CHAPTER 98

An Act to authorize the council of the town of South Boston to issue
bonds of the town of South Boston in an amount not exceeding
One Hundred Fifty Thousand Dollars ($150,000.00), for the purpose
of improving and enlarging the public school building within the
town, known as the Washington-Coleman School. -

[H 170]

Approved February 23, 1952

Whereas, the town of South Boston, which is a separate school dis-
trict, operates and maintains a public school known as the Washington-
Coleman School; and

Whereas, the existing facilities and accommodations of said school
are not sufficient to provide proper space and other educational facilities
for the proper operation of the school in accordance with present needs
and requirements of the school authorities of the State, and there exists
an urgent need for the enlargement and improvement of the existing
buildings; and

Whereas, it is the desire of the council of the town of South Boston
to provide for the cost of such school improvements; therefore,

Be it enacted by the General Assembly of Virginia:

1. § 1. The council of the town of South Boston may issue bonds of
the town of South Boston in the aggregate principal sum of one hundred
fifty thousand dollars ($150,000.00), or any part thereof, for said pur-
poses, all of which are declared to be proper public and municipal pur-
poses of the town of South Boston. |

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 without an election in
series of six thousand dollars ($6,000.00) or more each year, beginning
one year from date, and shall bear interest at a rate not exceeding three
per cent per annum, payable semi-annually. Said bonds shall be in
coupon form. They shall be signed by the mayor and attested by the
clerk of the said town, and the corporate seal of the town shall be there-
unto affixed, and the coupons to be attached to said bonds shall be au-
thenticated by the facsimile signatures of said mayor and clerk. Said
bonds and coupons shall be substantially in the following form:

UNITED STATES OF AMERICA
COMMONWEALTH OF VIRGINIA
TOWN OF SOUTH BOSTON
SCHOOL IMPROVEMENT BOND
NO. ...cccecceeeeees $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 re-
ceived, acknowledges itself indebted and promises to pay to bearer, the

sum of One Thousand Dollars on the ................ GAY OF .......ccccccsssesesseseeeeenees
19........ , together with interest thereon from the ” date hereof until the
payment of said principal sum, at the rate of ............ per centum per an-
num, payable semi-annually on the ............ OE a) and

sedusesceccesssacccescessscesccesssesconsecs of each year, until the principal hereof is paid,
upon presentation and surrender of the annexed coupons as they shal!
severally become due: Both principal and interest of this bond are paya-
ble 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 ................00 bonds of like date and
tenor, except as to maturity, numbered from one to ................004. , inclusive,
issued pursuant to the Constitution and statutes of the Commonwealth
of Virginia, including an act of the General Assembly of Virginia, ap-
PIOVEC .............cccseseccecccccecccccsceecssees 1952, and pursuant to resolutions and
proceedings of the council of the town of South Boston duly had and
adop

It is hereby certified and recited that all conditions, acts and things
required by the Constitution and statutes of the Commonwealth of Vir-
ginia to exist, to have happened, and to be performed precedent to and
in the issuance of this bond, exist, have happened, and have been per-
formed, and that the issue of bonds of which this is one, together with
all the 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 cor-
porate seal to be hereunto affixed, and the interest coupons hereunto at-
tached to be signed by the facsimile signatures of said mayor and clerk,

and this bond to be dated the ................ GAY Of ..........ccccccsesesssseeeeeees » 19......068
"ernment on sesscsseneveoeens
Attest
sesescecasseuceceeeesees Gace
(SEAL)

FORM OF COUPON
"The town of South Boston, in Virginia, will pay to the bearer on
the .............08 Gay Of o.....cc.cceessssesscseeeeeesees 19......1.5 sccccsscccccsscccccsvecccecccecesscesess
dollars in lawful currency of the United States of America, at the Guar-
anty Trust Company, in the city of New York, New York, being six

months’ interest then due on its school improvement bond number............ ,
dated the ............ ay OF .u...c.cccceeceeveceseee , 19........

secensceseeeres Mayor
sescuveees Beean ener

g§ 2. Said bonds shall, in any suit or proceeding involving their
validity, be conclusively deemed to be fully authorized by this act to have
been issued, sold, executed and delivered in conformity herewith, and
with all the other provisions and statutes applicable thereto, and shall be
incontestable, anything herein or in other statutes to the contrary not-
withstanding, 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.