Chap. 124.—An ACT to authorize the district school board of Capeville school
district, in Northampton county, to borrow money for the purpose of pro-
viding a suitable school building in that district, and to provide for the
payment of the amount so borrowed.

Approved March 10, 1906.

1. Be it enacted by the general assembly of Virginia, That the school
board of the Capeville school district, in Northampton county, may bor-
row not exceeding the sum of two thousand dollars ($2,000) for the
purpose of buying or erecting and furnishing a suitable school building
in that district.

2. The said board shall issue its bond or bonds for the money borrowed.
payable at such time or times as may be agreed upon, not exceeding ten
years after their issue, bearing interest not exceeding the legal rate, and
payable annually or semi-annually, as agreed upon. 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 chairman of the board of super-
visors of said county, scaled with the county seal, and attested by the
county clerk.

3. From the school levy for the said district there shall be paid, as
it matures, the interest on the bond or bonds hereby authorized, and there
shall be set aside annually as a sinking fund, such sums as will provide
for the payment of the principal when it matures. Such sinking fund
shall be invested in the bonds hereby authorized, or in such other securi-
ties as the said board, with the approval of the division superintendent of
the schools for said county, may 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
condition of the sinking fund.

5. An emergency existing, the immediate preparation of a building
for use next session, this act shall be in force from its passage.