Chap. 152.—An ACT to authorize the school board of Catalpa school and
magisterial district, in Culpeper county, to fund the existing bonded in-
debtedness of the district incurred under former acts of the general as-
sembly of Virginia.

Approved February 14, 1901.

1. Be it enacted by the general assembly of Virginia, That the school
board of Catalpa school and magisterial district, of Culpeper county
be, and they are, hereby authorized and empowered to fund the present
existing bonded indebtedness of the said Catalpa school and magisterial
district, incurred under former acts of the general assembly of Virginia,
by the issue and sale of new bonds of the said Catalpa school and mag-
isterial district, for a sum not to exceed twelve thousand dollars; said
bonds to be issued and sold as hereinafter provided.

2. Said bonds shall be coupon, and shall be issued in such denomi-
nations and bear such rate of interest, not to exceed six per centum per
annum, as may be determined by the said Catalpa school board, said
interest to be paid semi-annually. The principal of said new bonds
shall be payable in fifteen years from their date, or upon the call of said
Catalpa school board at any time after the expiration of one year from
their date. Said bonds shall be signed by the chairman of the Catalpa
school board and countersigned by the clerk of said board, and shall
he sold or negotiated in such manner as the Catalpa school board may
prescribe, but they shall not be sold for less than their par value. All
moneys arising from the sale or negotiation of any bonds of said Catalpa
school board issued under this act shall be immediately applied to the
payment and discharge of the principal of the bonded indebtedness of
the said Catalpa school board and shall be used for no other purpose
whatsoever.

3. The board of supervisors of Culpeper county is authorized and
empowered to levy a tax not exceeding the amount which they are now
authorized to levy for the purpose of paying the present bonded indebt-
edness of said district, which shall be a special fund to be appropriated
annually to the payment of interest on said bonds and the extinguish-
ment of the principal until the whole shall be paid.

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