Chap. 121.—An ACT to authorize the county school board of Fairfax county to
borrow a sum not in excess of forty-one thousand dollars and to issue its bonds
therefor, and providing for the levy and collection of a tax for the payment of
the interest thereon and the principal thereof at maturity, and declaring an
emergency. {H B 342

Approved March 8, 1924.

1. Be it enacted by the general assembly of Virginia, That the
county school board of Fairfax county be, and is hereby, authorized to
borrow a sum not in excess of forty-one thousand dollars ($41,000.00),
and to issue and sell its bonds therefor to be known as “‘school bonds,”’
payable at such time or times as shall be fixed by said board, not ex-
ceeding twenty years after their date, and to be redeemable at the option
of such board at such time as may be fixed by it and expressed on the
face of the bonds. Said bonds shall bear interest at a rate not exceeding
six per centum per annum, payable semi-annually. Said bonds shall
not be sold for less than their par value. Not in excess of twenty-four
thousand dollars ($24,000.00) of the proceeds of said bonds shall be%ap-
plied in paying off and discharging valid outstanding indebtedness of
Dranesville school district and not in excess of seventeen thousand dol-
lars ($17,000.00) of the proceeds of said borrds shall be applied in paying
off and discharging valid outstanding indebtedness of Providence school
district, but the purchaser of said bonds shall not be obliged to see to the
application of said proceeds, or to inquire into the validity of said indebt-
edness. Said bonds shall be issued in the denominations of one thousand
dollars ($1,000.00), and shall be signed by the chairman of the said
school board, attested by its clerk, and shall have the seal of said school
board affixed thereto, authority to provide a seal being hereby conferred.
The signatures of the said officers shall be valid and binding, notwith-
standing any change in the incumbency of said officers, before the, de-
livery of the said bonds. Said bonds shall be a lien upon all of the prop-
erty in said districts, but the full faith and credit of the entire county of
Fairfax is hereby pledged for their payment. The board of supervisors
of Fairfax county shall annually levy a tax not to exceed twenty-five
cents on each one hundred dollars assessed valuation on all the property
in said Dranesville school district subject to local taxation for school
purposes, sufficient to pay the interest on the said twenty-four thousand
dollars of bonds, or such amount thereof as may be issued, and the prin-
cipal thereof as the same shall become due and payable, and to consti-
tute a sinking fund for the payment of said bonds at maturity, and said
board of supervisors shall annually levy a tax not to exceed fifteen cents
on each one hundred dollars assessed valuation on all the property in
said Providence school district, subject to local taxation for school pur-
poses, sufficient to pay the interest on the said seventeen thousand dol-
lars of bonds, or such amount thereof as may be issued, and the principal
thereof as the same shall become due and payable, and to constitute a
sinking fund for the payment of said bonds at maturity. Such sinking
fund shall be invested in the bonds hereby authorized, or in the bonds
of the State of Virginia, or of any county or city of said State, or in first
lien deeds of trust notes or bonds after the same shall have been approved
by the circuit court of Fairfax county, Virginia, or the judge thereof in
vacation, or deposited in the savings account of any bank or trust com-
pany in Virginia which may be approved by said court or judge at not
less than three per centum interest, as the said school board may select.
Said school board shall annually report to the board of supervisors of
said county the amount and condition of the sinking fund.

Such bonds may be either registered or with coupons attached as the
said board may prescribe and shall have written or printed on each the
following sentence: “This bond is issued for discharging valid outstand-
ing indebtedness In - - magisterial district, but the full faith
and credit of the entire county of Fairfax is hereby pledged for its pay-
ment, and a tax is to be levied upon the property in said district to pay
the interest on it and to create a sinking fund sufficient in amount to
pay it upon maturity.

Said bonds shall be payable at the office of the county treasurer at
Fairfax, Virginia.

The necessity of raising money for the payment of the outstanding
school indebtedness of said school districts creates an emergency, and
this act shall be in force from its passage.