Chap. 311.—An ACT authorizing the school board of Plymouth school district,
in the county of Lunenburg, to borrow money, not to exceed $30,000, for the
building, repairing and equipment of school houses in said district.

[H B 198]
Approved March 19, 1920.

1. Be it enacted by the general assembly of Virginia, That the
school board of Plymouth school district in the county of Lunenburg
be authorized and empowered to borrow money, not to exceed thirty
thousand dollars, the proceeds of such loan to be used for the build-
ing, repairing and equipment of school houses in said district. |

Sec. 2, The said loan shall be effected by issuing the bonds o
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
the said board. The said bonds shall be a lien on all the school
property in said district and shall be in form as follows:

Know all men by these presents, That the school board of the
Plymouth school district of the county of Lunenburg, 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 Plymouth
school district, has caused the corporate seal of the same to be af-
fixed, and these presents to be signed by its chairman and attested
by its clerk, this the _--._--_---- day of ---------------- , nineteen
hundred and ~---_-_------~. ,
480 ACTS OF ASSEMBLY. [VA

sec. 3. The said board shall have full power to negotiate the
said bonds through an agent or by such other method as in its dis-
cretion may seem best; provided, however, that the said bonds shall
be so negotiated for no less than their normal or par value, and the
same shall not be issued except upon the approval of a majority of
the citizens of the Plymouth school district, voting in election, whe
were qualified to vote in the last preceding general election held therein,
and such approval or non-approval, as the case may be, to be ascer-
tained in an election to be held for that purpose in said district, upon
an order of the circuit court of Lunenburg county or the judge thereof
in vacation, at any time after the enactment hereof, upon the petition
of fifty freeholders of said district, said election to be had upon thirty
days’ notice thereof duly posted at the front door of the courthouse
of the said county and at each of the voting precincts of said district,
asking an election hereunder, said election to be conducted in the same
manner and by the same election officers of said district in said county,
who conducted the general election next preceding the same.

Sec. 4. The ballots to be used in such election shall be prepared
as the ballots used in other general elections and shall contain the
words “for bond issue for school purposes” and “against bond issue
for school purposes,” and if upon a canvass of the ballots cast it shall
be found that a majority of those voting are in favor of such bond
issue, the fact shall be so reported, and the said board, upon receipt
of the notice of such result, shall proceed immediately to prepare,
execute and negotiate such bonds accordingly. |

Sec. 5. 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 and not
to exceed the sum of thirty cents on the one hundred dollars of taxa-
ble property within such district.

Sec. 6. An emergency existing, this act shall be in force from
its passage. |