Chap. 257.—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 refunding
notes and/or certificates of indebtedness issued by any county, or by or on
behalf of any school district, for school purposes in such county, or school
district, prior to January 1, 1932. [H B 294]

Approved March 24, 1932

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 notes and/or cer-
tificates of indebtedness of such county issued for school purposes,
prior to January first, nineteen hundred and thirty-two, or the notes
and/or certificates of indebtedness of any school district of said county;
or for the purpose of funding the notes and/or certificates of indebted-
ness of such county, issued for school purposes on or before January
first, nineteen hundred and thirty-two, or notes and/or certificates of
indebtedness of any school district in said county issued on or. before
January first, nineteen hundred and thirty-two, 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, in such form as the school board of such county may
determine, shall be signed by the chairman and clerk of the county
school board, 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 issued hereunder without
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 not less than par and accrued interest to date of delivery.

3. The bonds issued under the provisions of this act, to fund or
refund notes and/or certificates of indebtedness issued for school
purposes by any such county, shall contain the following recital:

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

Said bonds shall be a lien on all of the public school property in
such county. 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
hereunder and the principal thereof at maturity.

4. The bonds issued under the provisions of this act, to fund or
refund the notes and/or certificates of indebtedness of any school
district or districts in said county, shall contain the following recital:
“This bond is issued for school improvements in ..............
district(s), and the full faith and credit of ............. district (s)
is (are) hereby pledged for its payment.”

Said bonds shall be a lien on all of. the public school property in
the said district or districts. 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 or districts on behalf of which the original in-
debtedness was incurred, sufficient to provide for the payment of the
interest on the bonds issued hereunder and the principal thereof at
maturity.

5. 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.

6. By reason of the fact that county and school district notes and/
or certificates of indebtedness 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. |

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