Chap. 485.—An ACT to validate certain indebtedness of the school board of the
City of Hampton, Virginia, and to authorize the said school board of the City
of Hampton, Virginia, to issue bonds for the purpose of refunding such
indebtedness and to require the council of the said city of Hampton, Virginia,
annually to levy taxes to pay the interest on and the principal of the said bonds
herein authorized to be issued. | [H B 547]

Approved April 7, 1942

1. Be it enacted by the General Assembly of Virginia, as follows:

Section 1. The notes, bonds or other obligations in the amount of
Fight Thousand Two Hundred and Fifty Dollars ($8,250.00) issued
by the School Board of the City of Hampton, Virginia, to evidence a loan
from the Literary Fund to said School Board, incurred for school pur-
poses, be and the same hereby are validated, ratified and confirmed, and
are hereby declared to constitute a valid and legally binding obligation of
the School Board of the City of Hampton, Virginia, and the said School
Board, at its option, may anticipate the payment of the principal amount
of such loan by the payment of such principal amount with interest
thereon to the date of such anticipated payment.

Section 2. The notes or other obligations in the amount of F orty
Thousand Dollars ($40,000.00) now owing to certain banks in the City
of Hampton, Virginia, as follows: A note for Sixteen Thousand Four
Hundred and Fifty Dollars ($16,450.00), dated January second, nineteen
hundred and forty-two, payable to the order of The Citizens National
Bank of Hampton, Virginia, at the said bank, sixty (60) days after
date; another note for Sixteen Thousand Four Hundred and Fifty
Dollars ($16,450.00), dated January second, nineteen hundred and forty-
two, payable to the order of Merchant’s National Bank of Hampton,
Virginia, at the said bank, sixty (60) days after date; another note for
the sum of Three Thousand Dollars ($3,000.00), dated February third,
nineteen hundred and forty-two, payable to the order of Merchant’s
National Bank of Hampton, Virginia, at the said bank, sixty (60) days
after its date, and another note for the sum of Two Thousand and F ifty
Dollars ($2,050.00), dated March second, nineteen hundred and forty-
two, and payable to the order of Merchant’s National Bank of Hampton,
Virginia, at the said bank, sixty (60) days after its date, and another
note for the sum of Two Thousand and Fifty Dollars ($2,050.00), dated
March second, nineteen hundred and forty-two, and payable to the order
of the Citizens National Bank of Hampton, Virginia, at the said bank,
sixty (60) days after its date, issued by the School Board of the City of
Hampton, Virginia, to evidence loans made by said banks to said School
Board, incurred for school purposes, be and the same are hereby vali-
dated, ratified and confirmed, and are hereby declared to constitute valid
and legally binding obligations of the School Board of the City of Hamp-
ton, Virginia. ,

Section 3. For the purpose of refunding the aforesaid indebted-
ness, or any portion thereof, the School Board of the City of Hampton,
Virginia, is hereby authorized to issue bonds of the School Board of the
City of Hampton, Virginia, to an amount not exceeding Forty-eight
Thousand Two Hundred and F ifty Dollars ($48,250.00), to evidence
970 ACTS OF ASSEMBLY [va., 1942

such indebtedness, the said bonds to be issued in such form and such
denominations, and to be payable at such time or times not exceeding
Thirty (30) years from the date thereof as the School Board of the City
of Hampton, Virginia, may provide; the said bonds to bear interest at a
rate not exceeding six per centum (6%) per annum.

Section 4. The School Board of the City of Hampton, Virginia, is
authorized to sell said bonds at public or private sale, or may sell any
part of the said bonds to the Sinking Fund of the said School Board at a
price of not less than par and accrued interest. After said bonds have been
so sold and delivered to the purchaser, they shall constitute valid and
legally binding obligations of the School Board of the City of Hampton,
Virginia. )

Section 5. Said bonds may be delivered to the purchaser thereof
prior to the maturity date of the outstanding indebtedness authorized to
be refunded hereby, or prior to the date upon which such outstanding
indebtedness is called for redemption, and the proceeds thereof shall be
used solely for the purpose of paying the obligations authorized to be
refunded by such bonds.

Section 6. After the issuance of said bonds as herein provided, the
Council of the City of Hampton, Virginia, notwithstanding the provisions
of any other statute, annually shall levy a special tax upon all the property
subject to taxation in and by the said City sufficient to pay the interest
on the said bonds and to retire said bonds as they may become due.

Section 7. This act shall be complete authority for the issuance of
the refunding bonds authorized herein.

Section 8. All acts or parts of acts in conflict herewith are hereby
repealed.

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