Chap. 124.—An ACT to authorize the town of Narrows to appropriate $7,500.00
towards the erection by the Pearisburg school district, of. a public high
school building in said town, and to provide for the issuing of the bonds of
the town to raise the money for the said purpose. [H B 1971

Approved March 4, 1920.

Whereas, a public high school building is very much needed in
the town of Narrows, which said town is located in, and is part of the
Pearisburg school district, in the county of Giles; and

Whereas, it is estimated that the cost of erecting a suitable build-
ing will be twenty-two thousand five hundred dollars, of which the
Pearisburg school district has agreed to furnish fifteen thousand
dollars, and, to provide for a high school to be regularly conducted
in said building; and

Whereas, such a school would be of especial benefit to the in-
habitants of said town of Narrows; therefore,

1. Be it enacted by the general assembly of Virginia, That the
town of Narrows be, and is, hereby authorized to appropriate the
sum of seven thousand five hundred dollars towards the erection by
the Pearisburg school district of Giles county, of a public high school
building within the corporate limits of said town. |

2. That the said town of Narrows be, and it is, hereby authorized
to raise the money for the appropriation mentioned in the preceeding
paragraph, by a town bond issue; provided, such bond issue be
authorized by a majority of the qualified voters of said town, voting
at an election to be held on the question, such election to be ordered
and conducted in the manner provided in chapter one hundred and
twenty-two of the Code of Virginia for ordering and conducting
elections in towns, on the question of a bond issue.

_ 3. Should the result of such election be in favor of the bond issue,
it shall be the duty of the council of said town of Narrows, as soon
thereafter as the same can be conveniently done, to issue the bonds
of said town, not to exceed in amount, seven thousand five hundred
dollars ; said bonds shall be coupon bonds of such form and in such
denominations as said council may adopt and agree upon, a copy
of the form thereof to be spread upon the record books of the council.
They shall bear interest payable either annually or semi-annually
as the council may elect, at a rate not exceeding six per centum per
annum, and the principal thereof shall be made payable at such time
or times as said council may determine, so that none of said bonds
be made to run for a longer period than thirty years.

The council shall sell said bonds to the best advantage, but at not
less than the par value thereof, and they are hereby authorized to ap-
propriate seven thousand five hundred dollars of the proceeds thereof
towards the cost of erecting a public high school building in said
town, as hereinbefore provided for.

4. The council of said town of Narrows shall annually, after
said bonds have been issued and sold, at the time they lay the other
town levies, levy a tax on all the property in said town, taxable for
other town purposes, sufficient to raise money necessary to keep the
interest paid on said bonds and to create a sinking fund for the
redemption of the principal thereof as they mature, the accumulations
of the sinking fund to be placed in some bank in the county of Giles,
at the best obtainable rate of interest, until such time or times as it
shall be required for the payment of the principal of said bonds.

5. The town of Narrows desiring to hold the election herein-
before provided for, at an early date, an emergency is declared to
exist and this act shall be in force from its passage.