CHAP. 661.—An ACT to authorize the school trustees of Abing-
don district, in the county of Gloucester, to borrow money and
issue bonds therefor.

Approved March 3, 1892.

1. Be it enacted by the general assembly of Virginia,
That it shall be lawful for the board of school trustees of
Abingdon school district, number , in the county of

Gloucester, to borrow money not to exceed the sum of
twelve hundred dollars, and to issue bonds therefor, to
bear interest at a rate not greater than six per centum per
annum.

2. That the money so borrowed by the said board shall
be expended for the purpose of improving, enlarging, and
building school-houses within the limits of the said school
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 interest
not to exceed six per centum per annum, payable annu-
ally, and the principal thereof to be paid in not less than
five nor more than twenty years after date, the said board
to reserve the privilege of paying the same at any time,
and shall be in the form following:

Know all men by these presents, That school
district, number , of the county of Gloucester, is
justly indebted to , or bearer, in the sum of
dollars, redeemable at the pleasure of the board of
school trustees of said district, and payable on the
day of , to bear per centum interest from date,
payable annually.

In testimony whereof the board of school trustees of
the said district have caused the corporate seal of said
district to be affixed hereto, and these presents to be
signed by its chairman and attested by its clerk this
day of .

And shall be signed by the chairman and clerk of the
said board, and have the corporate seal of the said school
district affixed thereto.

4. That when the said bonds shall be issued in accord-
ance with this act, the property of the said school district
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 pay-
ment of the accruing interest and at least one-twentieth
of the principal of the said bonds annually, and shall in-
clude 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 fora 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.