CHAP. 196.—An ACT to authorize the school trusteed of Newport
school district, in the county of Warwick, to borrow money and
issue bonds therefor.

Approved February 12, 1892.

1. Be it enacted by the general assembly of Virginia.
That it shall be lawful for the board of school trustees of
Newport school district, number one, in the county of War.
wick, to borrow money not to exceed the sum of twe
thousand five hundred dollars, and to issue bonds therefor
to bear interest at a rate not greater than six per centur
per annum.

2. That the money so borrowed by the said board shal.
be expended for the purpose of improving, enlarging and
building school-houses within the limits of said schoo!
district, and in paying such debts as have heretofore been
contracted for the purpose aforesaid.

3. That the said bonds shall be issued in such denomi
nations as the said board shall prescribe, and bear interes
not to exceed six per centum per annum, payable annually
and the principal thereof to be paid in not less than fiv
nor more than twenty years after date, the said board te
reserve the privilege of paying the same at any time, anc
shall be in the form following:

“Know all men by these presents, That Newport schoo
district, number , of the county of Warwick, 1
justly indebted to-————————, a bearer, in the sum o.
— dollars, redeemable at the pleasure of the board o
school trustees of said district, and payable on the
day of , to bear six per centum interest from date
payable annually.

““In testimony whereof the board of school trustees o
the said district have caused the corporate seal of sai
district to be affixed hereto, and these presents to b
signed by its chairman and attested by its clerk, this——
day of ;” and shall be signed by the chairman ans
clerk of the said board, and have the corporate seal of th
said district affixed thereto.

4. That when the said bonds shall be issued in accord
ance with this act, the property of the said school distric

shall be pledged for the payment of the principal and in-
terest thereof, according to their tenor and date. And
the said board of school trustees shall provide for the
payment of the accruing interest and at least one-twen-
tieth of the principal of the said bonds annually, and
shall include in the annual estimate of the amount of
money which will be needed in said district under clause
eight, section fourteen hundred and sixty-six of the code
of eighteen hundred and eighty-seven, a sufficient sum for
that purpose in addition to what shall be necessary to de-
fray other lawful expenses therein mentioned, which sum
shall be appropriated to the payment of the said interest,
and Provide for a fund for the redemption of the said
bonds
_ 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: provided that they shall not be sold for less than
their par value.

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