Chap. 229.—An ACT to authorize the school board of Atlantic magisterial
district, of the county of Accomac, to borrow money for the purpose of
erecting, providing, and furnishing school. houses in said district, and to
provide for the payment of the amount which may be borrowed.

Approved March 15, 1906.

1. Be it enacted by the general assembly of Virginia, That the school
hoard of Lee magisterial district of the county of Accomac, may borrow
not exceeding four thousand dollars ($4,000.00), for the purpose of
erecting and furnishing school houses in said district.

2. That said board shall issue its bond or bonds for the money hor-
rowed, payable at such time or times as may be agreed upon, not exceed-
ing fifteen ycars 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
lerk of the said board, and countersigned by the chairman of the board.
f supervisors of said county, sealed with the county seal, and attested by
he county clerk.

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

4. The said board shall annually report to the board of supervisors
f said county the amount of the debt outstanding and the amount and.
ondition of the sinking fund.

5. An emergency existing, in this that arrangements for the erection
f school houses should be promptly made in order to have them ready
or the next session, this act shall be in force from its passage.