Chap. 77.—An ACT to enable the town of Buchanan to aid in found-
ing and maintaining a high school for boys at or near said town.

Approved February 5, 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 Buchanan, Botetourt county
(the location to be approved by the mayor and council), for the
instruction of boys in classics, sciences, and in sound learning
generally, the sense of the qualified voters of said town bein
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 free-
holders 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 two thousand five hundred dollars, for
the purpose aforesaid.

2. Toraise the same, the mayor and common council are
authorized to issue bonds, registered or coupon, bearing in-
terest not exceeding six per centum, payable annually in mul-
tiples 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, and the coupons signed
by the mayor, payable annually, and receivable in payment of
ail 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 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.

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