Chap. 447.—An, ACT to authorize the county school board of Charlotte county
to borrow money not in excess of $40,000.00, and to issue bonds therefor,
for public school purposes in the said county and: in certain school dis-
tricts thereof; and requiring the board of supervisors of said county to
levy annually a tax to pay the intcrest thereon, and to create a sinking
fund to redeem the principal thereof at maturity. [Hi B 464]

Approved March 24, 1926.

1. Be it enacted by the general assembly of Virginia, That the
county school board of Charlotte county be, and it is hereby auth-
orized to borrow a sum of money not exceeding forty thousand dollars,
and to issue its bonds therefor, the said bonds to be issued in such
denominations and to be payable at such time or times, not exceeding
thirty years from the date thereof, as the said board may provide.
The said bonds shall be signed by the chairman and countersigned by
the clerk of the said school board, shall bear interest at not exceeding
siX per centum per annum, and shall not be sold for less than par.

2. Not more than ten thousand dollars of the said bonds shall! be
the joint district bonds of Madison, Roanoke and Walton school dis-
tricts of the said county, and the proceeds from the sale thereof shall
be used for the payment of the existing indebtedness for public school
purposes therein. Not more than thirty thousand dollars of the said
bonds shall be the county bonds of the county of Charlotte, and the
proceeds thereof shall be used for the payment of the valid existing
indebtedness of the said county incurred for public school purposes.
The district bonds shall be a lien on all of the public school property
in the said districts, and the county bonds shall be a lien on all the
public school property in the county of Charlotte.

3. After the issuance of the bonds provided for in this act, the
board of supervisors of Charlotte county shall annually levy a tax in
the said Madison, Roanoke and Walton school districts, at a rate not
in conflict with the present law, on all property subject to local school

taxation in the said districts sufficient to pay the interest on the said

district bonds and to create a sinking fund to redeem the principal
thereof at maturity; and the said board shall also levy a tax in the
entire county of Charlotte on all property in the said county subject
to local school taxation sufficient to pay the interest on the said county
bonds and to create a sinking fund to redeem the principal thereof at
maturity.

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