Chap. 214.—An ACT to authorize the school board of Richmond district,
number one, of the county of Wise, to issue and sell bonds to an amount
not exceeding $60,000, for the purpose of paying off the floating indebtedness
of said school district, and to provide for the payment of the interest thereon
and the principal thereof at maturity. [H B 279]

Approved March 15, 1922.

Whereas, in Richmond school district, number one, of the county of
Wise, by reason of the fact that the funds available have been in-
adequate to meet the needs and requirements of said school district,
a floating indebtedness has been gradually accumulating until it has
reached the sum of approximately sixty thousand dollars; and

Whereas, the school board of said school district, on the thirtieth
day of January, nineteen hundred and twenty-two, adopted a reso-
lution setting forth the above and asking the general assembly of
Virginia for authority to issue bonds for the purpose of paying off
and discharging said floating indebtedness; therefore,

1. Be it enacted by the general assembly of Virginia, That the
school board of Richmond district, number one, of the county of
Wise, be, and it is hereby, authorized and empowered, in its dis-
cretion, to issue bonds of said school board, not exceeding the sum
of sixty thousand dollars ($60,000), for the purpose of paying off
the floating indebtedness of said school district. Such bonds shall
be signed by the chairman of said board and countersigned by the
clerk thereof under the seal of said board; shall be payable or
redeemable at such time or times, not exceeding thirty years from
the date of issue, as said board may determine; shall bear interest
payable at such times, and at such rate, not exceeding six per centum
per. annum, as said board may determine, shall be of such denomi-
nations, and either registered or coupon, as said board may deter-
mine, and, if it shall be so stated on the face of such bonds, there
922.] _ ACTS OF ASSEMBLY. 407

hall be a lien on all the school property of said school district for
he payment of the principal thereof and the interest thereon. The
ale of such bonds may be conducted and effected in such manner as
he said board may determine; provided, such bonds shall not be
old for less than their par value.

2. The board of supervisors of Wise county shall provide for
he annual levy and collection of a tax upon all the property within
said school district subject to taxation for such purpose, at such rate
as will be sufficient to provide for the payment of the interest on
such bonds, and to provide a sinking fund for the payment of the
principal thereof at maturity.

. By reason of the fact that the proper management of the
hnances of said school district demands that such bonds be issued as
soon as possible, an emergency is hereby declared to exist, and this
act shall be in force from its passage. :