Chap. 265.—An ACT to authorize the issuance of bonds by the county school
board of Mecklenburg county for the purpose of refunding school bonds
issued on behalf of the school districts of said county. [He B 373]

Approved March 23, 1926.

1. Be it enacted by the general assembly of Virginia, That the
county school board of Mecklenburg county may issue bonds for the
purpose of refunding at maturity the bonded indebtedness of any
school district of said county, or for the purpose of refunding the
bonded indebtedness of any school district prior to maturity, pro-
vided such refunding prior to maturity can be effectuated at the same
or a lower rate of interest.

2. Said refunding bonds shall be issued in the name of the county,
and shall be signed by the chairman and clerk of the county school
board, and shall have the seal of the county school board affixed
thereto, and shall have coupons for interest attached, said coupons
to bear the facsimile signatures of said chairman and said clerk.
Said bonds shall bear such rate or rates of interest and shall mature
at such time or times as the county school board shall determine, and
shall be sold at public or private sale as said school board deems ex-
pedient, at not less than par and accrued interest to date of delivery.

3. The bonds issued under the provisions of this act shall contain
the following recital:

“This bond is issued for school improvement in................
district, but the full faith and credit of the entire county of Mecklen-
burg is hereby pledged for its payment.”
4. For the payment of the principal and interest of said bonds,
there shall be levied annually, at the same time and in the same manner
of other school taxes are assessed, levied and collected, a tax upon all
of the taxable property of the school district on behalf of which the
original indebtedness was incurred, sufficient to provide for the pay-
ment of the principal and interest of the bonds issued hereunder at
maturity.

5. Notwithstanding the invalidity of any phrase, clause or section
of this act, the remainder of the act shall be unaffected thereby, and
such invalid portions shall be regarded as forming no part of this act.

6. An emergency existing in the immediate necessity of author-
izing the refunding of outstanding school bonds by the school board
of Mecklenburg county, this act shall take effect immediately.