Chap. 144.—An ACT authorizing the county school board of Nansemond
county to borrow an amount not exceeding one hundred and fifty thousand
dollars ($150,000.00), and issue bonds therefor, for the purpose of paying
the existing indebtedness of said board, other than its present bonded in-
debtedness, and for the purpose of carrying on its building program and
present plan of school work and activities, and to provide for the pay-
ment of the interest thereon and the principal thereof at maturity.

[H B 220]
Approved ‘March 13, 1926.

1. Be it enacted by the general assembly of Virginia, That the
county school board of Nansemond county is hereby authorized to
borrow one hundred and fifty thousand dollars ($150,000.00), and to
issue bonds therefor. The said bonds to be issued in such denomina-
tions and to be payable at such time or times not exceeding thirty
(30) years from the date thereof, as the said board may provide; they
shall bear interest at not exceeding six per centum per annum, and
shall not be sold for less than par. They shall be a lien on all the
public school property located in said county.

The bonds issued by said county school board in pursuance of this
act shall be signed by the chairman and countersigned by the clerk
thereof and one hundred thousand dollars ($100 000.00) of the pro-
ceeds shall be used to discharge the existing indebtedness of said county
school board, other than its present bonded indebtedness, and the
balance of fifty thousand dollars ($50,000.00) shall be used for the
purpose of carrying out the school building program and the present
plan of school work and activities for the next five years.

Provided the county school board of Nansemond county shall not
issue or sell any bonds under the authority of this act until the board
of supervisors of Nansemond county, at a regular meeting, approves
the proper bond issue.

After the issuance of the bonds provided for in this act with the
consent and approval of the board of supervisors of Nansemond
county, the said board of supervisors shall annually levy a tax at a
rate not in conflict with general law, on all the property subject to
local school taxation in such county to pay the interest on the bonds,
and to create a sinking fund to redeem the principal thereof at ma-
turity.

2. An emergency existing, this act shall be in force from its pas-
sage.