Chap. 246.—An ACT to authorize the school board of the Norton school dis-
trict, of the county of Wise, to borrow money for the purpose of erecting
and furnishing a school-house in the town of Norton, and to provide for the
payment of the amount which may be borrowed.

Approved March 15, 1906.

1. Be it enacted by the general assembly of Virginia, That the school
hoard of the Norton school district, of the county of Wise, may borrow not
exceeding twenty thousand dollars for the purpose of erecting and fur-
nishing a school-house in the town of Norton. The said board shall issue
its bonds for the money borrowed, payable at such time or times as may
be agreed upon, not exceeding twenty years after the date, with interest
not exceeding the legal rate, and payable annually, or semi-annually. as
may be agreed upon. Such bonds shall be signed by the chairman, sealed
with the seal of the said board, and attested by the clerk of the said
board.

From the school levy for the said district shall be paid, as it matures.
the interest on the bonds hereby authorized, and there shall be set aside
annually, as a sinking fund, such a sum as will provide for the payment
of the principal when it matures. Such sinking fund shall be invested
in the bonds hereby authorized, or in such other securities as the said
hoard may select. The said board shall annually report to the board of
supervisors of said county the amount of the debt outstanding and the
amount and condition of the sinking fund.

2. An emergency existing in this, that the said school-house shall be
promptly constructed in order that it may be ready for the next session.
this act shall be in force from its passage.