Chap. 171.—An ACT to authorize the school board of Lee magisterial district.
of the county of Accomac, to borrow money for the purpose of erecting and
furnishing school-houses in said district, and to provide for the payment of
the amount which may be borrowed.

Approved March 14, 1906.

1. Be it enacted by the general assembly of Virginia, That the school
board of Lee magisterial district, of the county of Accomac, may borrow
not exceeding five thousand dollars ($5,000.00), for the purpose of erect-
ing and furnishing school houses in said district.

2. That said board shall issue its bond or bonds for the money bor-
rowed, payable at such time or times as may be agreed upon, not ex-
ceeding fifteen years after their issue, bearing interest not exceeding the
legal rate, and payable annually or semi-annually, as may be agreed upon.

Such bond or bonds shall be signed by the chairman and attested by
the clerk of the said board, and countersigned by the chairman of the
hoard of supervisors of said county, sealed with the county seal, and
attested by the county clerk.

3. From the school levy for said district there shall be paid, as it ma-
tures, the interest on the bond or bonds hereby authorized, and there
shall be set aside annually, as a sinking fund, such sum as will provide
for the payment of the principal when it matures. Such sinking fund
shall be invested in the bonds hereby authorized, or in such other securi-
ties as the said board may, with the approval of the division superinten-
dent of schools for said county select.

+. The said board shall annually report to the board of supervisors of
said county the amount of the debt outstanding and the amount and con-
dition of the sinking fund.
5. An emergency existing, in this that the arrangements for the erec-
tion of the school houses should be promptly made in order to have them
ready for the next session, this act shall be in force from its passage.