Chap. 7.—An ACT to autrorize the school board of Templeton school district
in Prince George county to borrow moncy, not to exceed $18,000, for the
purpose of paying off the present indebtedness of the district and for the
erection of school buildings for white and colored at Disputanta. [H B 29]

Approved February 11, 1922.

1. Be it enacted by the general assembly of Virginia as follows:

Sec. 1. The school board of Templeton school district in Prince
George county is hereby authorized and empowered to borrow
money, not to exceed eighteen thousand dollars, the proceeds of such
loan to be used for the paying of the present indebtedness ‘of the
said district, amounting to ten thousand dollars, and. for the erection
of school byildings for white and colored pupils at Disputanta.

Sec. 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 Janu-
ary first of each year; and they shall be made to mature at the end
of twenty years from their date, but redeemable earlier at the option
of the said board. The said bonds shall be a lien on all the school
property in said district.

Sec. 3. The,said board shall have full power to negotiate the said
bonds through an agent or by such other methods 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.

Sec. 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 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 and
not to exceed the rate provided by law.

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