Chap. 81.—An ACT to authorize the county school board of Dinwiddie
county to borrow money for the purpose of paying the existing in-
debtedness of said school board and for erecting, equipping and re-
pairing school buildings, and to issue bonds therefor not to exceed the
sum of ninety-five thousand dollars in amount. [S B 56]

Approved March 23, 1923.

1. Be it enacted by the general assembly of Virginia, That
the county school board of Dinwiddie county is hereby au-
thorized and empowered to borrow money not to exceed the
sum of ninety-five thousand dollars, the proceds of such loan
to be used for paying off the existing indebtedness of said school
board and for erecting, equipping and repairing school buildings
in said county.

2 The said school board may issue bonds not to exceed the
sum of ninety-five thousand dollars, to bear interest not to ex-
ceed six per centum per annum, payable semi-annually, with or
without interest coupons attached thereto, and the principal
thereof to be paid thirty years after date thereof, but the said
school board shall have the right to redeem at par and accrued
interest as much as twenty thousand dollars 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
the 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 by its chairman, and attested by
its clerk, but 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
resolution 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. They shall
be a lien on all the public school property in said county.

5. The said bonds shall be in denomination 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 bonds authorized by this act shall not be issued un-
less and until the board of supervisors of Dinwiddie county has
by appropriate action approved and authorized the issue of the
same.

7. The board of supervisors shall annually levy a special
tax on all the property in such county subject to local taxation
for school purposes sufficient to pay the interest on the bonds
issued under authority of this act, and to create a sinking fund
for the payment of the principal at maturity. Such sinking
fund shall be used in the retirement of the bonds 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.

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

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