Chap. 298.—An ACT authorizing the school board of South Hill school dis-
trict, in the county of Mecklenburg, to borrow money, not to exceed $45,000,
for building a school house in the town of South Hill, in said ws

B 507]
Approved March 20, 1922. -

1. Be it enacted by the general assembly of Virginia, That the
school board of South Hill school district, in the county of Mecklen-
burg, be authorized and empowered to borrow money, not to exceed
forty-five thousand dollars, the proceeds of such loan to be used for
building a school house in the town of South Hill in said district.

2. The said loan shall be effected by issuing the bonds of the
said school district, signed by the chairman and countersigned by
the clerk of the said board; they shall be in denominations of one
hundred dollars or multiples thereof; they shall bear interest at a
rate not exceeding six per centum per annum, interest coupons at-
tached, payable January first of each year; and they shall be made
to mature at the end of twenty years from their date, but redeemable
at any time after six months from their date at the option of the
said board. The said bonds shall be a lien on all the school property
in said district. |

3. The said board shall have full power to negotiate the said
bonds through an agent or by such other 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 dis-
trict, 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.