Chap. 305.—An ACT authorizing the county school board of Elizabeth City
county to borrow fifteen thousand dollars ($15,000) and issue bonds there-
for, for the building and equipment of a new school house in the town of
Hampton.

Approved February 16, 1901.

1. Be it enacted by the general assembly of Virginia, That the county
school board of Elizabeth City county, be, and it is, hereby authorized
and empowered to borrow money to an amount not exceeding fifteen
thousand dollars, and to issue bonds therefor. Such bonds shall bear
interest at a rate not exceeding six per centum per annuin, shall be sold
at not less than par, and shall be payable not less than thirty, nor more
than fifty vears from the date of issue. Such bonds may be issued for
such sum or sums not excecding fifteen thousand dollars in the aggregate,
in such series, at such time or times, and cach of such denomination as
may be determined upon by the county school board.

2. The proceeds of the sale of such bonds shall be used for the build-
ing and equipment of the new school building in the town of Hampton,
in Klizabeth City county, providing furniture and apparatus therefor,
and for such addition thereto as the said county school board may deter-
mine upon: provided, that the purchaser or purchasers of any bonds
issued under this act shall not be liable for the application of moneys
arising from their sale.

3. All the bonds issued pursuant to the authority of this act shall be
signed by the president of the county school board of Klizabeth City
county, and have attached thereto the corporate seal of their body, at-
tested by its clerk. The coupons attached to such bonds shall have the
name of the treasurer of Elizabeth City county attixed thereto.

4. The board of supervisors of Elizabeth City county are hereby di-
rected to levy and collect a sufficient additional school levy to pay the
annual interest on such bonds as may be issued under this act: provided,
that after fifteen years from the time of the issue of such bonds, the said
board of supervisors may create a sinking fund for the redemption
thereof at maturity, by levying and collecting an additional tax at a rate
not exceeding that necessary to provide for such redemption.

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