1903 public laws – Ch.404 Sec.7
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CHAPTER 404 AN ACT TO AMEND THE PUBLIC SCHOOL LAW OF THE TOWN OF MOUNT AIRY, AND TO CONFER CERTAIN OTHER POWERS. The General Assembly of North Carolina do enact:
The Board of School Commissioners of Mount Airy shall have power to borrow money, and to execute the bond or bonds of the corporation therefor, and to encumber the property by mortgage or deed of trust to secure the payment therefor.