Chap. 58.—An ACT to enable the county school board of the county of
Prince Edward to borrow money not to exceed $15,000.00 to be
used for erecting a high school building at Prospect in said county.

[H B 62]
Approved March 21, 1923.

1. Be it enacted by the general assembly of Virginia, That
the county school board of Prince Edward county, State of Vir-
ginia, be and is hereby authorized and empowered to borrow
money not to exceed the sum of fifteen thousand dollars, the
proceeds of such loan to be used for erecting a high school build-
ing at Prospect in said county.

2. The said school board may issue bonds not to exceed the
sum of fifteen thousand dollars, to bear interest not to exceed
Six per centum per annum, payable semi-annually, with or with-
out interest coupons attached thereto, and the principal thereof
to be paid twenty years after date thereof, but the said school
board shall have the right to redeem at par and accrued interest
one-fourth of said bonds at the end of each five year period from
the dates thereof by giving thirty days’ written notice to the
holder or holders thereof at place of payment.

3. Said bonds shall be signed with the name of said school
board by its chairman and its corporate seal thereto affixed and
attested by its clerk, and the coupons shall be signed with the
name of said school board, its corporate seal, and the fac
simile signatures of its chairman and clerk may be engraved or
printed on said bonds and coupons if so authorized by said
school board.

4. Said bonds and coupons shall be in such form as may by
resolutions be prescribed by said school board and made payable
to some designated person or to bearer, and at such place or
places as said school board may likewise by resolution prescribe
and direct, and may be registered as to principal.

5. The said bonds shall be in denominations of one hundred
dollars or multiples thereof, and in making sale of same in ac-
cordance with the provisions of this act, such bonds shall in no
event be sold for less than par and accrued interest.

6. The board of supervisors of Prince Edward county shall
annually levy a special tax on all property in Prospect district
subject to taxation for district 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 five per centum per annum
for payment of the principal at maturity. Such sinking fund
shall be used in the retirement of the bonds authorized, or in-
vested in said bonds, or invested in such other securities as the
said school board may, with the approval of the division super-
intendent of schools for the county, select.

7. The said school board shall annually report to the board
of supervisors of the county of Prince Edward the amount of
the debt evidenced by said bonds outstanding, and the amount
and condition of the sinking fund.

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