Chap. 52.—An ACT to provide for the issuance of bonds by the county school
boards of the counties of this State, for the purpose of funding or refund-
ing bonds issued by any county, or by or on behalf of any school district
for school purposes in such county, or school district. [S B 15]

Approved February 25, 1930

1. Be it enacted by the general assembly of Virginia, That the
county school board of any county in this State may issue bonds for
the purpose of refunding at or after maturity, the bonds of such county
issued for school purposes, or the bonded indebtedness of any school
district of said county; or for the purpose of funding the bonds of
such county, issued for school purposes, or the bonded indebtedness
of any school district in said county, prior to maturity, provided such
funding prior to maturity be effectuated at the same or a lower rate
of interest.

2. Said refunding or funding bonds shall be issued in the name of
the county, and shall be signed by the chairman and clerk of the
county school board, and shall have the seal of the county school board
affixed thereto, and shall have coupons for the interest attached, said
coupons to bear the facsimile signatures of said chairman and said
clerk; provided, however, that no bonds shall be issed hereunder with-
out the approval of the board of supervisors of the county. Said
bonds shall bear such rate or rates of interest and shall mature at such
time or times as the county school board shall determine, and 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 at least once in a financial paper and in
such other papers as the county school board shall direct, not less than
ten days prior to the date fixed for such sale.

3. The bonds issued under the provisions of this act, to fund or re-
fund bonds issued for school purposes by any such county, shall con-
tain the following recital:

“This bond is issued for school improvements in the county of
voveccaceeeeecceeseeseeseee: , state of Virginia, and the full faith and credit of the
entire county are hereby pledged for its payment.”

For the payment of the principal of and interest on said bonds,
there shall be levied and collected annually at the same time and in
the same manner other school taxes are assessed, levied and collected,
a tax upon all property subject to local taxation of the county, sufficient
to provide for the payment of the interest on the bonds issued here-
under and the principal thereof at maturity.

4. The bonds issued under the provisions of this act, to fund or
refund the bonded indebtedness of any school district in said county,
shall contain the following recital :

“This bond is issued for school improvements in....................... dis-
trict, but the full faith and credit of the entire county of
are hereby pledged for its payment.”

For the payment of the principal of and interest on said bonds there
shall be levied and collected annually, at the same time and in the same
manner other school taxes are assessed, levied and collected, a tax upon
all property subject to local taxation, of the school district on behalf
of which the original indebtedness was incurred, sufficient to provide
for the payment of the interest on the bonds issued hereunder and the
principal thereof at maturity.

5. For a period of twenty (20) days from the date of adoption
of the resolution authorizing the issuance of bonds under this act. any
person in interest shall have the right to contest the legality of the bond
issue provided for, or the tax authorized, for any cause, after which
time no one shall have any cause or right of action to contest the
regularity, formality, or legality, of the tax provision, or bond authori-
zation for any cause whatsoever. If the validity of any special tax or
bond issue authorized or provided for under the provisions of this act,
is not raised within the twenty days herein prescribed, the authority
to issue the bonds, the legality thereof and of the taxes necessary to
pay the same, shall be conclusively presumed, and no court shall have
authority to inquire into such matters.

6. The authority contained in this act shall be construed as being
supplemental and in addition to any powers which are now conferred
upon the county school boards of any of the counties of this State.

7. Notwithstanding the invalidity of any phrase, clause or sec-
tion of this act, in the event any part or parts shall be held invalid,
the remainder of the act shall be unaffected thereby, and such invalid
portions shall be regarded as forming no part of this act.

8. By reason of the fact that county and school district bonds
have become due and it is necessary to refund the same, an emergency
is hereby declared to exist and this act shall be in force from its
passage.