Chap. 94.——An ACT to amend and re-enact an act entitled an act authorizing
the county school board of Amherst county to borrow money, not in excess
of $20,000.00 and to issue its time warrants therefor, for county school
purposes in that county, approved March 20, 1924 so as to authorize the
county school board of Amherst county to borrow thirty thousand dollars
under said act. . {(H B 29]

Approved March 4, 1926.

1. Be it enacted by the general assembly of Virginia, That an
act entitled an act authorizing the county school board of Amherst
county to borrow money, not in excess of twenty thousand dollars
and to issue its time warrants therefor, for county school purposes in
that county, approved March twentieth, nineteen hundred and
twenty-four, be amended and re-enacted so as to read as follows:

Section 1. The county school board of Amherst county is hereby
authorized to borrow a sum of money not exceeding thirty thousand
dollars and to issue its time warrants therefor, the said time warrants
to be payable at such time or times from the date thereof as the said
board may provide but not exceeding ten years from date. The said
time warrants shall bear interest at a rate not exceeding six per cen-
tum. The said time warrants, if issued for a shorter period than ten
years, may be renewed at maturity, provided the total amount of in-
debtedness authorized under this act during each successive year shall
be decreased each year by one-tenth of the original amount authorized
under this act.

Section 2. The said time warrants shall be issued for the purpose
of refunding time warrants now outstanding as they become due, to
reimburse the current county school fund for money paid on account
of improvements and additions to school properties completed during
the past school year.

Section 3. From school levies of Amherst county there shall be
paid as it matures the interest on the time warrants hereby author-
ized, and there shall be set aside annually, as a sinking fund such a
sum as will provide for the payment of the principal when it matures.
The time warrants issued by the said school board in pursuance of
this act shall be signed by the chairman and countersigned by the
clerk thereof. The said time warrants shall be a lien on all the public
school property in the said county.

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