Chap. 6.—An ACT to authorize the district school board of Blacksburg school dis-
trict, in Montgomery county, to borrow money for the purpose of erecting and
furnishing a school-house in the town of Blacksburg, and to provide for the
payment thereof. .

Approved February 3, 1904.

1. Be it enacted by the general assembly of Virginia, That the district
school board of Blacksburg school district, in Montgomery county, may
borrow not exceeding two thousand five hundred dollars, for the purpose
of erecting and furnishing a school-house in the town of Blacksburg.

2. The said board shall issue its bond or bonds for the money borrowed,
payable at such time or times as may be agreed upon, not exceeding ten
years after their issue, bearing interest not exceeding the legal rate.
Such bond or bonds shall be signed by the chairman and attested by the
clerk of the said board, and shall be countersigned by the chairman of
the board of supervisors of said county, and sealed with the county seal,
attested by the county clerk.

3. From the school levy for said district there shall be paid, as it ma-
tures, the interest on the bonds hereby authorized, and there shall be set
aside annually, as a sinking fund, such a sum as will provide for the
payment of the principal when it matures. Such sinking fund shall be
invested in the bonds hereby authorized, or in such other securities as
the said district school board may, with the approval of the division su-
perintendent of schools for said county, select. .

4. The said board shall annually report to the board of supervisors of
said county the amount of the debt outstanding and the amount and
condition of the sinking fund.

5. This act shall be in force from ninety days after its passage.