CHAP. 412.--An ACT to authorize the county school board of Accomac county, Virginia, to issue bonds of the school district of Atlantic for the purpose of funding the outstanding indebtedness of said school district and to validate said outstanding inde...

1. Be it enacted by the general assembly of Virginia, That the county school board of Accomac county, Virginia, is hereby authorized and empowered to issue the negotiable bonds of the school district of Atlantic, in said county in the amount not exceeding twenty-seven thousand dollars, bearing interest at a rate not exceeding five and one-half per centum per annum, and maturing serially within not more than twenty-three years from their date, for the purpose of funding and retiring a like amount of the outstanding indebtedness of said school district evidenced by notes bearing interest at the rate of six per centum per annum. The said county school board is authorized and empowered to prescribe the form of said bonds and any and all other details with respect to the issuance and delivery of said bonds consistent with the provisions of this act.

2. That the said notes of said school district hereby authorized to be funded and retired, and the bonds hereby authorized for that purpose when issued, are hereby validated and declared to constitute the legally valid and binding obligations of said school district, and said county school board is hereby authorized and required to include in its annual certification of taxes upon all of the taxable property in said school district an amount sufficient to pay the principal and interest of said bonds as the same become due, and the board of supervisors of said county shall annually levy the tax so included in such certification.

3. That all proceedings heretofore had by said county school board, with respect to the sale of said bonds, at a price of not less than par and accrued interest be, and the same are hereby, validated.

4. That an emergency existing, this act shall be in force from and after its passage.