Chap. 122.—An ACT to authorize the school board of Washington magisterial
district No. 5, of the county of Norfolk, Virginia, to borrow money for
the purpose of school improvements in said district, and to issue bonds
therefor, not to exceed the sum of $14,000 in amount. [S B 328]

Approved March 9, 1918.

1. Be it enacted by the general assembly of Virginia, That the
school board of Washington magisterial district number five, of the
county of Norfolk, Virginia, be authorized and empowered to borrow
money, not to exceed the sum of one thousand dollars, the proceeds
of such loan to be used for school improvements in said district.

2. The said school board may issue bonds not to exceed the sum
of fourteen thousand dollars, to bear interest not to exceed five per
centum per annum, payable semi-annually, with interest coupons at-
tached thereto, and the principal thereof to be paid twenty (20)
years after date thereof, said bonds to be a lien upon all the school
property of said school district number five in said county of Nor-
folk. The said school property shall be pledged for the payment
of the principal and interest of said bonds, as therein set forth, and
as shown by interest coupons thereto attached, which said bonds shall
be in form as follows:

Know all men by these presents, that the school board of Wash-
ington magisterial district, number five, of the county of Norfolk,
in the State of Virginia, is justly indebted to and promises to
DAY 2 cece ccs eeaee the sum of one thousand dollars, bearing interest
it the rate of five per centum from date, payable semi-annually on
urrender of proper interest coupons hereto attached, until said prin-
ipal sum shall be paid in full.

In testimony whereof, the said school board of said Washington
agistera) district number five, of the county of Norfolk, Virginia,
ath caused the corporate seal of the same to be affixed and these
resents to be signed by its chairman and attested by its clerk, this
we .... day of ............ , nineteen hundred and .........

3. The said bonds shall be in denominations of one thousand
oars each, and in making sale of same in accordance with the
rovisions of this act, such bonds shall in no event be sold at less
an par value thereof. And the said school board shall provide for
e@ payment of the accruing interest on said bonds, or so many
ereof as may be issued and sold, and also for the payment of the
principal of said bonds, in such manner and by such means as it
shall deem necessary.

4. The said bonds, or any one or more of same, may be issued
and sold by the said school board, only for the purposes herein set
forth.

5. The necessity for raising money for the purpose of aforesaid
improvements in said district, creates an emergency, and this act
shall be in force from its passage.