Chap. 135.—An ACT to authorize the district school board of Franktown school
district, in Northampton county, to bgrrow money for the purpose of erecting
and furnishing a, school-house near the town of Franktown, and to provide for
the payment thereof.

Approved March 12, 1904.

1. Be it enacted by the general assembly of Virginia, That the district
school board of Franktown school district, in Northampton county, mav
borrow not exceeding one thousand dollars for the purpose of erecting
and furnishing a school-house near the town of Franktown.

2. The said board shall issue its bond or bonds for the money bor-
rowed, payable at such time or times as may be agreed upon, not exceed-
ing ten years after their issue, bearing interest not exceeding the legal
rate. Such bond or bonds shall be signed by the chairman and attested
by the clerk of the said board, and shall be countersigned by the chair-
man of the board of supervisors of said county, and sealed with the county
seal, attested by the county clerk.

3. Until the bonds are paid the school levy for said district shall be
sufficient for the other annual requirements of the district and to set
aside as a sinking fund a sum sufficient to pay the debt hereby authorized
as it matures, and the same shall be so set aside. Such sinking fund shall
be invested in the bonds hereby authorized, or in such other securities as
the said district school board may, with the approval of the division
superintendent of schools for said county, select.

4. The said board shall annually report to the board of supervisors of
said county the amount of the debt outstanding and the amount and con-
dition of the sinking fund.