Chap. 41.—An ACT to authorize and empower the county school board of Wise
county to issue and sell bonds to an amount not exceeding $35,000.00, for the

ose of funding the floating indebtedness of Roberson school district of

ise county, and for erecting and furnishing, and enlarging and repairing,
school buildings in said school district; and to provide for the payment of the
interest thereon and the principal thereof at maturity. [H B 72)

Approved February 26, 1924.

1. Be it enacted by the general assembly of Virginia, That the
county school board of Wise county be, and it is hereby authorized and
empowered, in its discretion, to proceed immediately or from time to
time, as it may deem expedient, to borrow money and issue bonds, not
to exceed in the aggregate the sum of thirty-five thousand dollars
($35,000.00), for the purpose of funding the floating indebtedness of
Roberson school district of Wise county, and for erecting and, furnishing
new school buildings in the said school district, and for emlarging and
repair ng and ‘providing additional equipment for school buildings in
said school district, as follows: |

For funding floating indebtedness, fifteen thousand dollars
($15,000.00).

For enlarging, repairing and providing additional equipment for
Pound school, twelve thousand five hundred dollars ($12,500.00).

For erecting new school building, and equipment for same at Mill
Creek, twenty-five hundred dollars ($2,500.00).

For incidental repairs to property of said school district, five thousand
dollars ($5,000.00).

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 of issue, as said board may determine; shall bear in-
terest payable atsuch times and at such rate, not exceeding six per cen-
tum per annum As said board may determine; shall be of such denomina-
tions, and either coupon or registered as said board may determine; 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 payment 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 de-
termine; provided, such bonds shall not be sold for less than their par
value.

2. The board of supervisors of Wise county shall provide for the
annual levy and collection of a tax upon all the property within said
school district subject to local 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.

3. By reason of the necessity for the immediate erection and repair
of the school buildings to be erected and repaired from the proceeds of
such bonds, and for the proper handling of the floating indebtedness of
said school district, an emergency is hereby declared to exist, and this
act shall be in force from its passage.
46 ACTS OF ASSEMBLY. [vaA.