Chap. 372.—An ACT to authorize the county school board of Lunenburg county
to borrow not in excess of $12,000.00 on behalf of Brown Store and Plymouth
school districts of the said county, for the purpose of refunding certain
bonds of the said school districts maturing June 1, 1926. [H B 524]

Approved March 24, 1926.

Whereas, certain bonds of the Brown Store and Plymouth school
districts of the county of Lunenburg will mature on June first, nine-
teen hundred and twenty-six, amounting in each case to ten thousand
dollars; and

Whereas, the sinking fund provided in each case to retire such
bonds at maturity is insufficient for that purpose by approximately
six thousand dollars; now, therefore,

1. Be it enacted by the general assembly of Virginia, That the
county school board of the county of Lunenburg be and it is hereby,
authorized to borrow a sum of money not in excess of six thousand
dollars on behalf of each of the Brown Store and Plymouth school
district of the said county, aggregating twelve thousand dollars, and
to issue its bonds therefor, the said bonds to be issued in such denom-
inations and to be payable at such time or times, not exceeding five
years from the date thereof, as the said board may provide; they shall
bear interest at not exceeding six per centum per annum, and shall
not be sold for less than par.

2. The bonds issued by the school board in pursuance of this act
shall be signed by the chairman and countersigned by the clerk
thereof. The proceeds derived from the sale of said bonds shall be
used to refund and pay off the bonds of such school districts, respect-
ively, maturing as aforesaid, to the extent that the sinking funds
available for the retirement of such bonds at maturity are insufficient.
The said bonds shall be a lien on all the public school property in the
school districts on behalf of which they are issued, respectively.

3. After the issuance of the bonds provided for in this act, the
board of supervisors shall annually levy a tax upon all the property
subject to local school taxation in each of the said school districts
sufficient to pay the interest on said bonds issued on behalf of such
school districts, respectively, and to create a sinking fund to redeem
the principal thereof at maturity.

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