Chap. 365.—An ACT to authorize the issuance of bonds by county school
boards of counties in the State of Virginia for the purpose of funding or
refunding any of the current indebtedness of such counties incurred for
school purposes and for the purpose of constructing school buildings or
additions thereof. [H B 279]

Approved March 24, 1930

1. Be it enacted by the general assembly of the State of Virginia,
That upon the petition to the county school board of five hundred resi-
dent taxpayers of any county in this State, such school board may adopt
a resolution reciting the expediency of borrowing money by such county
and the issuance of bonds therefor, for the purpose of refunding any
floating indebtedness now existing, incurred by such county or by
the county school board thereof for school purposes, or for the pur-
pose of providing funds for the construction of school buildings or
additions to school buildings or for both of said purposes, if said
petition shall so provide. Said resolution shall set forth the amount
of such issue or issues, the length of time for which they are to run,
not exceeding thirty years from their date, the interest to be paid
thereon, and in the event said county school board shall desire to
reserve an option to redeem said bonds prior to maturity, said resolu-
tion shall state the time when said bonds shall be so redeemable. A
certified copy of said resolution shall be forthwith presented to the
circuit court or to the judge thereof in vacation. Said court or judge,
upon the receipt of said certified copy of such resoluiton, shall by
order entered in term time or vacation, direct the proper officers of
said county to take such steps and prepare such means as may be
necessary to submit to the qualified voters of such county at a special
election for determination, the question of whether such bonds shall
be issued, and the court or judge shall make such order as may be
proper to give due publicity to such election. The poll books and the
certificates of the judges of election shall be delivered by one of the
judges of election from each precinct in said county or district, to
the clerk of the court ordering such election, and the result thereof
certified by the clerk to the county school board and to the judge of
said court ordering said election.

2. If it shall appear from the returns that a majority of the
qualified voters voting at said election, shall be against such proposed
issue, an order shall be entered of record accordingly. If a majority
of the qualified electors at the election shall be in favor of such bond
issue, the court or judge thereof shall enter an order accordingly,
a copy of which shall be forthwith certified by the clerk of such court
to the county school board.

3. After the issuance of such order by said court or judge, the
bonds authorized at said election may be issued by the county school
board. Said bonds shall be issued in the name of the county. Sepa-
rate issues may be authorized for each of the aforesaid purposes,
or in the event the petition shall have provided for the issuance of
bonds for both of the aforesaid purposes, in the discretion of the
county school board, one consolidated bond issue may be authorized.

4. Said bonds shall be sold at public sale upon sealed proposals,
to the highest bidder at not less than par and accrued interest to date
of delivery. Notice of such sale shall be given by publication, in such
papers as the county school board shall direct, not less than ten days
prior to the date fixed for such sale.

5. For a period of thirty days after the date of an order entered
by the circuit court or by the judge thereof in vacation, certifying
that a majority of the qualified electors voted in favor of the issuance
of bonds, as herein provided, any person in interest shall have the
right to contest the legality of said bonds or of the indebtedness pro-
posed to be funded or refunded thereby, or the taxes to be levied
for the payment of the principal and interest of said bonds, after which
time no one shall have any cause or right of action to contest the
legality or regularity of said election, or the validity of said bonds,
or the indebtedness proposed to be funded or refunded thereby, or the
validity of taxes necessary for the payment of the principal and inter-
est of said bonds for any cause whatsoever. If such contest shall not
have been begun within the thirty days herein prescribed, the authority
to issue the bonds, the validity of the indebtedness proposed to be
funded or refunded, and of the taxes necessary to pay the principal
and interest of bonds, shall be conclusively presumed, and no court
shall have authority to inquire into such matters.

6. There shall be levied annually at the same time and in the
same manner as other school taxes are assessed, levied and collected,
a tax upon all taxable property in the county sufficient to provide for
the payment of the principal and interest of said bonds at maturity.
Upon the issuance of any bonds by the county school board under
this act, it shall certify to the board of supervisors of the county, the
maturities of said bonds and the rate of interest borne thereby, and it
shall be the duty of the board of supervisors to levy the aforesaid
taxes annually to provide for the payment of the principal and interest
of said bonds at maturity, but nothing herein shall be construed to
require the approval of said board of supervisors of any resolution
or proceeding adopted or taken by the county school board to authorize
the issuance of said bonds.

7. This act shall be deemed a supplemental and additional method
of issuing bonds by county school boards, but where not in conflict
with the provisions of this act the school Code and the general laws
of the State of Virginia shall apply to the authorization and issuance of
said bonds.

8. No election shall be held or bonds issued under the authority
of this act after the thirty-first day of December, nineteen hundred and
thirty-one.

9. All acts or parts of acts in conflict herewith are hereby re-
pealed.

10. An emergency existing, due to the necessity of refunding cer-
tain indebtedness of counties, this act shall take effect and be in force
from its passage.