Chap. 189.—An ACT to authorize the issuance of bonds by the county schoo
hoards of the State for the purpose of refunding school bonds issued or
hehalf of the school districts of said county. [S B 159)

Approved March 18, 1926.

1. Be it enacted by the general assembly of Virginia, That the
county school board of any county of the State may issue bonds foi
the purpose of refunding at maturity the bonded indebtedness of any
school district of said county, or for the purpose of refunding the
bonded indebtedness of any school district prior to maturity, pro-
vided such refunding prior to maturity can be effectuated at the same
or a lower rate of interest.

2. Said refunding bonds shall be issued in the name of the county,
and shall be signed by the chairman and clerk of the county school
board, and shall have the seal of the county school board affixed
thereto, and shall have coupons for interest attached, said coupons
to bear the facsimile signatures of said chairman and said clerk.
Said bonds shall bear such rate or rates of interest and shall mature
at such time or times as the county school board shall determine, and
shall be sold at public or private sale as said school board deems ex-
pedient, at not less than par and accrued interest to date of delivery.

3. The bonds issued under the provisions of this act shall contain
the following recital:

“This bond is issued for school improvements in..............
district, but the full faith and credit of the entire county of
is hereby pledged for its payment.”’

4. For the payment of the principal and interest of said bonds
there shall be levied annually, at the same time and in the same man-
ner other school taxes are assessed, levied and collected, a tax upon all
property subject to local taxation of the school district on behalf of
which the original indebtedness was incurred, sufficient to provide
for the payment of the principal and interest of the bonds issued here-
under at maturity.

5. Notwithstanding the invalidity of any phrase, clause or sec-
tion of this act, the remainder of the act shall be unaffected thereby,
and such invalid portions shall be regarded as forming no part of
this act.

6. An emergency: existing in the immediate necessity of author-
izing the refunding of outstanding school bonds by the school boards
of the various counties of the State, this act shall take effect immedi-
ately.