Chap. 333.—An ACT to authorize the school board of Madison magisterial
district, No. 1, of the county of Orange, Virginia, to borrow money for the
purpose of school improvements in said district, and to issue bonds therefor
not to exceed the sum of $20,000.00 in amount. [S B 427]

Approved March 19, 1920.

1. Be it enacted by the general assembly of Virginia, That the
school board of Madison magisterial district, number one, of the
county of Orange, Virginia, be authorized and empowered to borrow
money, not to exceed the sum of twenty thousand dollars, the proceeds
of such loan to be used for school improvements iri said district.

2. The said school board may issue bonds not to exceed the
sum of twenty thousand dollars, to bear interest not to exceed six per
centum per annum, payable semi-annually, with interest coupons at-
tached thereto, and the principal thereof, to be paid thirty 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 Orange. The
said school property shall be pledged for the payment of the princi-
pal 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 Madi-
son magisterial district, number one, of the county of Orange, in the
State of Virginia, is justly indebted to and promises to pay ----------
~--------- the sum of one thousand dollars bearing interest at the
rate of six 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 Madison magis-
terial district, number one, of the county of Orange, 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 _______-----, nineteen hundred and ___-_---_---.

3. The said bonds shall be in denominations of one thousand
dollars each, and in making sale of same in accordance with the pro-
visions 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 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. 7

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
orth.

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.