An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Law Body
Chap. 5.—An ACT to authorize the county school board of Pittsylvania county
to borrow the sum of two hundred thousand dollars and to issue county bonds
therefor, and providing for the collection of a tax for the payment thereof,
and validating all proceedings heretofore had and declaring an omer
Approved February 5, 1924.
1. Be it enacted by the general assembly of Virginia, That the
county school board of Pittsylvania county be, and is hereby, auth-
orized to borrow the sum of two hundred thousand dollars ($200,000.00)
and to issue and sell bonds of said county to be known as “school
bonds,”’ payable at such time or times as shall be fixed by said board,
not exceeding thirty years after their date, and to be redeemable at
the option of such board at such time as may be fixed by it. 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. The proceeds of said bonds shall be applied in
paying off and discharging valid outstanding indebtedness of said
county, 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
indebtedness. Said bonds shall be issued in the denomination 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. The signatures of the said officers
shall be valid and binding, notwithstanding any change in the incum-
bency of said officers, before the delivering of the said bonds. Said
bonds shall be a lien upon all of the property in said county of Pittsyl-
vania, and the full faith and credit of the entire county of Pittsylvania
is hereby pledged for their payment. The board of supervisors of
Pittsylvania county shall annually levy a tax not to exceed ten cents
on each one hundred dollars assessed valuation on all the taxable
property in said county, sufficient to pay the interest of the said bonds,
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 thereby
authorized, or in the bonds of the State of Virginia, or of any county
or city of said State, 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.
2. All proceedings heretofore had by the school board of Pittsvl-
vania county and the board of supervisors of said county to authorize
and sell the said bonds, including any contracts and agreements here-
tofore made by them in relation thereto, are hereby ratified, validated
and confirmed.
3. The necessity of raising money for the payment of the out-
standing school indebtedness of said Pittsylvania county creates an
emergency, and this act shall be in force from its passage.