Chap. 241.—An ACT to authorize the county school board of Isle of Wight county
to borrow money not in excess of $20,000.00, and to issue its bonds therefor, for
the purpose of defra aying expenses incurred and to be incurred in erecting ‘and
furnishing a new public school building at Carrsville in Windsor school district;
and to provide for the payment of the interest thereon and the principal there
at maturity. {H B 379]

Approved March 14, 1924.

1. Be it enacted by the general assembly of Virginia, That the
county school board of Isle of Wight county is hereby authorized and
empowered, in its discretion, to proceed immediately, or from time to
time, to borrow a sum of money not in excess of twenty thousand dollars,
and to issue its bonds therefor, for the purpose of providing funds to
defray the expenses incurred and to be incurred in erecting and furnish-
ing a new public high school building at Carrsville in Windsor school
district in said county. Such bonds shall be signed by the chairman of
the said board, and countersigned by the clerk thereof, under the seal
of the said board; shall be payable or redeemable at such time or times,
not exceeding twenty years from the date of issue, as said board may de-
termine; shall bear interest payable at such times, and at such rate,
not exceeding six per centum per annum, as said board may determine;
shall be of such denominations, and either coupon or registered, as said
board may determine; and, if it shall be so stated on the face of the
bonds, there shall be a lien on all the school property of said school
district for the payment of the principal thereof and the interest thereon.
The sale of such bonds may be conducted and effected in such manner
as the said school board may determine; provided such bonds shall not
be sold for less than their par value.
2. The board of supervisors of Isle of Wight county shall provide
for the annual levy and collection of a tax upon all the property within
said school district subject to taxation for such purpose, at such rate as
will be sufficient to provide for the payment of the interest on such bonds,
and to provide a sinking fund for the payment of the principal thereof
at maturity.

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