Chap. 11.—An ACT to provide how the school board of the town of Salem,
district No. 5, of the county of Roanoke may issue bonds of the said
district not exceeding the sum of $36,000.00 to pay off the existing
temporary indebtedness of the said district, and to complete the high
school building of the said district, and_to provide for the purchase
of an additional site for additional school buildings, and how the said
bonds shall be issued and made payable, and to provide that the said
bonds shall be a lien on all the school property of the said district,
and to authorize the council of the said town of Salem to levy a tax
not to exceed twenty-five cents on the one hundred dollars’ worth of
taxable property of the said district as now provided for by chapter
three hundred and ninety-eight of the acts of the general assembly of
Virginia, approved March 20, 1920, to pay the interest on the said

bonds and to create a sinking fund to discharge the same at

maturity. [H B 30)
. Approved March 16, 1923.

Whereas, the school board of the town of Salem district
number five, of the county, of Roanoke, has pursuant to the laws
of the State of Virginia, found it necessary to make certain
temporary loans amounting in the aggregate to about twenty-
six thousand dollars; and,

Whereas, the said school board desires to have the said
temporary loans converted into bonds; and,

Whereas, the said school board finds it necessary to raise
the additional sum of ten thousand dollars with which to com-
plete the high school building now owned by it, and to pur-
chase an additional site. upon which to erect such additional
school buildings as are necessary for the school children of the
said district; and,

Whereas, the maximum levy allowed by law will not provide
a fund sufficient to liquidate the said temporary loans within a
reasonable time, and to complete the said high school building,
and to purchase the additional site necessary as aforesaid, and
at the same time to meet the current expenses incident to the
conduct of the schools of the said district; now, therefore,

1. Be it enacted by the general assembly of Virginia, That
the school board of the town of Salem, district number five, of
the county of Roanoke be, and the same is hereby, authorized
and empowered to borrow money, not to exceed thirty-six
thousand dollars, of which sum twenty-six thousand dollars
shall be used for the purpose of paying off the present indebted-
‘ness of the said school board, and the balance thereof shall be
used for the purpose of completing the high school building of
the said district, and to purchase an additional site upon which
to erect such additional school buildings as are necessary to ac-
commodate the school children of the district.

29 The said loan shall be effected by issuing bonds, 1m-
mediately or from time to time in such denominations, either
coupon or registered, as the said school board may determine,
bearing interest at a rate not exceeding six per centum per
annum, payable semi-annually; and they shall be payable or
redeemable at such time or times as the said school board may
prescribe, not to exceed, however, twenty years from date of
issue. The said bonds shall be signed by the chairman and at-
tested by the clerk of the board. The bonds shall not be sold
for less than their par value. The school property of the said
school board of the town of Salem, district number five, of the
county of Roanoke, shall be pledged for the payment of the
principal and interest of such bonds according to the tenor and
date thereof.
8. The council of the town of Salem shall annually fix and
order a special levy on all the property located in the said town
of Salem, district number five, of the said county, subject to levy
for such purposse, of such amount as will be sufficient to pay
the interest on the said bonds, and to create a sinking fund for
the payment of the principal thereof at maturity; the said levy
herein provided for shall not exceed’ the twenty-five cent levy
provided for in section two of chapter three hundred and ninety-
eight of the acts of the general assembly of Virginia, approved
March twentieth, nineteen hundred and twenty.

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