Chap. 94.—An ACT to authorize the school board of Western Branch magis-
terial district, No. 1, of the county of Norfolk, to borrow money for the
purpose of school improvements in said district, and to issue bonds there-
for, not exceeding $50,000 in amount.

Approved March 4, 1910.

1. Be it enacted by the general assembly of Virginia, That the school
board of Western Branch magisterial district, number one, of the county
of Norfolk, be authorized and empowered to borrow money, not to exceed
the sum of fifty thousand dollars, the same to be used for school improve-
ments in said district.

2. That the said school board may issue bonds not to exceed the said
sum of fifty thousand dollars; the said bonds to be in denominations of
five hundred dollars and one thousand dollars, to bear interest not to
exceed five per centum per annum, payable semi-annually, with interest
coupons attached thereto, and the principal thereof to be paid twenty
years after the date thereof, and to be a lien upon all the school property
of said school district number one, 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 Western
Branch magisterial district, number one, of the county of Norfolk, in
the State of Virginia, is justly indebted to ——— or bearer in the sum
of —_——————— dollars, 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 Western Branch magiste-
rial district, number one, 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 ———— day of
nineteen hundred and

38. 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, That 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 purposes hereinbefore set out.

5. The necessity of raising money for the purposes of school improve-
ments in this district creates emergency, and this act shall be in force
from its passage.