Chap. 314.—An ACT to authorize the county school board of Sussex county to
borrow money to pay off the existing indebtedness of Wakefield school dis-
trict in said county, and to issue bonds therefor; and to provide for a tax to
pay the principal and interest on such bonds. {H B 416}

Approved March 20, 1924.

Be it enacted by the general assembly of Virginia:

1. The county school board of Sussex county is hereby authorized
to borrow a sum not exceeding six thousand dollars, and to issue bonds
therefor, for the purpose of discharging the existing indebtedness of
Wakefield school district in said county other than money due the lit-
erary fund. The said indebtedness shall be ascertained by the circuit
court of the county, or the judge thereof in vacation, on petition of the
said county school board.

2. The said bonds shall be issued in such denominations, and made
payable at such time or times, not exceeding fifteen years from the date
thereof, as the said board may provide; they shall bear interest at a rate
not exceeding six per centum per annum and shall not be sold for less
than par; they shall be signed by the chairman of the said county school
board, and countersigned by the clerk thereof. The full faith and credit.
of Sussex county shall be pledged for the payment of the principal and
interest of the said bonds.

3. After the issuance of the bonds herein provided for, the board of
supervisors of Sussex county shall levy an annual tax, at a rate not in
conflict with general law, on all property subject to local school taxa-
tion in said Wakefield school district, sufficient to pay the interest on
the said bonds, and to provide a sinking fund whereby the said county
school board may be enabled to commence payment of the principal three
years after the date of issuance of the said bonds, and sufficient to com-
plete the payment of the principal within fifteen years.

4. Anemergency existing, this act shall be in effect from its passage.