Chap. 52.—An ACT to authorize the county school board of Arlington county
to borrow a sum not in excess of one hundred and sixty-five thousand
dollars and to issue its notes therefor, and providing for the levy and col-
lection of a tax for the payment of the interest thereon and the principal
thereof at maturity, and declaring an emergency. {H B 79]

Approved February 26, 1926.

1. Be it enacted by the general assembly of Virginia, That the
county school board of Arlington county, by and with the consent of
the board of supervisors of the said county, be, and is hereby, author-
ized to borrow not in excess of one hundred and sixty-five thousand
dollars, and to issue and sell its notes therefor, payable at such time
or times as shall be fixed by said board, not exceeding five years after
their date, said amount to be applied in paying off and discharging
valid outstanding indebtedness for permanent improvements. Said
notes shall bear interest at not exceeding six per centum per annum,
payable semi-annually and shall not be sold for less than their par
value. Of the proceeds of said notes not in excess of fifty thousand
dollars shall be applied in paying off and discharging valid outstanding
indebtedness of Washington school district, not in excess of thirty
thousand dollars in paying off and discharging valid outstanding in-
debtedness of Jefferson school. district, and not in excess of eighty-
five thousand dollars in paying off and discharging valid outstanding
indebtedness of Arlington school district, but the purchaser of said
notes shall notbe obliged to see to the application of said proceeds,
or to inquire into the validity of said indebtedness. Said notes shall
be issued in denomination of one thousand dollars and shall be signed
by the chairman of the said school board, attested by its clerk, and
shall have the seal of said school board affixed thereto, authority to
provide a seal being hereby conferred. The signatures of the said
officers shall be valid and binding, notwithstanding any change in the
incumbency of said officers, before the delivery of the said notes.
Said notes shall be a lien upon all of the property in said districts, but
the full faith and credit of the entire county of Arlington is hereby
pledged for their payment. The board of supervisors of Arlington
county shall annually levy a tax on all the property subject to local
taxation for school purposes in each of said school districts sufficient
to pay the interest on the amount of notes which may be issued to
pay its indebtedness, and the principal thereof as the same shall become
due and payable, and if for any reason the said tax on property in the
school district shall be insufficient then the said board of supervisors
shall levy a sufficient tax on all the taxable property in the county;
provided, that the levy of such a county tax or payment of such in-
terest and principal from any county fund shall not extinguish the
liability of the school district which shall remain in favor of the
county until fully paid.

Such notes may be either registered or with coupons attached as
the said board may prescribe and shall have written or printed on
each the following sentence: ‘This note is issued for discharging valid
outstanding indebtedness in..................00005. school dis-
trict, but the full faith and credit of the entire county of Arlingtor
is hereby pledged for its payment, and a tax is tobe levied upon the
property in said district to pay the interest on it and to create a sink
ing fund sufficient in amount to pay it upon maturity.”’

Said notes shall be payable at such place or places within or with:
out the State as said school board shall designate.

2. The necessity of raising money for the payment. of the out-
standing school indebtedness of said school districts creates an emer-
gency, and this act shall be in force from its passage.