borrow monev
not to exceed the sum of fifteen thousand dollars, and to issue a bond or
bends therefor, to bear interest at a rate not greater than five per centum
per annum, for the purpose of building additional school-houses for the
accommodation of the school children, and there being pressing demand
fer immediate action in the preniuses.

That the money so borrowed by the said board shall be expended for
Luilding and equipping a school-house, to such an extent and in such
manner as to the said board shall seem most judicious, on the lot at the
southeast corner of Bainbridge and Eleventh streets, in the said city,
fronting one hundred and thirty-two feet on the south side of said Bain-
bridge street, and running back between parallel lines one hundred and
fifty “five fect, to an alley, or on any other Jot that may be selected for
the purpose, ‘and in paving the debts hereafter contracted by the said
hoard for the said purpose, the consent of the citv council of the citv
of Manchester having been first had and obtained for the use of the said
lot, or any other lot used for the purposes aforesaid,

3. That a bond or bonds shall be issued in such denominations as the
said board shall prescribe, which shall bear interest at a rate not to
exceed five per centum per annum, payable semi-annually, and the prin-
cipal thereof to be paid in not Jess than ten nor more than thirty-four
years after date, the said hoard to reserve the privilege of paying the
seme at any time after ten vears, and shall be in the form following:

Know all men by these presents, That the school hoard of the city of
Manchester, in the State of Virginia, is justly indebted te ——WH\—,
or bearer, in the suin of ———————— dollars, redeemable at the pleasure
of the said board, at any time after the expiration of ten vears from the
date hereof, and payable on the dav of ——————_,, nineteen
—_—__—_—_———., to bear interest at the rate of five per centum per annum,
fiom date, payable semi-annually.

In testimony whercof, the school hoard of the city of Manchester has
caused the corporate seal of the said hoard to be affixed hereto, and these
presents to be signed by its chairman and attested by its clerk, this, the
————_—_————. dav of . nincteen .

And the same shall be signed by the chairman and the clerk of the
said board, and have the corporate seal of the said board affixed. The
said bond or bonds may be either registered or coupon bonds, and, if
coupon bonds, the coupons shall be in ‘the usual form of such securities ;
and the coupons atiached, if coupon bonds, shall be signed by the said
chairman and clerk of the said board.

4. That, upon the consent of the city council of the said city of Man-
chester first being given and obtained, the said bond or bonds may be
issued, in accordance with this act, and the said lot on Bainbridge street,
alove mentioned and described, or such other lot as may be selected and
decided upon to be conveved for such purposes, the city council of the

said city to designate the lot to be thus conveyed for such purposes, and
is hereby empow ered to designate either the lots upon which the sehool-
houses of the said city now stand, or any one of them, or any other lot
that the said city shall acquire, s shall be pledged for the principal and
intercst thereof, according to its or their tenor and effect, and the said
bonds, if more than one be issued, shall be made of the same date and
dignity; and the said bond or bonds shall be secured, according to the
terms and conditions herein contained and expressed, by a deed ‘of trust
conveving the said lots, or lot, with the buildings thereon, selected and
decided upon to be conveved for said purposes, designated by the said
city council of the said city, as above provided for, in trust, for that
purpose; and the said hoard is authorized to direct and empower its
chairman to execute such deed of trust, and the chairman of the said
board is authorized, upon such direction and authorization of the said
board, to execute such deed of trust to sceure the payment of the said
bond or bonds, when it or they are issued, as above provided for. And
the said board shall provide for the payment of the accruing interest and
at least one thirtv-fourth of the principal of the said bond or bonds,
annually, and shall include in the annual cstimate of the amount of
money which will he needed in the said city 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 the other
lawful expenses therein mentioned, which shall be appropriated to the
payment of the said interest, and providing for a sinking fund for the
redemption of the said bond or bonds. The proceeds of the sales of the
said hond or bonds, when the same are sold, and the moneys appropriated
for the said sinking fund, shall be placed in the city treasury, and paid
out only upon the warr rant of the said board in the usual form, for the
purposes aforesaid.

5. That the said bond or bonds mav be issued and sold by the said

board for the purpose of raising the said sum of money, or any sum not
exceeding the said sum of fifteen thousand dollars: provided, that neither
it nor thev shall be sold for less than its or their par value.

This act shall be in force from its passage.