Chap. 121.—An ACT to authorize the school board of Pleasant Grove magis-
terial district, number 3, of the county of Norfolk, to borrow money for the
purpose of school improvement in said district, and to issue bonds therefor,
not exceeding $5,000 in amount.

Approved March 3, 1908.

1. Be it enacted by the general assembly of Virginia, That the school
board of Pleasant Grove magisterial district, number three, of the county
of Norfolk, be authorized and empowered to borrow money not to exceed
the sum of five thousand dollars, the same to be used for school im-
provements in said district.

2. That the said school board may issue bonds not to exceed the said
sum of five thousand dollars, the said bonds to be in denominations of five
hundred dollars and one thousand dollars, to bear interest not to ex-
ceed five per centum per annum, payable semi-annually, with interest
coupons thereto attached, and the principal thereof to be paid fifteen
years after the date thereof, and to be a lien upon all the school property
of said school district, number three, of the county of Norfolk. The
said school property shall be pledged for the payment of the principal
and interest thereof, according to their tenor and date, and the said
bonds shall be in the form following:

Know all men by these presents: That the school board of Pleasant
Grove magisterial district, number three, of the county of Norfolk, in
the State of Virginia, is justly indebted to.................. or bearer,
in the sum of................4. dollars, redeemable fifteen years after
date hereof, and bearing interest at the rate of five per centum per
annum from date, payable semi-annually on surrender of the proper
coupons hereto attached, until payment of the principal sum. In
testimony whereof the said school board of Pleasant Grove magisterial
district, number three, of the county of Norfolk, has caused the cor-
porate seal of the same to be affixed, and these presents to be signed by
its chairman and attested by its clerk, this the.................. day of
nineteen hundred and............

3. That in making sale of the said bonds that shall be issued in ac-
cordance with the provisions of this act, at no time shall the said bonds
be sold for less than their par value; and the said school board shall
provide for the payment of the accruing interest, and also for the prin-
cipal of said bonds, in such manner and by such means as it shall deem
necessary.

4. The said bonds may be issued and sold by the said school board
for the purpose of raising said sum of money, or any part thereof, only
for the purpose hereinbefore set out.

5. The board of supervisors of the county of Norfolk may guarantee
the payment of said bonds so issued in accordance with this act.

6. The necessity of raising money for the purposes of school im-
provements in this district creates an emergency, and this act shall be
in force from its passage.