Chap. 257.—An ACT to Authorize the Cotnty School Board of Elizabeth
City County to Borrow Money for the Purpose of Erecting a High
hool in the Town of Hampton.

Approved March 27, 1873.

1. Be it enacted by the general assembly of Virginia, That
it shall be lawful for the county school board of the county of
Elizabeth City to borrow money, to an amount not exceeding
four thousand dollars, at a rate of interest not exceeding ten
per centum per annum, for the purpose of purchasing a site
and building or erecting a building for the use of a high school
in said county; and for that purpose the said board shall have
power to issue bonds, not to exceed in the aggregate the said sum
of four thousand dollars, in the name of the said board, to be
signed by the president and clerk of said board, and payable
in not less than one nor more than five years.

2. That the said ‘board shall have power to secure the prompt
and faithful payment of the said bonds on the faith of any
funds, bonds or evidences of debt now under the management
and control of said board, by deed of assignment or otherwise.

3. That should the said board exercise the authority herein
granted, the interest now due, and that to become due on any
funds under the control of the board, shall be appropriated to
the payment of said bonds as they fall due; and it shall not be
lawful for the said board to expend said interest in any other
manner until the debt thus contracted shall be wholly liqui-
dated.

4, Provision shall be made by said board for the payment of
the principal and interest of the bonds issued under this act
out of the interest arising from any trust funds, under the
control of said board, applicable to such purpose; but no part
of the school funds of said county, arising from state, county
or district taxation, shall be ever applied to the payment of the
principal or interest of said bonds.

5. This act shall be in force from its passage.