Chap. 314.—An ACT to amend and re-enact section 675 of the Code of Virginia,
as amended and enacted into.law by chapter 471 of the Acts of the General
Assembly of 1928, approved March 26, 1928, which act revised, consolidated,
amended and codified the school laws of Virginia relating to the public school

system, the section here amended relating to temporary loans to county boards.
[H B 261]
Approved March 25, 1932

1. Be it enacted by the general assembly of Virginia, That section
six hundred and seventy-five of the Code of Virginia, as amended and
enacted into law by chapter four hundred and seventy-one of the Acts
of the General Assembly of nineteen hundred and twenty-eight, ap-
proved March twenty-sixth, nineteen hundred and twenty-eight, which
act revised, consolidated, amended and codified the school laws of Vir-
ginia relating to the public school system, be amended and re-enacted
so as to read as follows: Oo

Section 675. No school board in a county or city shall hereafter
borrow any money in any manner for any purpose without express
authority of law heretofore or hereafter, or by this section conferred.
Any loan negotiated in violation of this section shall be void, except
that the prohibitions of this section shall not apply to any loan made
prior to June twenty-third, nineteen hundred and twenty-six, or any
renewal thereof. ‘The school board of a county or the school board of
a city, which may find it necessary to make temporary loans, are hereby
authorized to borrow a sum of money not to exceed one-half of the
amount produced by the county school levy laid in such county or city
for the year in which the loan is negotiated, or one-half of the amount
of the cash appropriation made for schools for the preceding year.
Such loans shall be evidenced by notes or bonds negotiable or non-
negotiable, as said board may determine; shall bear interest at a rate
not exceeding six per centum per annum, and shall be repaid within
one year of their date, provided, however, that no loans shall be
negotiated by a county or city school board without the approval of the
tax levying body. No additional temporary loan shall be made until
all prior temporary loans shall have been paid. No county board, nor
city school board shall expend, or contract to expend, in any fiscal year,
any sum of money in excess of the funds available for school purposes
for that fiscal year, without the consent of the tax levying body. Any
member of a county school board, or of a city school board, or any
division superintendent, or other school officer violating, or causing to
be violated, or voting to violate, any provision of this statute, shall be
guilty of malfeasance in office and shall be removed from office by the
circuit court of the county, or corporation court of the city, upon
proper proof of such violation.