CHAP. 181.—An ACT authorizing district or city school boards to borrow
money on short time loans at any time during the years 1916 and 1917.

B. 505.)
Approved March 16, 1916.

Whereas, some of the school districts of the State find it
necessary to make temporary loans in order to adjust them-
selves to a new system of taxation; therefore,

1. Be it enacted by the general assembly of Virginia, That
the several district or city school boards of the State, desiring
to borrow money for the purpose aforesaid, bé, and the same
are, hereby authorized to borrow a sum of money which shall
not exceed the amount of the district levy for the year in which
the loan is negotiated, such loans to be repaid at such time or
times within the space of five years as may seem best to the re-
spective school boards and to bear interest at a rate not exceed-
Ing six per centum per annum.

2. The privileges conferred by the provisions of this act
shall not extend longer than the first day of January, nineteen
hundred and eighteen.

3. An emergency existing by reason of the facts stated in
the preamble, this act shall be in force from its passage.