Chap. 92.—An ACT to authorize the school board of Pleasant Grove magisterial
district, No. 3, of the county of Norfolk, to borrow money for the purpose
of school improvements in said district, and to issue bonds therefor, not
exceeding $50,000.00 in amount. (H B 116}

Approved February 25, 1920.

1. Be it enacted by the general assembly of Virginia, That the
school board of Pleasant Grove magisterial district, number three, of
the county of Norfolk, be authorized and empowered to-borrow money
not to exceed the sum of fifty thousand dollars, the same to be used
for school improvements in said district.

2. That the said school board shall issue bonds not to exceed the
said sum of fifty thousand dollars, the said bonds to be in denomina-
tions of one thousand dollars, to bear interest not to exceed five per
centum per annum, payable semi-annually, with interest coupons
thereto attached, and the principal thereof to be paid twenty years
after date thereof, and to be a lien upon all the school property of
said school district number three of the county of Norfolk. The
said school property shall be pledged for the payment of the principal
and interest thereof, according to their tenor and date, and the said
bonds shall be in the form following:

Know all men by these presents: That the school board of Pleasant
Grove magisterial district, number three, of the county of Norfolk,
in the State of Virginia, is justly indebted to_______________-_______ ;
or bearer, in the sum of___--_------....--_____- dollars, redeemable
twenty years after date thereof, and bearing interest at the rate of five
per centum per annum from date, payable semi-annually on surrender
of the proper coupons hereto attached, until payment of the principal
sum. In testimony whereof the said school board of Pleasant Grove
magisterial district, number three, of the county of Norfolk, has
caused the corporate seal to be affixed, and these presents to be
signed by its chairman and attested by its.clerk, this--.-_________ day
of. , nineteen hundred and______________.

3. That in making sale of the 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 the 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 shall 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 purpose herein set out.

5. The sum of money made available by this act (or as much as
may be necessary) shall be spent by the said school board for the
construction of:
One four room modern school building within one-half mile of
the Fentress depot of the Norfolk Southern railroad, at Fentress, Vir-
ginia.

One four room modern school building at or within one-quarter
mile of the school commonly known as the Hickory Ground academy
(or tabernacle) at Hickory, Virginia.

One four room modern school building within one-half mile of
the Northwest station of the Norfolk Southern railroad, south of the
Northwest river, at Northwest, Virginia.

The above named buildings are to be built jointly by the said
school board and the Butts road district school board on a fifty-fifty
basis, each board paying half and half. |

_Also one four room modern school building at Cornland, at or
puttin one-quarter mile of where the present Cornland school is now
ocated.

_ 6 The necessity of raising money for the purposes of school
improvements in this district creates an emergency, and this act shall
be in force from its passage.