Chap. 63.—An ACT authorizing the county school board of Elizabeth City
county to borrow ten thousand dollars ($10,000), and issue bonds therefor,

for the bullding and equipment of a new school house in the town of
Phoebus.

Approved February 11, 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 ten thou-
sand dollars, and to issue coupon bonds therefor. Such bonds shall bear
interest at a rate not exceeding six per centum per annum, shall be sold
at not Jess than par, and shall be payable not less than thirty ner more
than fifty years from the date of issue. Such bonds may be issued for
such sum or sums not exceeding ten thousand dollars in the ageregate,
in such series, at such time or times, and each of such denominations as
may be determined upon by the said county 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 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 bonds issued pursuant to the authority of this act shall be
signed by the president of the county school board of Nlizabeth City
county, and have attached thereto the corporate seal of their body,
attested by its clerk. The coupons attached to such bonds shall have the
name of the treasurer of Elizabeth City county affixed 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 vears 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.