CHAP. 509.—An ACT to authorize the school board of Lebanon magisterial
district, No. 5, of the county of Russell, to borrow money for the pur-
pose of school improvements in said district, and to issue bonds there-
for, not exceeding $25,000.00 in amount, and to provide for an elec-
tion by the qualified voters in said magisterial district.

; (H. B. 501.)

Approved March 23, 1916.

1. Be it enacted by the general assembly of Virginia, That
the school board of Lebanon magisterial district, number five,
of the county of Russell, be authorized and empowered to borrow
money, not to exceed the sum of twenty-five thousand 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.
denominations of five hundred dollars and one thousand dollars,
to bear interest not to exceed five per centum per annum, pay-
able 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 Russell. 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 said bonds shall be in the form following:

Know all men by these presents, that the school board of
Lebanon magisterial district, number five, of the county of
Russell, in the State of Virginia, is justly indebted to........
wee ee eee eee ees or bearer in the sum 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 whereof the said school board of Lebanon
magisterial district. number five, of the county of Russell, 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 ...........00.- day of .................. nineteen hun-

3. That in making sale of said bonds that shall be issued
in accordance with the provisions of this act at no time shall
the said bonds be sold for less than their par value. And the
said school board shall provide for the payment of the accruing
interest, and also for the principal of said bonds, in such man-
ner and by such means as it shall deem necessary.

4. The said bonds may be issued and sold by the said schoo:
board for the purpose of raising said sum of money, or any part
thereof, only for the purposes hereinbefore set out, provided,
however, that no bonds shall be issued under this act, until a
majority of the qualified voters of Lebanon magisterial district.
number five, of the county of Russell shall approve the same
in an election to be held for that purpose in the manner pro-
vided by law. .

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