Chap. 49.—An ACT to authorize the county school board of Southamptor
county to borrow not to exceed twenty-four thousand five hundred dollar:
and to issue its bonds therefor for the purpose of paying a like amount o1
outstanding bonds of Jerusalem school district in said county and to pro
vide for the payment of the interest thereon and the principal thereof at
maturity. {H B 27}

Approved February 26, 1926.

1. Be it enacted by the general assembly of Virginia, That the
county school board of the county of Southampton is hereby author-
ized and empowered to borrow not to exceed twenty-four thousanc
five hundred dollars, for and on behalf of Jerusalem school district,
and to issue its bonds therefor against said district for the purpose of
providing funds to redeem a like amount of the outstanding bonds of
Jerusalem school district in said county 1ssued pursuant to chapter
one hundred and seven of the acts of assembly of one thousand nine
hundred and twenty-two, which bonds were issued under date of the
first day of April, one thousand nine hundred and twenty-two and
have been redeemable since the first day of April, one thousand nine
hundred and twenty-three upon the conditions specified in the afore-
said act. Said bonds shall be signed by the chairman of the said board
and countersigned by the clerk thereof under the seal of said board,
shall be payable serially beginning not later than the year one thou-
sand nine hundred and thirty-six in such annual amounts as said board
shall determine; provided, that none of said bonds shall mature later
than the year one thousand nine hundred and fifty-three. Said bonds
shall bear interest at five and one-half per centum per annum, interest
coupons attached, shall be of such denominations, payable as to prin-
cipal and interest at such place or places, either within or without the
State and in such form, with or without privilege of registration as to
principal or as to principal and interest, as said board may determine.

2. Said bonds shall be sold by the said board in such manner as it
shall deem best, but not for less than par.

3. The board of supervisors of the county of Southampton shall
provide for the annual levy and collection of a tax upon all the taxable
property within said school district subject to taxation for such pur-
pose, at such rate as will be sufficient to provide for the payment of
the interest on such bonds, and to provide a sinking fund for the pay-
ment of the principal thereof at maturity, the said levy to be made
upon the recommendation of the said school board.

4. An emergency existing, this act shall be in force from its pas-
sage.