CHAP. 134.—An ACT authorizing the county school board of Elizabeth City
county to borrow ten thousand dollars ($10,000), and issue bonds therefor.

Approved January 24, 1900. ¢

1. Be it enacted by the general assembly of Virginia, That the county
school board of Elizabeth City county be, and it is hereby, authorized
and empowered to borrow money to an amount not exceeding ten thor
sand dollars, and to issue coupon bonds therefor. Such bonds sha
bear interest at a rate not exceeding six per centum per annum, sha
be sold at not less than par, and shall be payable not less than thirty)
nor more than fifty years from the date of issue. Such bonds may b
issued for such sum or sums, not exceeding ten thousand dollars 1
the aggregate, in such series, at such time or times, and each of suc’
denominations as may be determined upon by the said county schoo
board.

2. The proceeds of the sale of such bonds shall be used for the com
pletion and equipment of the new high school building in Elizabeth Cit:
county, providing furniture and apparatus therefor, and for such addi
tion thereto, as the said county school board may determine upon: pro
vided, that the purchaser or purchasers of any bonds issued under thi
act shall not be liable for the application of moneys arising from thei
sale.

3. All bonds issued pursuant to the authority of this act shall be
signed by the president of the county school board of Elizabeth City
county, and have attached thereto the corporate seal of their body
attested by its clerk. The coupons attached to such bonds shall have
the name of the treasurer of Elizabeth City county affixed thereto.

4. The board of supervisors of Elizabeth City county are hereby
directed to levy and collect a sufficient additional school levy to pay
the annual interest on such bonds as may be issued under this act.
provided, that after fifteen years from the time of the issue of such
bonds, the said board of supervisors may create a sinking fund for the
redemption thereof at maturity, by levying and collecting an additional
tax at a rate not exceeding that necessary to provide for such redemp-
tion. |

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