Chap. 168.—An ACT to authorize and empower the school board of Big Stone
Gap school district, in Wise county, to issue bonds to erect a building for a
graded school.

Approved January 27, 1900.

1. Be it enacted by the gencral assembly of Virginia, That the school
board of Big Stone Gap school district of the county of Wise be, and
is hereby, authorized and empowered to issue and sell at not less than
par, bonds to an amount not exceeding ten thousand dollars, to be payable
not exceeding twenty years after date, to bear interest not exceeding
the rate of six per centum per annum. The said bonds may be issued
in denominations of one hundred dollars, or any multiple thereof, and
shall be signed by the chairman of the board and countersigned by its
secretary. The proceeds of said bonds shall be used by said school board
for the purpose of erecting a building for a graded school in said district.

The board of supervisors of Wise county is hereby authorized and
empowered, and it shall, until such time as said bonds are fully paid,
annually levy upon the assessed value of real and personal property in
said school district such amount of district tax, not exceeding three
mills on the dollar, as the board of trustees of the Big Stone Gap school
district shall certify to be necessary to pay the interest upon and main-
tain a sinking fund to pay the principal of said bonds at maturity and
provide for other necessary district expenses.

The board of school trustees of the Big Stone Gap school district shall
annually certify to the board of supervisors of Wise county for levy
under the provisions hereof an amount of district school tax sufficient
to pay the interest upon the bonds issued hereunder and a sinking fund
of at Jeast two per centum upon the principal. The amount of said
interest and sinking fund shall be a first charge upon the fund received
from said district tax, and the said board of school trustees shall set aside
the amount of said interest and sinking fund out of first money received
therefrom and shall not use the same for any other purpose whatever.

The said board of school trustees shall annually invest the amount
received for the sinking fund in interest bearing or dividend paying
securities which in its judgment are safe and not liable to fluctuation, and
shall manage, control, sell, collect, and re-invest said sinking funds as
in its judgment will be for the best interest of the said district.

2. This act shall be in force from its passage.