Chap. 82.—An ACT validating certain outstanding school indebtedness of the town
of Phoebus, Virginia, and authorizing said town to borrow money and issue
bonds for the purpose of refunding such indebtedness and to require the coun-
- cil of said town annually to levy taxes to create a sinking fund to redeem the
_ principal thereof at maturity. [H B 90]

Approved March 3, 1932

1. Be it enacted by the general assembly of Virginia, That twelve
thousand dollars ($12,000.00) school bonds of the town of Phoebus,
Virginia, school district number four, dated May tenth, nineteen hun-
dred and two, bearing interest at the rate of five (5) per centum per
annum, payable May tenth and November tenth, the principal amount
of which bonds will be due and payable May tenth, nineteen hundred
and thirty-two; and twelve thousand four hundred and fifty dollars
($12,450.00) temporary school loan notes of the town of Phoebus
school board, one of which is in the denomination of three thousand
nine hundred and fifty dollars ($3,950.00), dated December twenty-
ninth, nineteen hundred and thirty-one, payable February twenty-
ninth, nineteen hundred and thirty-two, to the order of the Bank of
Phoebus, Virginia, and one of which is in the denomination of eight
thousand five hundred dollars ($8,500.00), dated November twenty-
sixth, nineteen hundred and thirty-one, and payable May twenty-sixth,
nineteen hundred and thirty-two to the order of the Old Point Na-
tional Bank of Phoebus, Virginia; interest on all of said notes at the
rate of six (6) per centum per annum having been paid in advance; all
of said notes having been signed by the chairman of the town of
Phoebus school board and by the clerk of said board, are hereby vali-
dated, ratified and confirmed, and it is hereby declared that said bonds
and notes constitute valid and legally binding obligations of the town
of Phoebus, Virginia.

2. That the school board of the town of Phoebus, Virginia be, and
it is hereby, authorized to borrow the sum of twenty-four thousand
four hundred and fifty dollars ($24,450.00), and to issue bonds of the
town of Phoebus, Virginia, to evidence such indebtedness, the said
bonds to be issued in such form, in such denominations and to be pay-
able at such time or times, not exceeding thirty years from the date
thereof, as the said board may provide. Said bonds shall bear interest
at the rate of not exceeding six (6) per centum per annum. Before
said bonds are issued a resolution must be adopted by the town council
by the recorded concurrent vote of at least six (6) members of the
council, elected to said council, approving the resolution adopted by
the school board directing the issuance of said bonds, which resolu-
tion of the town council shall also authorize the issuance of said bonds
as provided by said resolution of the school board.

3. That the town of Phoebus is hereby authorized to purchase any
part of, or the entire issue of said bonds from the sinking fund of said
town, at a price of par and accrued interest. After said bonds have
been so purchased they shall constitute legally binding outstanding
obligations of the town of Phoebus. The town, or officers thereof,
having control of the sinking fund when they deem it advisable, may
dispose of all such bonds at one time, or parts of said issue of bonds
from time to time, upon the open market, at the best price obtainable.
4. That after the issuance of these bonds, as hereinabove provided,
the council of the town of Phoebus shall annually levy a special tax
upon all of the property subject to taxation in the said town, sufficient
to pay the interest on the said bonds and to create a sinking fund to
redeem the principal thereof at maturity.

5. Allacts or parts of acts in conflict herewith are hereby repealed.

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