Chap. 311.—An ACT to authorize the school trustees of School District No. 5, in
Norfolk county, to borrow money to complete the construction and equipment of
certain school buildings in the town of Berkley and the village of South Norfolk.

Approved March 25, 1902.

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

Norfolk (Washington magisterial district), be authorized and empow-
u red to borrow money, not to exceed the sum of ten thousand dollars, and
to issue bonds therefor.

2. That the money so borrowed by said board shall be expended in the
completion and equipment of certain school buildings now in process of
construction in the town of Berkley and village of Norfolk.

3. That the said bonds shall be in such denominations as the said
board shall prescribe, and to bear interest not to exceed five per centum
per annum, payable annually, with interest coupons thereto attached,
and the principal thereof to be paid in not less than ten years nor more
than twenty years after the date thereof, the said board to reserve the
privilege of paying 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
Lecce ee eeeee , or bearer, in the sum of..........., redeemable ten
vears after the date hereof, at the option of the board of school trustees
for said school district, and payable twenty years after date, with interest
thereon at the rate of five per centum per annum from date, payable
annually, on surrender of the proper coupons hereto attached until pay-
ment 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 be affixed, and these
presents to be signed by its chairman and attested by its clerk, this
the....dav of.......... , nineteen hundred.......... , attested by the
clerk of the said board, and have the corporate seal of said school district
affixed thereto.

4. 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 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 shall be needed
in said district under clause eight, section fourteen hundred and sixty-
six of the Code of eighteen hundred and eighty-seven, a sum for that
purpose in addition to what shall be necessary to defray other lawful ex-
penses therein mentioned, which sum shall be appropriated to the pay-
ment 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 prop-
erty 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 hun-
dred 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 dol-
lars of taxable property therein, for said redemption fund, in addition te
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 te
do by said board of school trustees.

4, 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.

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