Chap. 99.—An ACT to amend and re-enact an act entitled an act to authorize the
. school board of Bellefonte school district, of the county of Nottoway, Vir-
ginia, to borrow money for the purpose of erecting a high school building at
Blackstone in said district, and to issue bonds therefor not to exceed the
sum of forty thousand dollars in amount, approved March 19, 1920, and to
increase the amount of bonds authorized by said act to sixty thousand
dollars. [S B 227]

Approved February 25, 1922.

Sec. 1. Be it enacted by the general assembly of Virginia, That
an act entitled an act to authorize the school board of Bellefonte
school district, of the county of Nottoway, Virginia, to borrow money
for the purpose of erecting a high school building at Blackstone in
said district, and to issue bonds therefor not to exceed the sum of
fortv thousand dollars in amount, approved March nineteenth, nine-
teen hundred and twenty, be and is hereby amended and re-enacted

as follows, to-wit:
Sec. 2. The school board of Bellefonte school district, of the
county of Nottoway, State of Virginia, be and is hereby authorized
and empowered to borrow money not to exceed the sum of sixty
thousand dollars, the proceeds of such loan to be used for erecting a
high school building at Balckstone in said district.

Sec. 3. The said school board may issue bonds not to exceed the
sum of sixty 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, but the said school board shall have the right to
anticipate the payment of any or all of said bonds on any semi-
annual interest date, after five years from the date of issue. Said
bonds may be registered as to principal and be in form as follows:

Know all men by these presents, That the school board of Belle-
fonte magisterial district, of the county of Nottoway, State of Vir-
ginia, is justly indebted to and promises to pay to __-____-__________

or order, the sum of _______-______________ dollars, bearing interest
at the rate of ~----___________ per centum per annum from date,
payable semi-annually, on the __________ day of ---------____ ;
Ye day of -------------__-______- , of each

year, on surrender of the proper interest coupon hereto attached, until
said principal sum shall be paid. This bond is non-taxable for county
and district purposes, and the said school board shall have the right
to anticipate the payment of this bond on any semi-annual interest
date after the expiration of five years from the date hereof upon giv-
ing thirty days’ notice of its intention so to do to the holder hereof.

In testimony whereof, the said school board of said Bellefonte
school district, of the county of Nottoway, State of Virginia, has
caused the corporate seal of the same to be afhxed and these presents
to be signed by its chairman, and attested by its clerk, this the ____
~------------- day of ----------------------_-_, nineteen hundred

The interest coupons attached to said bonds shall be of appropriate
form payable to bearer and shall be signed with the name of said
school board by its chairman, attested by its secretary, but the name
of said school board and facsmile signatures of its chairman and sec-
retary may be engraved or printed on said coupons with the same
effect as if manually signed by said officers, if so authorized to be en-
graved or printed by said school board.

Sec. 4. The said bonds shall be in denomination of one hundred
dollars or multiples thereof, and in making sale of same in accordance
with the provisions of this act, such bonds shall in no event be sold
upon a basis which will cost the said school district interest at more
than six per centum per annum on the amount realized on the sale
thereof. |

Sec. 5. The bonds authorized by this act shall not be issued
unless and until the board of supervisors of Nottoway county has
by appropriate action approved and authorized the issue of the same.

The board of supervisors shall annually levy a special tax on all
the property in such district subject to taxation at a rate not for-
bidden by general law for district school purposes sufficient to pay
the interest on the bonds issued under authority of this act, and to
create a sinking fund of not less than two per centum per annum for
the payment of principal at maturity. Such sinking fund shall be
used in the retirement of the bonds hereby authorized, or invested in
said bonds, or invested in such other securities as the said school
board may, with the approval of the division superintendent of schools
for said county, select.

The said school board shall annually report to the board of
supervisors of the county of Nottoway the amount of the debt evi-
denced by said bonds outstanding, and the amount and condition of
the sinking fund.

Sec. 6. An emergency existing, this act shall be in force from
its passage.