Chap. 59.—An ACT to authorize the school board of the city of Manchester to
borrow money and issue bonds.

Approved February 4, 1903.

1. Be it enacted by the general assembly of Virginia, That it shall be
lawful for the school board of the city of Manchester to borrow money
not to exceed the sum of fifteen thousand dollars, and to issue a bond or
bonds therefor, to bear interest at a rate not greater than five per centum
per annum, for the purpose of building additional school-houscs for the
accommodation of the school children, and there being pressing demand
for immediate action in the premises.

2. That the money so borrowed by the said board shall be expended for
Luilding and equipping a school-house, to such an extent and in such
manner as to the said hoard shall seem most judicious, on the lot at the
southeast corner of Bainbridge and Eleventh streets, in the said city,
fronting one hundred and thirty-two feet on the south side of said Bain-
bridge street, and running hack between parallel lines one hundred and
fifty-five fect, to an alley, or on any other lot that may be sclected for
the purpose, and in paving the debts hereafter contracted by the said
board for the said purpose, the consent of the city council of the city
of Manchester having been first had and obtained for the use of the said
lot, or any other lot used for the purposes aforesaid.

3. That a bond or bonds shall be issued in such denominations as the
said board shall prescribe, which shall bear interest at a rate not. to
excecd five per centum per annum, payable semi-annually, and the prin-
cipal thereof to be paid in not Jess than ten nor more than thirty-four
years after date, the said board to reserve the privilege of paying the
same at any time after ten vears, and shall be in the form following:

Know all men by these presents, That the school hoard of the city of
Manchester, in the State of Virginia, is justly indebted to
or bearer, in the sum of ———————— dollars, redeemable at the pleasure
of the said board, at any time after the expiration of ten years from the
date hereof, and payable on the —--———— day of ——————,, nineteen

, to bear interest at the rate of five per centum per annum,
fom date, payable semi-annually.

In testimony whereof, the school board of the city of Manchester has
caused the corporate seal of the said board to be affixed hereto, and these
presents to be signed by its chairman and attested by its clerk, this, the

day of ——_—_——, nineteen

And the same shall be signed by the chairman and the clerk of the
said board, and have the corporate seal of the said board affixed. The
stid bond or bonds may be either registered or coupon bonds, and, if
coupon bonds, the coupons shall be in‘the usual form of such securities ;
and the coupons attached, if coupon bonds, shall be signed by the said
chairman and clerk of the said board.

4. That, upon the consent of the city council of the said city of Man-
chester first being given and obtained, the said bond or bonds may be
issued, in accordance with this aet, and the said lot on Bainbridge street,
above mentioned and described, or such other lot as may be selected and
decided upon to be conveyed for such purposes, the city council of the
said city to designate the lot to be thus conveyed: for such purposes, and
is hereby empowered to designate either the lots upon which the school-
houses of the said city now stand, or any one of them, or any other lot
that the said city shall acquire, shall be pledged for the principal and
interest thereof, according to its or their tenor and effect, and the said
honds, if more than one be issued, shall be made of the same date and
dignity; and the said bond or bonds shall be sceured, according to the
terms and conditions herein contained and expressed, by a deed of trust
conveving the said lots, or lot, with the buildings thereon, selected and
decided upon to be conveyed for said purposes, designated by the said
city council of the said city, as above provided for, in trust, for that
Purpose; and the said board is authorized to direct and empower its
chairman to execute such deed of trust, and the chairman of the said
hoard is authorized, upon such direction and authorization of the said
hoard, to execute such deed of trust to secure the payment of the said
tend or bonds, when it or thev are issued, as above provided for. And
the said board shall provide for the payment of the accruing interest and
at least one thirty-fourth of the principal of the said bond or bonds,
annually, and shall include in the annual estimate of the amount of
money which will be needed in the said: city under clause eight of section
fourteen hundred and sixty-six of the Code of Virginia, a sufficient sum
for that purpose, in addition to what shall be necessary to defray the other
lewful expenses therein mentioned, which shall be appropriated to the
payment of the said interest, and providing for a sinking fund for the
redemption of the said bond or bonds. The procecds of the sales of the
said bond or bonds, when the same are sold, and the moneys appropriated
for the said sinking fund, shall be placed in the city treasury, and paid
out only upon the warrant of the said board in the usual form, for the
purposes aforesaid.

5. That the said bond or bonds may be issued and sold by the said
board for the purpose of raising the said sum of money, or any sum not
exceeding the said sum of fifteen thousand dollars: provided, that neither
it nor they shall be sold for less than its or their par value.

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