Chap. 397.—An ACT to authorize the school trustees of Onancock school district,
in the county of Accomac, to borrow money and issue bonds.

Approved March 28, 1902.

1. Be it enacted by the general assembly of Virginia, That it shall
be lawful for the board of school trustees of Onancock school district,
in the county of Accomac, by and with the consent of the council of
Onancock, to borrow money not to exceed the sum of three thousand dol-
lars, and to issue bonds therefor, to bear interest at a rate not greater
than five per centum per annum.

2. That money so borrowed by the said board shall be expended for
the purpose of improving, enlarging, or the purchasing of property for
school purposes, and equipping the same, and in paying such debts as
may be hereafter contracted for the purposes aforesaid.

3. That the bonds shall be issued in such denominations as the board
shall prescribe, and bear interest not to exceed five per centum per an-
num, payable annually, and the principal thereof paid in not less than
five nor more than twenty years after date, the said board to reserve the
privilege of paying the same at any time after five years, and shall be in
the form following:

Know all men by these presents, That Onancock school district, of

the county of Accomac, is justly indebted to.......... , a bearer, in the
sum of...... dollars, redeemable at the pleasure of the board of school
trustees of the said district, and payable on the...... day of......... ;

to bear. ..per centum interest from date, payable annually.

In testimony whereof the board of school trustees of the said district
have caused the corporate seal of said district to be affixed hereto, and
these presents to be signed by its chairman and attested by its clerk,
this...... day of......... , and shall be signed by the chairman and
clerk of said board, and have the corporate seal of the said district affixed
thereto.

4, That when the said bonds shall be issued in accordance with this
act, the property of the said school district shall be pledged for the pay-
ment of the principal and interest thereof, according to their tenor and
date. And the said board of school trustees shall provide for the pay-
ment of the accruing interest and at least one-twentieth of the principal
of the said bonds annually, and shall include in the annual estimate of
the amount of money which will be needed in the said district under
clause cight, section fourteen hundred and sixty-six of the Code of Vir-
ginia, a sufficient sum for that purpose, in addition to what shall be neces-
sary to defray the other lawful expenses therein mentioned, which shall
be appropriated to the payment of the said interest, and provide for a
fund for the redemption of said bonds.

5. That the said bond or bonds may be issued and sold by the said
board for the purpose of raising the said sum of money: provided, that
they shall not be sold for less than their par value.

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