Chap. 163.—An ACT to authorize and empower the school board of Big Stone
Gap school district, in Wise county, to issue additional bonds to complete
the erection of a building for a graded school.

Approved February 14, 1901.

1. Be it enacted by the general 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 five thousand dollars, in addition to
the ten thousand dollars issued under “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 twenty-
seventh, nineteen hundred,” the said bonds 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 pro-
ceeds of said bonds shall be used by said school board for the purpose of
completing the erection of a building for a graded school in said district.
The board of supervisors of Wise county is hereby authorized and empow-
ered, 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 maintain a sink-
ing 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 under the act of January twenty-seventh,
nineteen hundred, and the bonds issued hereunder, and a sinking fund
of at least two per centum upon the principal. The amount of said in-
terest 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 schoo] trustees shall annually invest the amount re-
ceived for the sinking fund in interest-bearing or dividend-paying securi-
ties, 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.