Chap. 446.—An ACT to authorize the trustees of Metompkin school district, in
Accomac county, to borrow money and issue bonds.

Approved March 29, 1902.

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

2. That the money so borrowed by the said board shall be expended
for the purpose of improving, enlarging, and building school-houses and
to pay for any if so bought, improved, or enlarged within the limits of
said school district, and in paying such debts as may be hereafter con-
tracted for the purpose aforesaid.

3. That the said bonds shall be issued in such denominations as the
said board shall prescribe, and bear interest not to exceed five per centum
per annum, payable annually, and the principal thereof to be paid in not
less than five nor more than twenty years after date, the said board to re-
ecrve 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 Metompkin school district, of

the county of Accomac, is justly indebted to.......... , or bearer, in the
sum of........ dollars, redeemable at the pleasure of the board of school
trustees of 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 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 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 of money which will be needed in the said district, under clause
eight, section fourteen hundred and sixty-six of the Code of Virginia, a
sufficient sum for that purpose in addition to what shall be necessary to
defray other lawful expenses therein mentioned, which sum shall be ap-
propriated to the payment of the said interest, and provide for a fund
for the redemption of the 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.