Chap. 107.—An ACT authorizing the school board of Jerusalem school district,
in the county of Southampton, to borrow money, not to exceed $25,000, for
the purpose of paying off the existing indebtedness of said district B 299)

Approved February 28, 1922.

1. Be it enacted by the general assembly of Virginia, That the
school board of Jerusalem school district in the county of South-
ampton be authorized and empowered to borrow money, not to exceed
twenty-five thousand dollars, the proceeds of such loan to be used in
paying off the existing indebtedness of said district.

2. The said loan shall be effected by issuing the bonds of the
said school district, signed by the chairman and the clerk of the said
board; they shall be in denominations of one hundred dollars and
multiples thereof; they shall bear interest at a rate not exceeding
six per centum per annum, interest coupons attached, payable January
first of each year; and they shall be made to mature at the end of
thirty years from their date, but redeemable earlier at the option of
said board. The said bonds shall be a lien on all the taxable property
in said district and shall be in form as follows:

Know all men by these presents, That the school board of the
Jerusalem school district of the county of Southampton, Virginia, is
justly indebted to and promises to pay ~--------------- , or order, the
sum of ~-------------_- dollars, bearing interest at the rate of six
per centum from date, payable annually on the first day of January
of each year, on surrender of the proper interest coupons hereto
attached, until said principal sum shall be paid in full. This bond is
non-taxable for county and district purposes, with right of the said
school board at any time after twelve months from the date of this
bond, upon giving thirty days’ notice in writing to the holder thereof,
to call in and pay off the same, interest thereon to cease from and
after the expiration of such notice.

In testimony whereof, the said school board of said Jerusalem
school district, 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 the._.-.-___- day of_____-_ , nineteen hundred and_______.

3. The said board shall have full power to negotiate the said
bonds through an agent or by such othe- method as in its discretion
may seem best; provided, however, that the said bonds shall be so
negotiated for no less than their normal or par value.

4. After issuing the bonds, or any of them, provided for in
this act, when the first levy is made by the board of supervisors a
tax shall be levied on all property subject to local taxation in said
district, to pay interest on the bonds so issued and to create a sinking
fund to redeem the principal thereof at maturity; and from year
to year such levies shall be made on such property in said district
until such debt, together with the interest thereon, is paid, the said
levy to be made upon the recommendation of the said school board.

5. An emergency existing, this act shall be in force from its
passage.