Chap. 94.—An ACT to authorize the school board of Western Branch magis-
terial district, No. 6, of the county of Norfolk, to borrow money for the pur-
pose of school improvements in said district, and to issue bonds therefor,
not exceeding $50,000 in amount.

Approved March 8, 1906.

1. Be it enacted by the general assembly of Virginia, That the school
loard of Western Branch magisterial district, number one, of the county
of Norfolk, be authorized and empowered to borrow money, not to exceed
the sum of fifty thousand dollars, the same to be used for school improve-
me atts in said district.

That the said school board may issue bonds not to exceed the said
atm of fiftv thousand dollars; the said bonds to be in denominations of
five hundred dollars and one thousand dollars, to bear interest not to
exceed five per centum per annum, payable semi-annually, with interest
coupons attached thereto, and the principal thereof to be paid twenty
vears after the date thereof, and to be a lien upon all the school property
of said school district number one, of:the county of Norfolk. 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 bonds
shall be in the form following:

Know all men by these presents, that the school board of Western
Branch magisterial district, number one, of the county of Norfolk, in the
State of Virginia, is justly indebted to ———————., or bearer, in the
sum of ——————— dollars, redeemable fifteen years after date hereof,
and bearing interest at the rate of five per centum per annum, from date.
payably semi-annually on surrender of the proper coupons hereto at-
tached. until payment of the principal sum. In testimony whereof the
said school board of Western Branch magisterial district, number one, of
the county of Norfolk, has caused the corporate seal of the same to be
aftixed. and these presents to be signed by its chairman, and attested by its
clerk. this the day of . nineteen hundred
and

2. That in making sale of the said bonds that shall be issued in ac-
cordanee with the provisions of this act at no time shall the said bonds
be sold for less than their par value. And the said school board shall
provide for the payment of the accruing interest, and also for the prin-
cipal of said bonds, in such a manner and by such means as it shall deem
necessal y.

4. The said bonds may be issued and sold by the said school board for.
the purpose of raising said sum of money, or any part thereof, only for
the purpose hereinbefore set out.

5. The necessity of raising money for the purposes of school improve-
ments in this district creates emergency, and this act shall be in force
from its passage. -