Chap. 108.—An ACT authorizing the school board of Kinderhook school dis-
trict, in the county of Washington, to borrow money, not to exceed $15,000,
for the purpose of paying off the existing indebtedness of arin district.

B 204]
Approved February 28, 1922.

1. Be it enacted by the general assembly of Virginia, That the
school board of: Kinderhook school district 1n the county of Wash-
ington, be authorized and empowered to borrow money, not to exceed
fifteen thousand dollars, the proceeds of such loan to be used in
paying off the existing indebtedness of said district.

2. The said loan shall be effected by issuing the bonds of the said
school district, signed by the chairman and the clerk of the said
board; they shall be in denominations of one hundred dollars and
multiples thereof; they shall bear interest at a rate not exceeding
six per centum per annum, interest coupons attached, payable January
first of each year; and they shall be made to mature at the end of
thirty years from their date, but redeemable earlier at the option of
the said board. The said bonds shall be a lien on all the taxable
property in said district and shall be in form as follows:

Know all men by these presents, That the school board of the
Kinderhook school district of the county of Washington, Virginia,
is justly indebted to and promises to pay ~--------------- , or order,
the sum of__-------------- dollars, bearing interest at the rate of
six per centum from date, payable annually on the first day of
January of each year, on surrender of the proper interest coupons
hereto attached, until said principal sum shall be paid in full. This
bond is non-taxable for county and district purposes, with right of
the said school board at any time after twelve months from the date
of this bond, upon giving thirty days’ notice in writing to the holder
thereof, to call in and pay off the same, interest thereon to cease from
and after the expiration of such notice.

In testimony whereof, the said school board of said Kinderhook
school district, has caused the corporate seal of the same to be
afhixed, and these presents to be signed by its chairman and attested
by its clerk, this the-________-_ day of____-------- , nineteen hundred

3. The said board shall have full power to negotiate the said
bonds through an agent or by such other method as in its discretion
may seem best; provided, however, that the said bonds shall be so
negotiated for no less than their normal or par value.

4. After issuing the bonds, or any of them, provided for in this
act, when the first levy is made by the board of supervisors a tax not
in conflict with the general law shall be levied on all property subject
to local taxation in said district, to pay interest on the bonds so issued
and to create a sinking fund to redeem the principal thereof at
maturity; and from year to year such levies shall be made on such
property in said district until such debt, together with the interest
thereon, is paid, the said levy to be made upon the recommendation
of the said school board.

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