Chap. 365.—An ACT authorizing the county school board of Lee county to
borrow money, not in excess of $65,000.00, and to issue its bonds therefor,
for the purpose of erecting, repairing and improving school buildings in
Rocky Station school district; and requiring the board of supervisors of the
said county annually to levy a tax to pay the interest thereon, and to create
a sinking fund to redeem the principal thereof at maturity. [H B 305]

Approved March 24, 1926.

1. Be it enacted by the general assembly of Virginia, That the
county school board of Lee county is hereby authorized to borrow a
sum of money not exceeding sixty-five thousand dollars, and to issue
its bonds therefor, the said bonds to be issued in such denominations
and to be payable at such time or times, not exceeding forty years
from the date thereof, as the said board may prescribe.

2. .The bonds issued by the said school board in pursuance of this
act shall be signed by the chairman and countersigned by the clerk
thereof, shall bear interest at not exceeding six per centum per annum,
shall not be sold for less than par, and shall be a lien on all the public
school property in the said school district. The proceeds shall be
used in Rocky Station school district for school purposes as follows:
For erecting new school buildings and repairing old one in town of
Pennington Gap, thirty-five thousand dollars; for erecting a new
school building in the town of Saint Charles, twenty-five thousand
dollars; for repairs, improvements and equipment for the high schools
at Elk Knob and at Stickleyville, the sum of twenty-five hundred
dollars each.

3. After the issuance of the bonds provided for in this act, the
board of supervisors of Lee county shall annually levy a special tax
on all the property subject to local school taxation in said school
district sufficient to pay the interest on the said bonds, and to create
a sinking fund to redeem the principal thereof at maturity.

4. But the foregoing provisions of this act are subject to the
following qualification, that no bonds shall be issued under this act
unless and until a special election to be held in the said district on
such date as may be fixed by the judge of the circuit court of the said
county on application by the county school board, a majority of the
qualified voters of the said school district voting in the said election
shall vote in favor of the issuance of such bonds. And it is hereby
made the duty of the regular election officers to prepare the ballots
and otherwise provide for the submission of the said question to the
voters at the said election. On each ballot shall be printed in separate
lines the following:

For bond issue
Against bond issue

Voters desiring to vote in favor of the issuance of the said bonds shall
strike out the words ‘‘against bond issue,’ and voters desiring to vote
against the bond issue shall strike out the words “for bond issue.”
Voters striking out or erasing the words “‘for’’ or ‘‘against’’ shall be
deemed to have stricken out or erased the entire line.

5. An emergency existing, this act shall be in force from its
passage.