Chap. 62.—An ACT to authorize and empower sehool district No. 4, in the
county of Elizabeth City. to borrow $17,000 and issue bonds therefor, to buile
a school-honse in the town of Phebus, and to repeal an act approved December
11, 1901, authorizing the county school board of Elizabeth City county to ber
row $10,000 to build a school-house in the town of Phabus.

Approved January 16, 1902.

Be it enacted by the general assembly of Virginia, That school dis
ried number four, in the County of Elizabeth ( itv. be, and it is hereby.
suthorized and empowered to borrow money to an amount not exceeding
seventeen thousand dollars, and to issue coupon bonds therefor. . Such
ponds shall bear interest at a rate not exceeding six per centum per an-
num, shall be sold at not less than par, and shall be payable not less than
ten nor more than fifty vears from the date of issue. Such bonds may be
issued for such sum or sums (not exceeding seventeen thousand dollars
in the aggregate), in such series, at such time or times, and each of
such denomination as may be determined upon by the said school board.

2. The proceeds of the sale of such bonds shall be used for the building
and equipment of the new school building in the town of Phoebus, in
Elizabeth City county, providing furniture and apparatus therefor, and
for such addition or betterment thereto as the said school hoard of said
district may determine upon: provided, that the purchaser or pur-
chasers of any bonds issued under this act shall not be hable for the
application of money arising from their sale.

All bonds issued pursuant to the authority of this act shall be signed
by the chairman of the said district school board, and countersigned 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 cou-
pons attached to the said bond shall be in such amount as will cover the
*mi-annual interest accruing on the bond to which it is attached.

4. It shall be the duty of the board of supervisors of Elizabeth City
county to make a levy on the real and personal property in school district
number four, in the county of Elizabeth City, sufficient to pay—first, the
annual interest on such bonds as may be issued under this act, and then
for all other district schoo] purposes as is now provided by law, and after
fifteen vears from the time of the issue of such bonds the said board of
supervisors shall make such sufficient and additional levy as may be neces-
sary to create a sinking fund for the redemption of such bonds at matu-
rity, but the tax so levied shall not exceed the maximum preseribed in the
third sub-division of section fifteen hundred and six of the Code of Vir-
vinia, eighteen hundred and eighty-seven. All taxes levied pursuant. to
the authority of this act shall be colleeted by the treasurer of the town of
Phebus, out of which he shall pay interest on the said bonds as the cou-
pons fall due. and the additional levy to pay off said bonds as they fall
due is to be invested as the said beard of school trustees for district: num-
ber four, in the county of Ehzabeth City, may direct.

. An act of the general assembly, entitled “an act authorizing the
mans school board of Elizabeth City county to borrow ten thousand dol-
lars. and issue bonds therefor, for the building and equipment of a new
“chool-house in the town of Phoebus.” approved February, nineteen hun-
ed and one, is hereby repealed.

i. All acts or parts of acts imconsistent with this act are hereby re-
vealed.

This act shall be an force from its passage.