Chap. 153.—An ACT to authorize the school board of Western Branch magis-
terial district, No. 1, of the county of Norfolk, Virginia, to borrow money
for the purpose of school improvements in said district, and to issue bonds
therefor, not to exceed the sum of $50,000 in amount. (H B 291)

Approved March 13, 1918.

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, Virginia, be authorized and empowered to
borrow money, not to exceed the sum of fifty thousand dollars, the
proceeds of such loan to be used for school improvements in said
district.

2. The said school board may issue bonds not to exceed the sum
of fifty thousand dollars, to bear interest not to exceed five per cen-
tum per annum, payable semi-annually, with interest coupons at-
tached thereto, and the principal thereof to be paid twenty (20)
years after date thereof, said bonds to be a lien upon all of the school
property of said school district, number one, of said county of Nor-
folk. The said school property shall be pledged for the payment of
the principal and interest of said bonds, as therein set forth, and as
shown by interest coupons thereto attached, which said bonds shall
be in form as follows:

Know all men by these presents, That the school board of the
Western Branch magisterial district, number one, of the county of
Norfolk, in the State of Virginia, is Justly indebted to and promises
tO PAY woe cece cece eee eects the sum of one thousand dollars,
bearing interest at the rate of five per centum per annum from date,
payable semi-annually on surrender of the proper interest coupons
hereto attached, until said principal sum shall be paid in full.

In testimony whereof, the said school board of said Western
Branch magisterial district, number one, of the county of Norfolk,
Virginia, hath 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 the ........ day of ..............4.. , nineteen hundred
and ......06.

3. The said bonds shall be in denominations of one thousand
dollars each, and in making sale of same in accordance with the
provisions of this act, such bonds shall in no event be sold at less
than the par value thereof. And the said school board shall provide
for the payment. of the accruing interest on said bonds, or so many
thereof as may be issued and sold, and also for the payment of the
principal of said bonds, in such manner and by such means as it
shall deem necessary.
4. The said bonds, or any one or more of same, may be issued
and sold by the said school board, only for the purposes herein set
forth.

5. The necessity for raising money for the purposes of aforesaid
school improvements in said district, creates an emergency, and
this act shall be in force from its passage.