Chap. 356.—An ACT to authorize the school board of Loudoun county, with
the approval of the board of supervisors of Loudoun county, to borrow a sum
of money not exceeding $55,400.00, on account of Mercer, Leesburg and Mt.
Gilead school districts of said county, and to issue bonds theretor, and provicie
for the levying of a tax to pay the interest. and te create a sinking tund for
the redemption of the principal of said bonds at their maturity. [S B 388]

Approved March 21, 1928

1. Be it enacted by the general assembiv ot Virginia, That the
county school board of Loudoun county, with the approval of the board
of supervisors of said county, as provided by general law for the
approval of all loans, be, and is hereby authorized, to borrow a sum
of money not exceeding fifty-five thousand and four hundred dollars
and to issue its bonds therefor, the said bonds to be issued in such
denominations and to be payable at such time or times, not exceeeding
fifteen years from the date thereof, as the said board may provide.
The said bonds shall be signed by the chairman and countersigned by
the clerk of said board, shall bear interest at not exceeding six per
centum per annum, and shall not be sold on a basis which will cost
more than six per cent interest per annum. The bonds issued under
this act shall be district bonds, but the full faith and credit of the
entire county of Loudoun shall be pledged for their payment.

2. Not more than forty thousand dollars of the said bonds shall
be the obligation of Mercer school district of the said county and the
proceeds from the sale thereof shall be used for the construction of
school buildings or additions or improvements to existing school
buildings therein. Not more than thirteen thousand dollars of the
said bonds shall be the obligations of Leesburg school district of the
said county, and the proceeds from the sale thereof shall be used for
the construction of a new building therein. Not more than twenty-
four hundred dollars of the said bonds shall be the obligation of Mt.
Gilead school district of the said county and the proceeds from the
sale thereof shall be used for a new building or additions therein.

3. After the issuance of the bonds provided for in this act, the
board of supervisors of Loudoun county shall annually levy a tax in
the said Mercer, Leesburg and Mt. Gilead school districts on all prop-
erty subject to local taxation in said districts sufficient to pay the
Interest on the said bonds and to create a sinking fund to redeem the
principal thereof at maturity.

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