CHAP. 327.—An ACT to authorize the school board of Washington mag-
isterial district, No. 5, of the county of Norfolk, to borrow money
for the DEE pore of school improvements in said district, and to issue
bonds therefor, not exceeding $45,000.00 in amount. (H. B. 568)

Approved March 20, 1916.

1. Be it enacted by the general assembly of Virginia, That
the school board of Washington magisterial district, number
five, of the county of Norfolk, be authorized and empowered to
borrow money, not to exceed the sum of forty-five thousand dol-
lars, the same to be used for school improvements in said dis-
trict.

2. That the said school board may issue bonds not to ex-
ceed the said sum of forty-five 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 five, of the county of Norfolk. The said
school property shall be pledged for the payment of the prin-
cipal 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
Washington magisterial district, number five, of the county of
Norfolk, in the State of Virginia, is justly indebted to........
Lecce cece et cece eee e cere eens or bearer in the sum of ......
re 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 Washington magisterial district, number five, of the
county of Norfolk, has caused the corporate seal of the same to
be affixed and these presents to be signed by its chairman and
attested by its clerk this .......... day Of ....... ccc cccees
nineteen hundred and ...........

3. That in making sale of said bonds that shall be issued in
accordance 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 in-
terest, and also for the principal 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 purpose of school
improvements in this district creates an emergency, and this act
shall be in force from its passage.