Chap. 111.——An ACT to authorize the school board of Cobham district, No. 4,
of the county of Surry, to borrow money and issue bonds for the purpose
of erecting and furnishing one or more school houses, and to purchase
sites therefor, and to provide for the payment of such bonds and the
interest to accrue thereon. . ([S B 93]

Approved February 28, 1920.

‘

1. Be it enacted by the general assembly of Virginia, That when-
ever the school board of Cobham school district, number one, of the
county of Surry, shall, by resolution duly spread upon the minutes
of the proceedings of the said board, declare that an additional school-
house, or schoolhouses, are necessary to provide additional public
school facilities for the children of school age in the said district and
that the school funds of the said district will not be sufficient to
provide such additional schoolhouse, or schoolhouses, and to pur-
chase the site, or sites, therefor, and to furnish the same with the
necessary furniture and appliances for instrjiction, the said school
board shall, when authorized by a vote of a majority of the qualified
voters of said school district, as hereinafter provided, borrow money
for the purpose of erecting a schoolhouse, or schoolhouses, therein;
purchasing the site, or sites, therefor, and furnishing the same, and
may issue bonds for the sum of money so borrowed; the said bonds
to be payable at a period not exceeding thirty years after their date,
and to be made redeemable at the option of the same school board at
any time after their date as may be specified in the bonds, and such
bonds shall bear interest at a rate not exceeding six per cent per
annum, payable annually or semi-annually as the said school board
may prescribe; provided that the said bonded indebtedness shall not
exceed fifty thousand dollars; and, provided further, that such bonds
shall not be sold for less than their par value.

2. That the said bonds shall be of such form and denomination
as the said school board, by resolution, spread upon the minutes of
the board, may prescribe, and be signed by the chairman and attested
by the clerk of the said board and there shall be a lien upon all the
school property of the said school district for the payment of the
principal of the said bonds and the interest to accrue thereon.

3. That the proceeds realized from the sale of such bonds as
may be issued under the provisions of this act shall be used only
for the erection of schoolhouses, furnishing the same, and purchasing
the sites therefor.

4. That no bonds shall be issued under the provisions of this act
unless authorized by a vote of the majority of the qualified voters
of the said school district, voting at a special election to be ordered
and held as hereinafter provided.

5. When the resolution of the said school board shall be certified
to the circuit court of Surry county, stating the proposed location
of the schoolhouse, or schoolhouses, to be erected, and the amount of
bond issue recommended by the said school board, the said court
shall order a special election to be held in the said school district at
such time and after such notice (which shall not be less than two
weeks), as the court may prescribe by order entering upon its minutes,
to pass upon the question whether such bonds shall be issued or not
for the amount recommended by the said school board.

And the clerk of the said court shall give notice as required by the
court of such special election by publication in some newspaper of
the county, and by having the same posted by the sheriff of the county
in at least ten conspicuous places in the said school district which
notice shall state the amount of bonds to be issued, the purpose ot
the proposed issue thereof, and that the said bonds shall be a lien
on all the school property of the said district, and that a special tax
shall be levied for the payment of the principal and interest of the
same bonds.

The clerk and sheriff of the county shall each receive for their
services hereunder five dollars, to be paid out of the funds of the said
school district.

6. The clerk of the said court shall prepare the ballots and poll
books and all other necessary details for said special election, and the
expenses thereof shall be paid out of the funds of the said school dis-
trict and the said special election shall be conducted and held in like
manner as regular general elections, and the laws of the State apply-
ing to general elections shall apply to said special election, except as
hereinafter provided, and the judges and clerks shall be designated
in the same manner as in general elections, and shall receive the same
compensation, and the voting precints in the said school district for
general elections shall also be the same for the said special election.

7. The judges and clerks of the said special election shall canvass
the votes and certify the same to the county clerk in the same manner
as required by law in general elections, and on the second day follow-
ing the said special election it shall be the duty of the chairman of the
board of supervisors, the Commonwealth’s attorney, and. the com-
missioner of the revenue of the said county of Surry, who are hereby
appointed and constituted a board of canvassers for that purpose,
to meet in the clerks’ office of the said county and to canvass the
returns of the said special election and to certify the returns ascer-
tained by them to the clerk of the said court, who shall file the certi-
ficate in his office, and when this shall have been done, if no notice
of contest of said election shall have been filed within ten days after
said election, the certificate of said canvassing board, hereby created
as above, shall be conclusive of the legality and regularity of the
said special election and the result thereof.

8. All registered voters of the said Cobham school district who
were qualified by law to vote in the last preceding general election
shall be qualified to vote in the said special election.

9. If the result of the said special election, ascertained as herein-
before prescribed, shall be favorable to the issuing of bonds the board
of supervisors of the said county of Surry shall levy annually a special
tax not exceeding fifty cents on the hundred dollars of the assessed
value of all property in the said school district assessed for school
purposes, sufficient to pay the interest on the said bonds and to set
aside a sinking fund as hereinafter provided.

The tax so levied shall be collected by the county treasurer of
Surry county, and from the sum so realized shall be paid the interest
on the bonds hereby authorized, as it matures; and there shall be set
aside annually, as a sinking fund, such a sum as will provide for the
payment of the principal of said bonds as, and when, they mature.

Such sinking fund shall be invested in the bonds hereby authorized,
or in such other securities as the said school board, with the approval
of the said board of supervisors, may select.

The said school board shall annually report to the said board of
supervisors the amount of the outstanding debt and the amount and
condition of the sinking fund.

10. An emergency existing, this act shall be in force from its

passage.