Chap. 3.—An ACT to authorize school district No. 2, in the county of Elizabeth
City, to borrow a sum not exceeding $18,000, and issue bonds therefor, and to
repeal an act entitled “an act to authorize the county school board of Eliza-
beth City county to borrow $15,000,” approved February 16, 1901.

Approved December 17, 1901.

1. Be it enacted by the general assembly of Virginia, That “school
district number two, in the county of Elizabeth City,” be, and it is hereby,
authorized and empowered to borrow money to an amount not exceeding
eighteen thousand dollars, and to issue coupon bonds therefor. Such
bonds shall bear interest at a rate not exceeding six per centum per ap-
num, shall be sold at not less than par, and shall he payable not less than
thirty nor more than fifty years from the date of issue. Such bonds may
be issued for such sum or sums (not excceding eighteen thousand dollars
in the aggregate), in such series, at such time or times, and each of such
pionelmalaas as may be determined upon by the said school board of said

istrict.

2. The proceeds of the sale of such bonds shall be used to pay for the
building and equipment of the new school-house in the town of Hampton,
in Elizabeth City county; to provide furniture and apparatus therefor.
and for such addition or betterment thercto as the said school board of
the said district may determine upon. And the said school hoard of the
said district is authorized, empowered, and required to use so much of
sud sum of eighteen thousand dollars as may be necessary to pay any
debt or liability incurred by the county school board of Elizabeth Citv
county for money heretofore borrowed by it and actually expended in
building and equipping a new school-house in the town of Hampton,
under an act of the general assembly approved February sixteenth, nine-
teen hundred and one: provided, that the purchaser or purchasers of any
bond or bonds issued under this act, or their assigns, shall not be liable
for the application of moneys arising from this sale.

3. All the bonds issued pursuant to the authority of this act shall be
signed by the chairman of the said district school board, and counter-
signed by the clerk thereof, and have attached thereto the corporate seal
of the said school board of the said district, attested by the clerk. Each
of the coupons attached to the said bonds shall be in such amount as will
cover the semi-annual interest accruing on the bonds to which it is at-
tached.

4. It shall be the duty of the board of supervisors of Elizabeth City
county to levy a tax on the real and personal property in “school district
number two, in the county of Elizabeth City,” sufficient to pay the an-
nual interest on such bonds as may be issued under this act, and then for
all other district school purposes, as is now provided by law, and after
fifteen years from the time of the issue of such bonds the said board of
supervisors shall make such sufficient and additional levy as may be
necessary to create a sinking fund for the redemption of such bonds at
maturity, but the tax so levied shall not exceed the maximum prescribed
in the third sub-division of section fifteen hundred and six of the Code
of Virginia, eighteen hundred and eighty-seven.

5. An act of the general assembly, entitled “an act authorizing the
county school board of Elizabeth City county to borrow fifteen thousand
dollars and issue bonds therefor, for the building and equipment of a new
school-house in the town of Hampton,” approved February sixteenth,
nineteen hundred and one, is hereby repealed.

6. All acts or parts of acts inconsistent with this act are hereby re-
pealed.

7. This act shall be in foree from its passage.