Chap. 352.—An ACT authorizing district or city school boards to borrow
money on short time loans. [S B 172]

Approved March 16, 1918.

Whereas, some of the school districts of the State find it neces-
sary to make temporary loans; therefore.

1. Be it enacted by the general assembly of Virginia, That
the several district or city school boards of the State, desiring to
borrow money of the purpose aforesaid. be, and the same are hereby,
authorized to borrow a sum of money which shall not exceed the
amount of the district levy for the year in which the loan is
negotiated, such loans to be repaid at such time or times within
the space of five years as may seem best to the respective school
boards and to bear interest at a rate not exceeding six per centum
per annum; provided that a second loan shall not be negotiated
until all preceding temporary loans negotiated under this act have
been paid.

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