Chap. 152.—An ACT to authorize the county school board of any county to issue
bonds for the purpose of funding, or refunding, and retiring outstanding dis-
trict school bonds. [fH B 199]

| Approved March 24, 1934

1. Be it enacted by the General Assembly of Virginia, That when-
ever the county school board of any county may deem it desirable to
refund any district school bonds legally issued by any district school
board of such county prior to June nineteenth, nineteen hundred and
twenty-eight, or to fund any such bonds before maturity, where the
right to fund the same may exist, such board is hereby authorized and
empowered to issue new bonds for such purpose.

Such new bonds shall recite the bonds to be retired; the authority
under which issued; the date of the act authorizing same, if by special
act; the court by which the same was authorized and the date of the
order granting such authority, where such authority was required by
statute; the purpose for which originally issued, and any other facts
reasonably necessary to preserve the identity of the bonds to be re-
tired.

Such new bonds shall be of such general form as the county school
board may determine, shall be signed by the chairman and clerk of the
board and have the seal of the board affixed thereto, and shall have
attached thereto coupons for the interest thereon, bearing the facsimile
signatures of such chairman and clerk; provided, however, no such new
bonds shall be so issued until the issuance thereof shall have been ap-
proved by the board of supervisors of the county.

Said bonds shall bear such rate of interest, and shall mature at
such time, or times, not exceeding thirty-five years from the date of
issue, as such school board and board of supervisors shall determine,
but no such bonds shall be sold upon a basis which will cause the money
realized therefrom to cost more than six per centum per annum, pay-
able semi-annually.

Where bonds are issued by any county school board under the pro-
visions of this act for the purpose of refunding, or funding, school
bonds issued by any school district of such county, each such bond shall
contain a recital as follows:

“This bond is one of a series of bonds issued for the purpose of
refunding (or funding as the case may be) outstanding school im-

provement bonds of the.ii...........e.2ceeeececeeeeceeceeeeeececeeeeeeeeeees district, in the
I G0 ee eee ener eee , and the full faith and credit of
the Said enn... eeeeeeecenneeceeeeceeeceeeeeeeeeeeeeeeeeeeeeees district is hereby pledged

for its payment.”

For the payment of any such new bonds so issued, there shall be
levied and collected annually, at the same time and in the same manner
as other school taxes are levied and collected, a tax upon all property
subject to local taxation, of the school district by, or on behalf of
which, the original bonds were issued, sufficient to provide for the
payment of the interest on the new bonds so issued, and the principal
thereof at maturity.

2. An emergency existing, this act shall be in force from its passage.