Chap. 60.—An ACT to authorize the county school board of King William
county to borrow not exceeding $25,000.00, and issue its bonds therefor

for the purpose of redeeming certain school indebtedness now outstand-
ing. (H B 166]

Approved February 28, 1928.

1. Be it enacted by the general assembly of Virginia, That the
county school board of the county of King William is hereby au-
thorized to borrow a sum of money not exceeding twenty-five thou-
sand dollars, and to issue its bonds therefor, the said bonds to be
payable at such time, or times, not exceeding twenty-five years
from the date thereof, as the said board may provide; they shall
bear interest at not exceeding five per centum per annum and shall
not be sold for less than par.

2. The bonds issued by said county school board in pursuance
of this act shall be issued in denominations of one thousand dollars,
and shall be signed by the chairman and attested by its clerk thereof,
and shall have the seal of the said school board affixed thereto,
authority to provide a seal being hereby conferred. The proceeds
shall be used, first, for the purpose of redeeming four thousand
dollars, outstanding school obligations due for money loaned by
the board of supervisors of said county out of the county levy: and,
second, for the purpose of paying the sum of twenty thousand dol-
lars, or so much thereof as may be necessary, the same being for
money borrowed by said county school hoard to complete the
Central high school in said county. The said bonds shall be a lien
on the public school property in the said county of King William
outside of the town of West Point.

3. After the issuance of the bonds provided for in this act, the
hoard of supervisors of King William county shall annually levy a
special tax on all the property subject to local taxation for public
school purposes in each of the school districts in said county, exclu-
sive of the town of West Point. sufficient to pay the interest on the
said bonds and to create a sinking fund to redeem the principal
thereof at maturity.

4. The said bonds may be either registered or with coupons at-
tached, as the said board may prescribe. The said bonds may be
payable at such place as said school board shall designate.

5. The necessity for raising money for the payment of the out-
standing school indebtedness of said county creates an emergency
and this act shall be in force from its passage.