Chap. 30.—An ACT authorizing the county school board of Nansemond
county to borrow money for the purpose of paying the existing indebt-
edness cf said board; and to provide funds to carry out the school
building program and to require the board of supervisors to levy
a tax to pay the interest thereon, and to create a sinking fund to re-
deem the principal thereof at maturity. [fH B 28]

Approved March 20, 1923.

1. Be it enacted by the general assembly of Virginia, That
the county school board of Nansemond county is hereby au-
thorized to borrow a sum not exceeding one hundred thousand
dollars, and to issue its bonds therefor, the said bonds to be
issued in such denominations and to be payable at such time
or times not exceeding thirty years from the date thereof as the
said board may provide; they shall bear -interest at not exceed-
ing six per centum per annum, and shall not be sold for less
than par. They shall be a lien on all the public school property
located in said county.

The bonds issued by said county school board in pursuance
of this act shall be signed by the chairman and countersigned by
‘the clerk thereof, and forty-five thousand dollars of the proceeds
shall be used to discharge the existing indebtedness of said county
school board other than money due the literary fund, and the
balance of fifty-five thousand dollars shall be used for the pur-
pose of carrying out the school building program for the present
year. :

After the issuance of the bonds provided for in this act, the
board of supervisors of Nansemond county shall annually levy
a tax at a rate not in conflict with general law, on all the prop-
erty subject to local school taxation in such county to pay the
interest on the bonds, and to create a sinking fund to redeem
the principal thereof at maturity.

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