Chap. 119.—An ACT to authorize Clifton school district, in the county of Alle-
; ghany, to borrow money.

Approved January 23, 1896.

1. Be it enacted by the general assembly of Virginia, That it
shall be lawful for the board of school trustees of Clifton school dis-
trict, in the county of Alleghany, to borrow money, not to exceed
the sum of six thousand five 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 said board shall be expended
for the purpose of building a suitable and sufficient schoolhouse in
the town of Clifton Forge, in the said Clifton school district, in the
county of Alleghany, but purchasers of bonds issued pursuant to
this act shall not be bound to see to the application of the purchase
money.

3. That the said bonds may be either registered or coupon bonds,
and of such denominations as the said board shall prescribe, and
shall bear interest not to exceed six per centum per annum, payable
annually. The principal thereof shall be made payable twenty years
after date, with the privilege reserved to the said board of paying
and discharging any or all of said bonds at any time after the ex-
piration of five years from their date, paying interest on any bond
only to the date of its discharge or payment of its principal.

4. That the said bonds shall be signed by the chairman and at-
tested by the clerk of said Clifton school district and shall have the
corporate seal of said district affixed thereto; and the same may be
in the following form or to the following effect, to-wit:

$

No.

Know all men by these presents, That Clifton school district, in
the county of Alleghany, state of Virginia, is justly indebted
to ————_—_————_ or bearer in the sum of ————— dollars, to be
paid, at the option of the obligor, at the office of the county treasurer
of Alleghany county or at the office of the Covington national bank,
or of its successor, twenty years after date, in lawful money of the
United States, with interest thereon at —————— per centum per
annum from the date hereof until paid, payable annually at the
office of said county treasurer or, at the option of the obligor, at the
office of the Covington national bank, or of the successor of said
bank, upon presentation and surrender of the respective coupons
hereto attached (if coupon bonds are used ) as they severally become
due and payable. This bond is one of a series of ——————— bonds
issued under an act of the general assembly of Virginia, ap-
proved , eighteen hundred and ninety-six, for the sum of
dollars each, all of which bonds are of the same date and bear the
same rate of interest, without any preference of any bond or bonds by
reason of priority of issue or for any other cause. This bond may
be called in and discharged at any time after five years from its date
at the pleasure of the board of trustees of said Clifton school district,
by notice, duly mailed by said board or its clerk, or any agent of &:°

board, to the person appearing on the books of said board to be the
owner of the same, that the money to pay said bond, and all unpaid
interest thereon, that has accrued up to the date of such mailing of
such notice and five days afterwards, has been deposited either with
the county treasurer of Alleghany county or at the office of the Cov-
ington national bank or of its successor.

And after five days from the mailing of such notice this bond
shall cease to bear interest, and all coupons hereto attached (if it be
a coupon bond), that by their terms respectively become payable
after five days from the mailing of such notice, shall be deemed null
and void.

In witness whereof the board of school trustees of Clifton school
district, in Alleghany county, state of Virginia, has caused the cor-
porate seal of said Clifton school district to be hereunto affixed and
these presents to be signed by —————-, its chairman, and attested

y , its clerk, on this —— day of , in the year eigh-
teen hundred and ninety-six.

Chairman Clifton school district.

Clerk Clifton school district.
And to each of said bonds twenty coupons may be attached (if
said board shall determine to issue coupon bonds), which’ coupons
may be in substance as follows, to-wit:

$ .

Clifton school district, in Alleghany county, state of Virginia, will
pay to bearer, at the office of the Covington national bank, or of its
successor, on the first day of ,in the year —_-_—_—-
dollars lawful money of the United States, being one year’ 's interest
on bond number —__—_ , chairman.

———_ ———__, clerk.

But if said board shall determine not to attach coupons to the
bonds provided for in this act, the form of the bonds issued by it
may be substantially as herein prescribed, omitting from the face
of the bonds all reference to coupons.

5. That when the said bonds shall be issued in accordance with
this act, the property of the said Clifton school district, which is com-
posed of Clifton magisterial district, in the county of Alleghany, and
is not designated by number, shall be pledged for payment of the
principal and interest 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-twentieth of the principal
of said bonds, annually, and shall include in the annual estimate of
the amount which will be needed in said district under clause eight,
section fourteen hundred and sixty-six of the code of Virginia of eigh-
teen hundred and eighty-seven, a sufficient sum for that purpose, in
addition to what shall be necessary to defray other lawful expenses
therein mentioned, which sum shall be appropriated to the payment
of said interest and provide a fund for the redemption of said bonds.

6. That said bonds may be issued and sold by said board for the
purpose of raising said sum of money; provided they shall not be
sold for less than their par value.

7. This act shall be in force from its passage: