Chap. 39.—An ACT to authorize and empower the school board of Norton school
district, Wise county, Virginia, to issue and sell bonds to an amount not ex-
ceeding $75,000.00 for the purpose of funding the floating indebtedness of
Norton school district of Wise county, for funding certain bonded indebtedness
of said district and for the purpose of acquiring additional school property in
said district; and to provide for the payment of the interest thereon and the
principal thereof at maturity. {H B 73]

Approved February 26, 1924.

1. Be it enacted by the general assembly of Virginia, That the
school board of Norton school district of Wise county be, and it is hereby,
authorized and empowered, in its discretion, to proceed immediately or
from time to t:me, as it may deem expedient, to borrow money and issue
bonds not to exceed in the aggregate the sum of seventy-five thousand
dollars ($75,000.00), for the purpose of funding the floating indebted-
ness of Norton school district of Wise county, and certain bonded in-

debtedness of said district, and for the purpose of acquiring additional
school property in said district, as follows: |
For funding floating indebtedness, thirty-one thousand five hundred
dollars ($31,500.00).

For funding bonded indebtedness, twenty thousand dollars
($20,000.00).

For purchase of Mistress F. E. Esser property, ten thousand dollars
($10,000.00).

For purchase of A. N. Kilgore property, thirty-seven hundred and
fifty dollars ($3,750.00).

For purchase of T. S. McKelvey property, thirty-two hundred and
fifty dollars ($3,250.00).

For purchase Charles Hall, Junior, property, sixty-five hundred dol-
lars ($6,500.00).

Such bonds shall be signed by the chairman of said board and coun-
tersigned by the clerk of said board, under the seal of said board; shall
be payable or redeemable at such time or times, not exceeding thirty
years from the date df issue, as said board may determine; shall bear in-
terest payable at such times, and at such rate, not exceeding six per
centum per annum, as said board may determine; shall be of such de-
nominations, and either coupon or registered, as said board may de-
termine; and if it shall be so stated on the face of such bonds, there shall
be a lien on all the school property of the said school district for the pay-
ment of the principal thereof and the interest thereon. The sale of such
bonds may be conducted and effected in such manner as the said board
may determine; provided such bonds shall not be sold for less than their
par value.

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

3. By reason of the necessity for the immediate purchase of the
property to be purchased from the proceeds of such bonds, and for the
proper handling of the floating indebtedness and certain bonded in-
debtedness of said school district an emergency is hereby declared to
exist, and this act shall be in force from the date of its passage.