Chap. 12.—An ACT to enable the town of Fincastle to aid in founding
and maintaining a high school for boys, at or near said town.

® Approved January 12, 1886.

1. Be it enacted by the general assembly of Virginia, That
for the purpose of founding and maintaining an institution, to be
located at or near the town of Fincastle, Botetourt county (the
location to be approved by the mayor and council), for the
instruction of boys in the classics, sciences, and in sound learn-
ing generally, the sense of the qualified voters of said town be-
ing taken at an election to be held, after ten days’ notice, at
which election shall be voted “for the institution tax” or
‘against the institution tax,’’ and there appear a majority of
the freeholders voting, and also of the votes cast in favor of
the tax, it shall be lawful, and the mayor and common council
of the town are hereby authorized to bind the said town, in
an amount not to exceed five thousand dollars, for the purpose
aforesaid.

2. To raise the same the mayor and common council are
authorized to issue bonds, registered or coupon, bearing interest
not exceeding six per centum, payable annually in multiples of
one hundred dollars; the bonds to be signed and sealed by the
mayor, and countersigned by the recorder, and payable in thirty
years from their date, or upon call of the corporation aforesaid
at any time after the expiration of ten years from their date;
and the coupons signed by the mayor, payable annually, and
receivable in payment of all levies or dues coming to the said
town.

3. The said town is to levy and collect annually an amount
not less than seven per centum on the amount of bonds so
issued, to be applied to keeping down the interest and to the
formation of a sinking fund, to be improved annually, for the
ultimate redemption of the bonds.

4. The bonds to be negotiated and sold in such manner as the
mayor and common council may prescribe, but not at less than

ar.
° 5. This act shall have force from its passage.