Chap. 20. An ACT to authorize the town of South Boston to issue bonds of
the town of South Boston in an amount not exceeding the sum of fifty
thousand dollars ($50,000.00) for the purpose of constructing a high school
building, and to provide for the levy of a tax to pay the interest on said
bonds and retire the same as they mature. [S B 18]

Approved January 14, 1937

Whereas, the town of South Boston recently suffered the loss
by fire of the high school building in the town, known as the C. H.
Friend high school, together with the furniture and equipment, and
it is necessary as promptly as possible to reconstruct an adequate
building to serve the needs of the town; and

Whereas, funds available for the purpose are insufficient to con-
struct a building sufficient for present and future needs of the com-
munity, and it is deemed advisable to borrow a sum not exceeding
$50.000.00 for said purpose; therefore, ,

1. Be it enacted by the General Assembly of Virginia, as follows:

Section 1. The council of the town of South Boston may issue
bonds of the town of South Boston in the aggregate principal sum
of fifty thousand dollars ($50,000.00), or any part thereof, for said
purpose.

Said bonds shall be numbered consecutively from one upward, of
the denomination of one thousand dollars ($1,000.00) each, and shall
bear date as fixed by the council, and shall be payable in series of
three thousand dollars each year for ten years, beginning five years
from date, and four thousand dollars each year for five years, begin-
ning sixteen years from date, and shall bear interest at the rate of not
exceeding four and one-half per centum, payable semi-annually. Said
bonds shall be in coupon form. They shall be signed by the mayor
of the town and attested by the clerk of said town, and the corporate
seal of said town shall be thereunto affixed, and the coupons to be
attached to said bonds shall be authenticated by the facsimile signatures
of said mayor and clerk. Said bonds and coupons shall be substan-
tially in the following form:

UNITED STATES OF AMERICA
COMMONWEALTH OF VIRGINIA
TOWN OF SOUTH BOSTON
SCHOOL CONSTRUCTION BOND

NO.....2-2:0220e220e eee $1,000.00
Know all men by these presents: That the Town of South Boston,
a municipal corporation of the Commonwealth of Virginia, for value

days Of......2..22:0---e2- S of each year, and at the maturity
60 ACTS OF ASSEMBLY Eva,

of this bond, upon presentation and surrender of the annexed coupons
as they shall severally become due. Both principal and interest of
this bond are payable in lawful currency of the United States of
America, at the Guaranty Trust Company, in the City of New York,
New York. ,

This bond is one of an issue of... bonds of like date
and tenor except as to maturity, numbered from one to.....................
inclusive, issued pursuant to the Constitution and statutes of the
Commonwealth of Virginia, including an act of the General Assembly
of Virginia, approved... eee ceceeeeeeeeeeeeeees nineteen hundred and
thirty /...22 , and pursuant to resolutions and proceedings of
the council of the Town of South Boston duly had and adopted.

It is hereby certified and recited that all conditions, acts and things
required by the Constitution and statutes of the Commonwealth of
Virginia to exist, to have happened and to be performed precedent
to and in the issuance of this bond exist, have happened and have been
performed, and that the issue of bonds of which this is one, together
with all other indebtedness of said town, is within every debt and other
limit prescribed by the Constitution and laws of said Commonwealth,
and the faith and credit of said town are hereby pledged irrevocably
to the punctual payment of the principal and interest of this bond
according to its terms. ,

In witness whereof, the Town of South Boston has caused these
presents to be signed by its mayor and attested by its clerk, and its
corporate seal to be hereunto affixed, and the interest coupons there-
unto attached to be signed with the facsimile signatures of said mayor
and clerk, and this bond to be dated the............ GE a 0)
nineteen hundred ....... 2... eeeceeeeeeeeeeee ee eee

Attest:

a ll I ee ee a

FORM OF COUPON
The Town of South Boston, in Virginia, will pay to the bearer on
the...........- day of... , nineteen hundred... eee eee
dollars in lawful currency of the United States of America, at the
Guaranty Trust Company, in the City of New York, New York,
being six months’ interest then due on its School Construction Bond
number... dated the.......2....... Eh 0) ee nineteen
Section 2. Said bonds shall, in any suit or proceeding involving
their validity be conclusively deemed to be fully authorized by this act
1o have been issued, sold, executed and delivered in conformity here-
with, and with all other provisions and statutes applicable thereto, and
shall be incontestable, anything herein or in other statutes to the con-
trary notwithstanding, unless such suit, action or proceeding is begun
prior to the delivery of such bonds.

Until the principal and interest of said bonds shall be fully paid,
there shall be levied and collected annually by tax on all property
in the town of South Boston subject to taxation under the general laws
of the State of Virginia, a sum sufficient to pay the interest on all of
said bonds outstanding as it becomes due, and a further sum sufficient
to retire said bonds as they shall mature. , ,

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