CHAP. 217.—An ACT to authorize the school board of Luray corporation
school district number 5 of the county of Page to borrow money and
to issue bonds therefor for the purpose of discharging the outstand-
ing indebtedness against said school district and to provide for the
payment of said bonds. (H. B. 252.)

Approved March 17, 1916.

Whereas, there is an outstanding indebtedness of twelve
thousand dollars against Luray corporation school district num-
ber five of the county of Page which was incurred in the con-
struction and equipment of Luray high school building in said
district, and it is desired to pay off and discharge said indebted-
ness by issuing bonds therefor; now, therefore.

1. Be it enacted by the general assembly of Virginia, That
said school board be, and is hereby authorized to borrow not
exceeding the sum of twelve thousand dollars, and to issue its
bond or bonds for the money so borrowed, payable at such time
or times as may be agreed upon not exceeding twenty years
after their date, and interest not exceeding the legal rate, pay-
able annually or semi-annually, as may be agreed upon.

Such bond or bonds shall be signed by the chairman, and at-
tested by the clerk of said school board.

From the school levy. for said district there shall be paid as
it matures the interest on the bond or bonds hereby authorized,
and there shall be set aside annually as a sinking fund such
sum as will provide for the payment of the principal when and
as it matures. .

The said board shall annually report to the council of the
town of Luray the amount of the debt outstanding, and the
amount and condition of the sinking fund.

By reason of the necessity of consummating the result
provided in this act, and reducing the rate of interest at the
earliest date, an emergency exists and this act shall be in force
from its passage.