Chap. 117.—An ACT to authorize and empower the school board of Wise
school district, in Wise county, to issue bonds to erect building for a
graded school.

Approved February 13, 1901.

1. Be it enacted by the general assembly of Virginia, That the school
board of Wise 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 ex-
ceeding twenty years after date, to bear interest not exceeding the rate
of six per centum per annum. Said bonds may be issued in denomina-
tions 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 five mills on the dollar, as the
board of trustees of the Wise school district shall certify to be necessary
to pay the interest upon and maintain a sinking fund to pay the prin-
cipal of said bonds at maturity and provide for other necessary district
expenses. The board of school trustees of the Wise 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 sullicient to pay
the interest upon the bonds issued hereunder and the sinking fund of
at least two per centum upon the principal. The amount of said interest
and sinking fund shall he 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 re-
ecived therefrom, and shall not use the same for any other purpose what-
ever. The said board of school trustces shall annually invest the amount
received for the sinking fund in interest-bearing or dividend-paving se-
curities which, in its judgment, are safe and not liable to fluctuation, and
shall inanage, control, sell, collect, and reinvest said sinking fund as in
its judgment will be for the best interest of said district.

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