Chap. 135.—An ACT to amend the Code of Virginia by adding a new section
numbered 645-a, to provide that county school boards may anticipate the pay-
ment of loans obtained from the literary fund; to provide for borrowing money
for such purpose by the issuance and sale of refunding bonds; to validate such
literary fund loans; to provide for levying taxes to raise money for the payment
of such bonds ; and to repeal Chapter 385 of the Acts of 1940, approved April 1,
1940. [fH B 197]

Approved March 9, 1942

1. Be it enacted by the General Assembly of Virginia, That the
Code of Virginia be amended by adding a new section numbered six
hundred and forty-five-a, as follows:

Section 645-a. The school board of any county which is indebted
for any money borrowed from the literary fund, at the option of said
county school board, may anticipate the payment of the principal amount
of any such loan or loans, or any part thereof, by the payment of such
principal amount with interest thereon to the date of such anticipated
payment, and may borrow money and issue bonds for the purpose of
raising funds to pay any notes or other obligations of said county now
or hereafter held by the literary fund. Any notes or other obligations
held by the literary fund are hereby declared to be valid and legally
binding indebtedness of the respective county. If any such notes or other
obligations are refunded by the issuance of refunding bonds, the pro-
cedure for borrowing money and issuing such refunding bonds shall be
in conformity with the provisions of sections twenty-seven hundred and
thirty-eight, twenty-seven hundred and thirty-nine, twenty-seven hun-
dred and forty, and twenty-seven hundred and forty-one of the Code
of Virginia, provided that the proceedings in said sections which are
required to be taken by the board of supervisors shall be taken by the
school board of the county with the consent of the board of supervisors
of the county, and said bonds shall be issued by the county school board.
In each year while said refunding bonds, or any of them, are outstanding
and unpaid, there shall be levied taxes sufficient for ‘the payment of
principal of and interest on such bonds as the same become due, such
taxes to be levied without limitation of rate or amount notwithstanding
any limitation contained in any other statute.

2. Be it further enacted, That chapter three hundred and eighty-
five of the Acts of the General Assembly of nineteen hundred and forty,
approved April first, nineteen hundred and forty, is hereby repealed.

3. An emergency exists and this act is in force from its passage.