Chap. 964.—An ACT relating to district school number 5, Norfolk county.

Approved March 7, 1900.

1. Be it enaeted by the general assembly of Virginia, That the
district beard of school trustees for school district number five, in the
county of Norfolk (Washington magisterial district), be authorized and
empowered to sell and convey the public free school-houses, and the
lots upon which thev are located, situated in the town of Berkley, and
being that certain block or square of land bounded by Mahone avenue,
Sixth street, Walker avenue, and Fifth street; also the public free
echool-house, and the lets upon which it stands, situated in the villace
of South Norfolk, fronting on Jackson street,and lying between Guerrier
amd Ohio streets; and that the said district board of school trustees
shall, in their discretion, invest the proceeds arising from said sale in
other public free school property, to be located in more suitable and
convenient places in said town of Berkley and village of South Norfolk,
respectively, and the said board of trustees may erect any public free
school buildings upon land purchased or leased by the said board.
or upon such land in the town of Berkley as the United States govern -
ment may permit them to use for that purpose.
2. That the said school trustees are authorized and empowered to
convey by deed, with covenants of special warranty, the property herein
authorized to be sold, and such convevance shall vest in the purchaser
or purchasers all title to said property held by said district school board
at the time of such sale. The deed or deeds of conveyance herein pro-
vided for shall be in the name of “ schoo] district number five, in the
county of Norfolk,” by the chairman of said district school board of
trustees, attested by its clerk, who shall affix thereto a corporate seal
to be provided bv said trustees for said board.

3. That it shall be lawful for the said district board of school trustees
to borrow money, not to exceed the sum of twenty-five thousand dollars,
and to issue bonds therefor.

4. That the money so borrowed by said board shall be expended in
acquiring lands for public free school purposes and in the construction
and equipment of suitable and sufficient school buildings thereon in the
town of Berkley and village of South Norfolk.

5. That the said bonds shall be in such denominations as the said
board shall prescribe, and bear interest not to exceed five per centum per
annum, payable annuallv, with interest coupons thereto attached, and
the principal thereof to be paid in not less than ten years nor more than
twenty vears after the date thereof; the said board to reserve the
privilege of paving the same at any time after ten years from the date
of said bonds, and they shall be in the form following:

Know all men by these presents, That school district number five,
in the county of Norfolk, state of Virginia, is justly indebted to the
—______ —_—_ or bearer in the sum of ———————__—___—_
dollars, redeemable ten years after the date hereof, at the option of the
board of school trustees for said school district, and pavable twenty
years after date, with interest thereon at the rate of five per centum per
annum from date, pavable annually, on surrender of the proper coupons
hereto attached until payment of the principal sum.

In testimony whereof, the board of school trustees of the said district
has caused the corporate seal of the said district to he affixed hereto,
and these presents to be signed bv its chairman and attested by its
clerk this the ————————. day of —----——————_,, nineteen hun-
dred ——————_-.

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

6. That any and all bonds which shall be issued in accordance with
the provisions of this act shall be a lien upon all the school property
of said school district number five in the county of Norfolk, and the
said school property shall be pledged for the pavment of the principal
and interest thereof, according to their tenor and date. And the said
hoard of school trustees shall provide for the pavment 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 four-
teen hundred and sixty-six of the code of eighteen hundred and eighty-
seven, a sum for that purpose, in addition to what shall be necessarv
to defray other Jawful expenses therein mentioned, which sum shall be
appropriated to the payment of said interest and provide a fund for
the redemption of said bonds: and it is further provided, that it shall
be lawful for said board of trustees to include in their annual estimate
for said school district, for the purpose of said redemption fund, a
district school tax of not more than five cents on the hundred dollars
of the taxable value of the property in said school district in addition
to the tax provided for in the third clause of section fifteen hundred
and six of the code, eighteen hundred and eighty-seven; and the board
of supervisors shall levy a tax on the property in said district, not to
exceed five cents on the hundred dollars of taxable property therein,
for said redemption fund, in addition to the tax provided for in third
clause of section fifteen hundred and six of the code, as a special fund
for redeeming said bonds if required so to do by the said board of school
trustees. |

%. The bonds to be issued under the provisions of this act shall not
be subject to any tax whatever by the county of Norfolk.

8. The said bond or bonds may be issued and sold by said board
of trustees for the purpose of raising said sum of money or any part
thereof: provided, they shall not be sold for less than their par value.

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