Chap. 328.—An ACT to provide for the holding of an election in the town of
Covington school district in the county of Alleghany, on the question of the
issuance of bonds not in excess of $75,000.00 for the purpose of purchasing,
constructing, improving and furnishing school buildings and for acquiring
sites for school buildings in said district; to provide for the issuance and sale
of said bonds in accordance with said election; and to provide for levying a
tax for the purpose of paying the interest on said bonds and to create a sink-
ing fund for the payment of the principal thereof at maturity. [H B 320]

Approved March 20, 1924.

1. Beit enacted by the general assembly of Virginia, That whenever
the school board of the county of Alleghany shall, by resolution duly
spread upon the minutes of the proceedings of such board, declare that
an additional schoolhouse or schoolhouses are necessary to provide
additional public school facilities for the children of school age in the
town of Covington school district in said county, and the school funds
will not be sufficient to provide such additional school building or build-
ings, and to furnish the same, the said school board may, when author-
ized by a vote of a majority of the qualified voters of such town of Cov-
ington school district voting as hereinafter provided, borrow not ex-
ceeding seventy-five thousand dollars for the purpose of purchasing,
constructing, improving, and furnishing school buildings in said dis-
trict and for acquiring sites for school buildings; and may issue either
registered or coupon bonds for the sum of money so borrowed; the said
bonds to be payable at a period not exceeding thirty years after their
date, and to be made redeemable at the option of such school board at
such time after their date as may be specified in the bonds, and such
bonds shall bear interest at a rate not exceeding six per centum per
annum, payable either annually or semi-annually as the school board
may prescribe; but no such bonds shall be sold for less than their par
value.

2. The said bonds shall be of such form and denomination as the
said school board by resolution spread upon the minutes of the board,
may prescribe, and shall be signed by the chairman and attested by the
clerk of the board, and they shall be a lien upon all the public school
property in said town of Covington school district for the payment of
the principal thereof, and the interest to accrue thereon.

3. The proceeds realized from the sale of any bonds issued under the
provisions of this act shall not be used for any other purpose than that of
purchasing, constructing, and improving such school buildings in the
town of Covington school district and furnishing the same and for ac-
quiring sites for school buildings as may be set forth in the petition for
the election.

4. When the resolution of the said school board shall be certified
to the circuit court of the county of Alleghany, or the judge thereof in
vacation, or upon a petition of one-fourth of the duly qualified voters of
said school district, together with the location of the sites, schoolhouse
or houses to be purchased, constructed or improved, with the general
plans, specifications, and estimated cost thereof, approved by the divi-
sion school superintendent, the said court, or Judge thereof in vacation,
shall order a special election to be held in such school district at such
time and after such notice (which shall not be less than two weeks), as
the court may prescribe by order entered upon its minutes, to pass upon
the question whether such bonds shall be issued or not, for the amount
recommended by the school board, or requested in such petition. And
the clerk of the court shall give the notice required by the court of such
special election, by publication in some newspaper of the town of Cov-
ington and by having the same posted by the sheriff of the county of
Alleghany in at least ten conspicuous points in said school district which
said notice shall state the amount of bonds to be issued, the purpose of
the proposed issue thereof, and the estimated cost of the sites, school
building or|buildings. The clerk and sheriff of the county shall each
receive for’ their service hereunder two dollars, to be paid out of the
county treasury.

5. The electoral board shall prepare the tickets and shall provide
all other necessary details for such special election, and the town council
shall pay the expenses thereof out of the funds of the town, and any such
election shall be conducted and held in like manner as regular elections,
and the laws of the State applying to general elections, shall apply to
such special election, except as otherwise provided in this act, and the
judges and clerks of the regular elections in the town of Covington shall
be the judges and clerks in such special election, and shall receive the
same compensation; and the voting precincts in such election shall be
the same as now established for general elections in the town of Cov-
ington. At such election each qualified voter, voting, who shall ap-
prove such issue of bonds shall deposit a ticket or ballot on which shall
be written the words: ‘‘For bond issue,”’ and each qualified voter voting
who shall oppose such issue of bonds shall deposit a ticket or ballot on
which shall be written the words, ‘‘Against bond issue.”’

6. The judges and clerks of such special election shall canvass the
vote and certify the same to the county clerk of Alleghany county in the
same manner as required by law in general elections, and on the second
day following such special election, it shall be the duty of the county
clerk, the Commonwealth’s attorney, and the commissioner of the rev-
enue, who are hereby constituted a board of canvassers for that purpose,
to meet in the clerk’s office of said county and to canvass the returns of
such special election, and to certify the results ascertained by them to
the judge of the circuit court of said county, who shall have the same
spread upon the common law order book of his court, and to the school
board of said county, who shall spread the same upon the minutes of said
board, and when this shall have been done, if no notice of contest of said
election shall have been filed within ten days after said election, the
certificates of the canvassing board, hereby created, shall be conclusive
of the legality and regularity of said election and of the result thereof.

7. All registered voters of said district who were qualified by law to
vote in the last preceding general election shall be qualified to vote in
any such special election.

8. The said bonds shall have written or printed on them the follow-
ing sentences: ,

“These bonds are issued for school improvements in the town of
Covington school district, and the full faith and credit of the said dis-
trict is hereby pledged for their payment, and a tax is to be levied upon
the property in said district to pay the interest on them and to create a
sinking fund sufficient in amount to pay them upon maturity.” The
town council shall annually levy a special tax on all property subject to
local school taxation in said district to pay the interest on the bonds so
authorized, and to create a sinking fund for the payment of the principal
at maturity. Such sinking fund shall be invested in the bonds hereby
authorized, or 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 the amount and condition of the sinking fund.

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