Chap. 191.—An ACT to authorize, empower and direct the board of super-
visors of the county.of Princess Anne to borrow money by the issue of
bonds in the aggregate sum of fifteen thousand dollars ($15,000), for the
purpose of building and improving school buildings in Pungo magisterial
district in said county; to sell the said bonds; to provide for the payment
of interest thereon and principal thereof and to authorize the school board
for Pungo district of Princess Anne county to dispense the funds so ob-
tained. [H B 452]

Approved March 15, 1922.

1. Be it enacted by the general assembly of Virginia, That the
board of supervisors of Princess Anne ccunty be and it is hereby
’ authorized, empowered and directed to issue bods in the aggregate
amount of fifteen thousand dollars ($15,000), in accordance with
the provisions hereinafter contained, in the name of the county
of Princess Anne, for the purpose of purchasing and improving the
school buildings in Pungo magisterial district in the said county.

2. The board of supervisors, at its first meeting after the adop-
tion of this act, shall direct the issue of fifteen thousand dollars
($15,000) worth of the said bonds, which shall be signed by the
chairman and countersigned by the clerk of the board of supervisors
under the seal thereof; shall be in the denomination of one hundred
dollars ($100) or some multiple thereof; shall bear interest at the rate
of not less than five and one-half per centum and not more than six
per centum per annum; shall be payable semi-annually at the office
of the treasurer of the said county or at the National Bank of Com-
merce of Norfolk, Virginia, and shall be payable as to the principal
thereof at not exceeding fifteen years from the date thereof at the
said office of the treasurer or at the National Bank of Commerce,
Norfolk, Virginia, said rate and maturity to be determined by the
said board of supervisors.

The said bonds may be either registered or coupon bonds, as the
said board of supervisors may prescribe and they shall have written
or printed in each the following language, namely :

“These bonds are issued for building and improving the public
school buildings in Pungo magisterial district, but the full faith and
credit of the entire county of Princess Anne is hereby pledged for
their payment and a tax is to be levied upon the property in the said
Pungo magisterial district to pay the interest on these bonds and to
create a sinking fund in amount to pay the same upon maturity.”

The said board of supervisors are directed, before making sale of
any of said bonds, to advertise for bids for the purchase of the same
at least once a week for four consecutive weeks in one or more
newspapers published in the city of Norfolk, Virginia, which adver-
tisement shall describe the bonds proposed to be sold by stating the
number and amount, security and rate of interest and thé time of
redemption, and the said board of supervisors shall receive sealed
bids for said bonds addressed to the chairman of the said board to be
opened by the said chairman, and the highest and best bid, amounting
to at least the par value of said bonds to be sold shall be accepted ;
the said bonds shall be sold to be paid for in lawful money only and
1922, } ACTS OF ASSEMBLY. 389

shall not be sold below par and upon the sale of the said bonds, the
board of supervisors shall issue and deliver the same.

The board shall deliver the said bonds to the treasurer of the
county, who shall deliver the said bonds to the purchasers thereof on
their order upon the payment of the purchase price thereof. The
treasurer and his security shall be liable for the amount received
for said bonds, as though it were a county levy, and the said bonds
shall be expended for the building and improving of the public
school buildings in said Pungo magisterial district of Princess Anne
county by the school board of the said Pungo district, as in its dis-
cretion shall seem best. °

3. The redemption and payment of the said bonds and the interest
thereon and the levy, collection and application of taxes therefor
shall be governed by the general laws of this Commonwealth re-
lating to the issuing of bonds for the erecting of school houses
in the magisterial districts of the counties of the State, it being in-
tended that the bonds issued were under our county obligations but
payable primarily out of the levy upon the property in said Pungo
magisterial school district, where the proceeds of funds are to be
expended. :

4. By reason of the condition of the school houses and the need
of new buildings in said Pungo magisterial district, emergencies are
hereby declared to exist and this act shall ‘be enforced from its

passage. |