Chap. 114.—An ACT to authorize the school board of the town of Covington,
in the county of Alleghany, to borrow a sum of money not exceeding
$30,000 to meet notes for money borrowed by trustees for the purpose
of erecting the graded school building in said town, and to complete
the said building. [S B 190]

Approved March 9, 1918.

1. Be it enacted by the general assembly of Virginia, That the
school board of the town of Covington school district in the county
of Alleghany be, and they are hereby authorized to borrow a sum
of money not exceeding thirty thousand dollars to meet notes for
money borrowed by trustees for the purpose of erecting the graded
school building in said town, and to complete the said building.

2. The said school board shall issue its bonds in such denomina-
tions as the said board shall prescribe, for the money borrowed, bear-
ing a rate of interest. not exceeding six per centum per annum, which
bonds shall run not less than ten nor more than thirty years, with
the right reserved in said school board to pay them or any of them,
at any time after five years. Such bonds shall be signed by the
chairman and attested by the clerk of the said school board.

8. Said school board shall provide for the interest accruing
annually on said bonds, and shall set aside annually a sum equal to
at least one-twentieth of the principal of said bonds, as a sinking
fund for the ultimate redemption of said bonds, out of the district
school funds, which may from time to time be under its control.

4. Said bonds shall be either registered or coupon bonds. and
may be issued and sold by said board as herein above provided, but
shall not be sold for less than their par value.

5. Should the said school board elect to issue coupon bonds, then.
at any time after the expiration of five years, should the said school
board desire to redeem any or all of said bonds, as hereinbefore pro-
vided, notice of the intention to redeem shall be either by personal
notice to the owner, if he and his place of residence be known, or, in
the event the owner or his residence be unknown, the said notice of
intention to redeem shall be by publication directed to the original
owner of said bonds elected to be redeemed, for four successive weeks
in some newspaper published in Alleghany county, Virginia, notice,
in either event, to state the time and place at which said school board
intends to redeem; and the interest on said bonds so elected to be
redeemed, shall cease from and after the day so appointed in such
notice from their redemption.

6. As it is necessary for the provisions of this act to become ef-
fective promptly, in order that work may be completed on said
building an emergency exists, and therefore this act shall be in
force from its passage.