Chap. 201.—An ACT to authorize the mayor and council of the town of Tin-
castle to borrow money for the purpose of building suflicient school-houses
for the Fincastle corporation school district.

Approved February 10, 1894.

1. Be it enacted by the general assembly of Virginia, That the
mayor and council of the town of Fincastle be, and they are hereby,
authorized to borrow for the said corporation, and for the purpose of
building and furnishing suitable and sufficient school-houses in the
anid tawn for the naa af tha Wincaatle carnoration achool district
one for the white children and one for the colored children—a sum
of money not exceeding two thousand dollars, by issue and sale of
bonds of the said corporation as hereinafter provided.

2. The said bonds shall be registered, and shall be issued in such
denominations and bearing such rate of interest, not exceeding 81x
per centum per annum, as may be determined by the said mayor
and council, said interest to be paid annually. The principal of
said bonds shall be payable in ten years from the date thereof, and
upon the call of the said corporation, at any time after one year from
the date of said bonds. Said bonds shall be signed by the mayor of
the said town and countersigned by the recorder of the town, and
shall be sold and negotiated in such manner and upon such terms
as may be prescribed by the said mavor and common council: pro-
vided that the said bonds shall not be sold for less than ninety-five
per centum of their par value.

3. In order to provide for the payment of the accruing interest on
said bonds and of the principal thereof, the said mayor and common
council are hereby authorized and empowered to levy and collect
an assessment for that purpose, not exceeding twenty cents per an-
num on the one hundred dollars’ worth of taxable property, real and
personal, in the town, to be applied exclusively to the purposes of
this act; and shall further appropriate annually a sum not exceeding
one-third of the annual revenues to the said town arising from all
license levied in said town on bar-rooms, and so forth, for the pur-
pose of paying interest on the debt so created and creating a sink-
ing fund for its liquidation and payment.

4, The money arising from the sale of the bonds provided for in this
act shall be held by the treasurer of the said town separate from all
other funds, and shal] be paid out by him upon the warrants of said
Fincastle corporation school board, signed by the chairman and
clerk of said board.

5. The school trustees of the Fincastle corporation school district
are hereby authorized and shall have the power to purchase any
lands or privileges upon any lands within the corporate limits of
the said town, or within one-half mile of the said corporate limits,
for the purpose of erecting thereon the school-houses mentioned in
this act for the use of said district; and if they are unable to agree
with the owner as to the price to be paid for the land, or privilege
upon or on the same, upon application to the county court of Bote-
tourt county, the said court shall appoint commissioners to ascertain
the value of said lands or the damage for the privilege desired, and
proceed as in like cases as is provided by law; and the said school
trustees of said school district shall act as the building committee,
and shall have the charge of erecting and furnishing the said school-
houses, enclosing the grounds, and so forth, and shall account to the
mayor and common council of the said town for all moneys fur-
nished them for said purposes.

6. All acts and parts of acts in conflict with this act are hereby re-
pealed.

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