Chap. 412.—An ACT to authorize the county school board of Accomac county,
Virginia, to issue bonds of the school district of Atlantic for the purpose of
funding the outstanding indebtedness of said school district and to validate
said outstanding indebtedness and the proceedings with respect to the sale
of said bonds. [S B 497]

Approved March 24, 1926.

1. Be it enacted by the general assembly of Virginia, That the
county school board of Accomac county, Virginia, is hereby authorized
and empowered to issue the negotiable bonds of the school district of
Atlantic, in said county in the amount not exceeding twenty-seven
thousand dollars, bearing interest at a rate not exceeding five and
one-half per centum per annum, and maturing serially within not
more than twenty-three years from their date, for the purpose of
funding and retiring a like amount of the outstanding indebtedness
of said school district evidenced by notes bearing interest at the rate
of six per centum per annum. The said county school board is auth-
orized and empowered to prescribe the form of said bonds and any
and all other details with respect to the issuance and delivery of said
bonds consistent with the provisions of this act.

2. That the said notes of said school district hereby authorized
to be funded and retired, and the bonds hereby authorized. for that
purpose when issued, are hereby validated and declared to constitute
the legally valid and binding obligations of said school district, and
said county school board is hereby authorized and required to include
in its annual certification of taxes upon all of the taxable property in
said school district an amount sufficient to pay the principal and
interest of said bonds as the same become due, and the board of super-
visors of said county shall annually levy the tax so included in such
certification.

3. That all proceedings heretofore had by said county school
board, with respect to the sale of said bonds, at a price of not less than
par and accrued interest be, and the same are hereby, validated.

4. That an emergency existing, this act shall be in force from and
after its passage.