Chap. 294.—An ACT to authorize the school board of the town of Coving-
ton, in the county of Alleghany, to borrow a sum of money not exceed-
ing $30,000 to meet notes for money borrowed by trustees for the pur-
pose of erecting the graded school building in said town, and to con-
plete the said building. [H B 228]

Approved March 16, 1918.

1. Be it enacted by the general assembly of Virginia, That the
school board of the town of Covington school district in the county
of Alleghany be, and they are hereby authorized to borrow 4 sum
of money not exceeding thirty thousand dollars to meet. notes for
money borrowed by trustees for the purpose of erecting the graded
schoo! building in said town, and to complete the said building.

9. The said school board shall issue its bonds in such denomins-

——**

tions as the said board shall prescribe, for the money borrowed, bear-

ing a rate of interest not exceeding six per centum per annum, '

which bonds shall run not less than ten nor more than thirty years,
with the right reserved in said school board to pay them or any
of them, at any time after five years. Such bonds shall be signed
by the chairman and attested by the clerk of the said school board.

Wen R

wraeltt on Bre

3 Said school board shall provide for the interest accruing an-

nually on said bonds, and shall set aside annually a sum equal to at

least one-twentieth of the principal of said bonds, as a sinking fund |

wa AN

for the ultimate redemption of said bonds, out of the district school -

funds, which may from time to time be under its control.

4. Said bonds shall be either registered or coupon bonds and
may be issued and sold by said board as herein above provided, but
shall not be sold for less than their par value.

5. Should the said school board elect to issue coupon bonds.
then, at any time after the expiration of five years, should the said
school board desire to redeem any or all of said bonds, as hereinbe-
fore provided, notice of the intention to redeem shall be either by
personal notice to the owner, if he and his place of residence be
known, or, in the event the owner or his residence be unknown, the
said notice of intention to redeem shall be by publication directed
by the original owner of said bonds elected to be redeemed, for four
successive weeks in some newspaper published in Alleghany country,
Virginia, notice, in either event, to state the time and place at which
said school board intends to redeem; and the interest on said bonds
so elected to be redeemed, shall cease from and after the day so ap-
pointed in such notice for their redemption.

6. As it is necessary for the provisions of this act to become
effective promptly, in order that work may be completed on said
building an emergency exists, and therefore this act shall be i
force from its passage.