Chap. 53.—An ACT to authorize the school board of the Big Stone Gap
School district of the county of Wise to borrow money for the purpose of
erecting and furnishing a schoolhouse in the town of Big Stone Gap, and
to provide for the payment of the amount which may be borrowed.

Approved February 27, 1906.

1. Be it enacted by the general assembly of Virginia, That the school
oard of the Big Stone Gap school district of the county of Wise may
orrow, not exceeding fifteen thousand dollars, for the purpose of erecting
nd furnishing a schoolhouse in the town of Big Stone Gap.

The said board shall issue its bond or bonds for the money borrowed,
ayable at such time or times as may be agrced upon, not exceeding twenty
ears after their date, interest not exceeding the legal rate, and payable
nnually or semi-annually, as may be agreed upon.

Such bond or bonds shall be signed by the chairman, sealed with the
al of the said board and attested by the clerk of the said board.

From the school levy for said district there shall be paid as it matures
ve interest on the bonds hereby authorized, and there shall be set aside
pnually as a sinking fund such a sum as will provide for the payment of
1e principal when it matures.

Such sinking fund shall be invested in the bonds hereby authorized,
r in such other securities as the said board may select.

The said board shall annually report to the board of supervisors of said
yunty the amount of the debt outstanding, and the amount and condition
f the sinking fund.
An emergency existing in this, that the said schoolhouse shall be
promptly completed, in order that it may be ready for the next session,
this act shall be in force from its passage.