Chap. 669.—An ACT authorizing the county sehool board of Elizabeth City to is-
sue bonds for improving, enlarging and building schoolhouses and purchasing
land and furniture for same. &

Approved March 2, 1898,

1. Be it enacted by the general assembly of Virginia, That the county
school board of Elizabeth City county is hereby authorized and em-
powered to borrow money not to exceed the sum of fifteen thousand dol-
lars, and to issue bonds therefor at a rate of interest not greater than six
per centum per annum.

2. That the said money so borrowed by the said board shall be ex-
pended for the purpose of improving, enlarging and building school-
houses, for the purchase of land and furniture for school purposes, and
for the general improvement of the school property of the county.

3. That the said bonds shall be issued in such denominations as the
said board shall prescribe, and shall bear interest not to excced six per
centum per annum, said interest to be paid annually, and the prin-
cipal thereof to be paid in not more than thirty years; said bonds shall
be signed by the president of said board and countersigned by the clerk
thereof, and shall be sold and negotiated in such manner and upon such
terms as may be prescribed by said board: provided, that the said bonds
shall not be sold for less than their par value.

4. In order to provide for the paymentof the accruing Interest on
said bonds and ofthe principal thereof, the board of supervisors of said
county are hereby authorized and empowered to levy and collect an
assessment for that purpose not exceeding five cents on the one hundred
dollars’ worth of taxable property, to be applied exclusively to the pur-
poses of this act.

5. All acts and parts of acts in conflict with this act are hereby re-
pealed.

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