Chap. 70.—An ACT to authorize the school board of Washington magisterial
district, No. 5, of the county of Norfolk, to borrow money for the purpose
of school improvements in said district, and to issue bonds therefor, not
exceeding $40,000 in amount.

Approved February 28, 1910.

1. Be it enacted by the general assembly of Virginia, That the
school hoard of Washington magisterial district, number five, of the
county of Norfolk, be authorized and empowered to borrow money, not
to exceed the sum of forty thusand dollars, the same to be used for
school improvements in said district.

2. That the said school board may issue bonds not to exceed the
said sum of forty thousand dollars; the said bonds to be in denomina-
tions 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 years after the date thereof, and to be a lien upon all the school
property of said school district, number five, of the county of Norfolk.
The said school property shall be pledged for the payment of the prin-
cipal and interest thereof, according to their tenor and date, and the
sald bonds shall be in the form following:

Know all men by these presents, that the school board of W as
ington magisterial district, number five, of the county of Norfolk,
the State of Virginia, is justly indebted to ————_—— or bearer in the
sun of -___—_—— dollars, and bearing interest at the rate of five per
centum per annum from date, payable semi-annually on surrender of
the proper coupons hereto attached, until payment of the principal sum.
In testimony whercof the said school board of Washington magisterial
district, number five, of the county of Norfolk, has caused the corporate
seal of the same to be affixed and these presents to be signed by its
chairman and attested by its clerk this ——-—— day of nine-
teen hundred and

3. That in making sale of said bonds that shall be issued in aceord-
ance with the provisions of this act at no time shall the said bonds he
cold for less than their par value. And the said school board shell
provide for the payment of the accruing interest, and also for the prin-
cipal of said bonds, in such manner and by such means as it shall deem
hecessary.

4. That 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 purposes hereinbefore sct out.

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