Chap. 314.—-An ACT to validate the payment of interest heretofore made on
certain notes of the school board of Claremont School District No. 4 of the
county of Surry; to validate the said notes for the purpose of and to the
extent necessary for liquidation, and to authorize the application of certain
funds realized from a special levy made upon the taxable property in the
said school district to the liquidation of the said notes. [H B 362]

Approved March 29, 1938

Whereas, the school board of Claremont school district number four
of the county of Surry, Virginia, secured from Albert J. Ochsner, now
deceased, a loan amounting in the aggregate to twenty-four thousand
dollars for the purpose of completing the reconstruction of a high
school building in the town of Claremont, Virginia, in said school
district, the public high school building in the said town having been
theretofore destroyed by fire, the said loan being evidenced by four
notes in the sum of six thousand ($6,000.00) dollars each, bearing
interest at the rate of six per centum per annum, dated, respectively,
on November first, nineteen hundred and seventeen, November fif-
teenth, nineteen hundred and nineteen, February second, nineteen hun-
dred and twenty, and September fourteenth, nineteen hundred and
twenty, and maturing, respectively, November first, nineteen hundred
and thirty-seven, November fifteenth, nineteen hundred and _ thirty-
seven, February second, nineteen hundred and thirty-seven, and Sep-
tember fourteenth, nineteen hundred and thirty-seven, the said notes
reciting that for the payment of which, with the interest thereon, the
faith and credit of Claremont school district and its property, revenue
and resources were pledged, and the said notes being signed by th
chairman of said board and attested by its clerk, and having beet
delivered unto the said Albert J. Ochsner; and,

Whereas, all of the funds so secured were actually used and appliec
by the said school board in and about the reconstruction of the saic
high school building; and, ,

Whereas, while no part of the principal sum of the said notes ha:
been paid, certain interest payments thereon have been paid out of <
fund realized from a special levy made on the property in the saic
school district for the purpose of retiring certain school district obliga:
tions which have now been fully retired, and there remains in saic
fund the sum of eight thousand, eight hundred and seventeen ($8,817.00)
dollars, with further collections of the tax levy for the year nineteer
hundred and thirty-seven yet to be made; and

Whereas, it appears that the procedure prescribed by law for the
borrowing of money for the purpose of reconstructing such building,
tor the issuing of bonds for such purpose, and the sale of the same,
was not followed when the said funds were secured and the said notes
were issued; and, ,

Whereas, negotiations for the liquidation of the said notes have
been had between the holder thereof and the county school board of
Surry county whereby the said school board has agreed to pay, and
the holder of the said notes has agreed to accept in full satisfaction
thereof, the aforesaid sum of eight thousand, eight hundred and seven-
teen ($8,817.00) dollars together with such sum, or sums, of tax
money as may be hereafter collected by reason of the aforesaid special
levy, whether delinquent or current, up to and inclusive of June thir-
tieth, nineteen hundred and _ thirty-eight, together with any interest
which may be collected on all or any part of said total fund, but
subject to payment of the lawful costs and treasurer’s commissions
on said collections; now, therefore,

1. Be it enacted by the General Assembly of Virginia, That the
payments of interest heretofore made on the said notes be, and the
same are hereby, validated, and that the county school board of Surry
county be, and it is hereby, authorized to pay in full satisfaction of
the aforesaid notes, which aggregate the principal sum of twenty-four
thousand ($24,000.00) dollars, and which for the purpose of and
to the extent necessary for effectuating the aforesaid liquidation agree-
ment and satisfaction of the aforesaid notes in full are hereby validated,
the sum of eight thousand, eight hundred and seventeen ($8,817.00)
dollars aforesaid, together with such sum, or sums, of tax money as
nay be hereafter collected by reason of the aforesaid special levy
laid on the taxable property in said Claremont school district for the
urpose of retiring certain obligations of the said district, whether
lelinquent or current, up to and inclusive of June thirtieth, nineteen
hundred and thirty-eight, with any interest which may be collected
on all or any part of said total fund, but subject to payment of the
awful costs and treasurer’s commissions on said collections.