Chap. 460.—An ACT to authorize the school board of Floyd magisterial dis-
trict, of the county of Scott, Virginia, to borrow money for the purpose ot
erecting a school building i in Dungannon, in the said district, in said county

of Scott, and to issue bonds therefor, not to exceed the sum of $50.000.0"
in amount. [H B 386:

Approved March 24, 1920.

1. Be it enacted by the general assembly of Virginia, That the
school board of Floyd magisterial district, of the county of Scott
Virginia, be authorized and empowered to borrow money, not t
exceed the sum of fifty thousand dollars, the proceeds of such loan
to be used for erecting a school building in Dungannon, Floyd magis-
terial district, Scott county.

2. The said school board may issue bonds not to exceed the
sum of fifty thousand dollars, to bear interest not to exceed six per
centum per annum, payable annually, with interest coupons attached
thereto, and the principal thereof to be paid in not less than ten
years, nor more than forty years, after date thereof, said bonds to be
a lien upon all of the taxable property of said Floyd magisterial dis-
trict, of said county of Scott, and said property shall be pledged for
the payment of the principal and interest of said bonds, as therein set
forth, and as shown by interest coupons thereto attached, which said
bonds shall be in form as follows:

Know all men by these presents, That the school board of Floyd
magisterial district, of the county of Scott, in the State of Virginia,
is justly indebted to and promises to pay_----------------- the sum
of one thousand dollars, bearing interest at the rate of_._-_--- per
centum per annum from date, payable annually on surrender of the
proper interest coupons hereto attached, until said principal sum shall
be paid in full.

In testimony whereof, the said school board of said Floyd magis-
terial district, of the county of Scott, Virginia, hath caused these
presents to be signed by its chairman and attested by its clerk, and
countersigned by the chairman of the board of supervisors of said
county and sealed with the county seal, attested by the county clerk,
this the-__-_----------__- day of-__----------------- nineteen hun-

3. The said bonds shall be in denominations of one thousand
dollars each, and in making sale of same in accordance with the pro-
visions of this act, such bonds shall in no event be sold at less than
the par value thereof. And the said school board shall provide for
the payment of the accruing interest on said bonds, or so many thereof
as may be issued and sold, and also for the payment of the principal
of said bonds, in such manner and by such means as it shall deem
necessary.

4. The said bonds, or any one or more of same, may be issued
and sold by the said school board, only for the purpose herein set
forth, and the funds realized from the sale of said bonds shall be
nlaced in the hands of a special trustee appointed by the judge of
the circuit court of Scott county, whose duties shall be to disburse
and pay out such funds as may come into his hands only upon bills
approved by the said school board. The trustee shall execute a bond
for a sum not less than the total amount of funds coming into his
hands and conditioned upon the performance of his duties hereunder.
and shall receive no compensation for his services other than the cost
of his bond.

5. The powers granted hereunder shall become effective only
anon the adoption of a resolution of the hoard of supervisors of Scott
-ounty, approving the issuance of said bonds, and upon the adoption
of such a resolution, this act shall become immediately effective anc
in full force.

6. The necessity for raising money for the purposes of aforesaic
school buildings in said district creates an emergency, and this ac?
shall be in force from its passage.