Chap. 239.—An ACT to authorize the school board of Newport magisterial
district of the county of Warwick, Virginia, to borrow money for the
purpose of constructing a school building, or buildings, and to defray
school operating expenses in said district, and to issue bonds therefor,
not to exceed the sum of $50,000.00 in amount. (S B 382]

Approved March 15, 1918.

1. Be it enacted by the general assembly of Virginia, That the
school board of Newport magisterial district, of the county of War-
wick, Virginia, be authorized and empowered to borrow money.
not exceeding the sum of fifty thousand dollars ($50,000.00), the
proceeds of such loan to be used for the purpose of constructing
a school building or buildings, and to defray school operating ex-
penses in said district.

2. That the said school board may issue bonds not to exceed
the said sum of fifty thousand dollars ($50,000.00) ; the said bonds
to be in denominations of five hundred dollars ($500.00), to bear
interest not to exceed six 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. The said
school property shall be pledged for the payment of the principal
and interest thereof, and the said bonds shall be in the following
form:

Know all men by these presents, that the school board of New-
port magisterial district, of the county of Warwick, in the State
of Virginia, is justly indebted to ............ ccc eee ween saeeee
or bearer, in the sum of five hundred dollars ($500.00), with in-
terest at the rate of six per centum from date, payable semi-annually,
until payment of the principal sum. In testimony whereof, the
said school board of Newport magisterial district, of the county
of Warwick, in the State of Virginia, 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
Lecce eee eee eee eeeeeeee , nineteen hundred and eighteen.

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 accruing interest,
and also for the principal 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 purposes hereinbefore set out.

5. The said bonds, or so many thereof as it may be deemed
advisable by the school board to sell, shall be disposed of on or
before the thirty-first day of December, nineteen hundred and
Lwenty; and no bonds shall be issued and sold, pursuant to this act,
oy the school board after said date.

_ 6. The necessity of raising money for the purpose of construct-
ng a school building or buildings and to defray school operatin
-xpenses in said district, creates an emergency, and this act shall
9c in force from its passage.