CHAP. 274.—An ACT to authorize the school board of Grafton magisterial
district, of York county, to borrow a sum not exceeding $2,500 and to
issue bonds therefor.

Approved March 14, 1912.

1. Be it enacted by the general assembly of Virginia, That
the district school board ef Grafton school and magisterial dis-
trict, of York county, be, and is hereby, authorized and em-
powered to borrow money to an amount not exceeding twenty-
five hundred dollars and to issue bonds therefor.

2. Such bonds shall be payable in not more than thirty years
from their date, and said bonds shall be made redeemable at the
option of the said school board at any time after five years from
their date.

3. Said bonds shall bear interest at a rate not exceeding six
per centum per annum, and no bonds issued under this act shall
be sold for less than their par value.

4. The proceeds of the sale of said bonds as may be issued
under this act shall be used for the building and equipment of a
high school or graded school building for said Grafton school
district. There shall be a lien upon the school property of
Grafton school district for the payment of the said bonds, and
the interest to accrue thereon; said bonds shall be signed by the
chairman of the scheol board of Grafton district, of York county,
and shall be attested by the clerk of the said board.

5. The board of supervisors of York county are hereby
directed to levy and collect a sufficient additional levy to pay the
annual interest on such bonds as may be issued under this act,
and at the maturity of said bonds to levy and collect an additional
tax to pay the principal of said bonds.

6. An emergency existing, this act shall be in force from its
passage.