CHAPTER 391

An Act to amend and reenact § 15.1-280 of the Code of Virginia, relating
to borrowing by county school boards from Virginia Supplemental
Retirement System.

(S 878]
Approved April 1, 1966

Be it enacted by the General Assembly of Virginia:

1. That § 15.1-230 of the Code of Virginia be amended and reenacted
as follows:

§ 15.1-230. Such bonds shall be issued by the school board in the
name of the county. For the payment of the principal of and the interest
on such bonds the full faith and credit of the county shall be pledged. The
bonds shall be signed by the chairman of the school board and counter-
signed by the clerk thereof, but the bonds may bear or be executed with the
facsimile signature of one of such officials, and in the case of coupon bonds
the coupons may bear the facsimile signatures of both of such officials; the
bonds shall be under the seal of the school board, but in lieu of impressing
such seal physically upon such bonds, a facsimile of such seal may be
imprinted on the bonds if so authorized by the school board. The bonds
shall be in the denomination or denominations of not less than one thou-
sand dollars each; they may be in coupon or registered form, or both,
as may be agreed upon by the school board and the Board of Trustees of
the Virginia Supplemental Retirement System; they shall bear interest at
the agreed rate or rates not exceeding six per centum per annum and such
interest shall be payable semiannually; they shall be serial bonds with
maturities and amounts as agreed upon but the first maturity date shall
not be longer than two years from the date of such bonds and the maximum
maturity date shall not be longer than thirty years from the date of such
bonds. The place or places of payment of principal and interest shall be
as agreed upon by the school board and the Board of Trustees of the Vir-
ginia Supplemental Retirement System. In case any officer whose signature
or a facsimile thereof shall appear on any bond or coupon shall cease to be
such officer before the delivery of such bond, such signature or such
facsimile shall nevertheless be valid and sufficient for all purposes the
same as if he had remained in office until such delivery, and any bond may
bear the signature of a person who at the actual time of the execution
of such bond shall be the proper officer to sign such bond although at the
date of such bond such person may not have been such officer.