Chap. 275.—An ACT to provide how the school board of the Rose Hill district
No. 1, of Lee county, may issue bonds of the Rose Hill district not exceed-
ing forty-five thousand dollars ($45,000.00) for the purpose of paying off
the indebtedness of said school district, and how the said bonds shall be
issued and payable, and to provide that said bonds shall be a lien on all
the school property of said district. And to provide how a levy to pay the
interest and sinking fund on said bonds shall be laid by the board of super-
visors of said county on the taxable property of said district, and to provide
that the entire levy for all school purposes for said district, including lev
for sinking fund, shall not exceed $1.25 on-the one hundred dollars’ wort
of taxable property as now provided for in sections 1 and 2, of chapter 398,
of the acts of the general assembly, approved March 20, 1920. {H B 202]

Approved March 15, 1922.

Whereas, the Rose Hill district, number one, of Lee county has
expended large sums of money in the building and equipping of the
public school buildings in said district, incurring debts to meet said
expenditures, which debts are now due; and ]

Whereas, the amount of taxes available from said district school
levies is not sufficient to establish a sinking fund within a reasonable
time to meet said indebtedness ; therefore,

1. Be it enacted by the general assembly of Virginia, That the
school board of the Rose Hill district, number one, of the county of
Lee, be authorized and empowered to issue bonds immediately and
from time to time on the Rose Hill district, number one, of the county
of Lee, not to exceed forty-five thousand dollars ($45,000,00), for
the purpose of paying off the indebtedness of the said Rose Hill
district, number one, of Lee county, such bonds to be payable or
redeemable at such time or times not to exceed thirty years from
the date of issue and to bear interest at a rate not to exceed six per
-entum payable semi-annually, and to be of such denominations and
‘o be either coupon or registered, as said school board of the Rose
Hill district, number one, of the county of Lee, may determine, pro-
vided that such bonds shall not be sold at less than their par value.
[he said school property of the said Rose Hill district number one
hall be pledged for the payment of the principal and interest thereof
.ccording to their tenor and date.

2. The board of supervisors of Lee county shall annually fix
ind order a special levy on all the property located in said Rose Hill
listrict number one, of the county of Lee, subject to levy for such
urpose, of such amount as will be sufficient to pay the interest on
aid bonds, and to create a sinking fund for the payment of the
rincipal thereof at maturity ; the said levy herein provided for shall
be in addition to the regular county and district school levies, but the
aggregate of all levies for school purposes shall not exceed the rate
of one dollar and twenty-five cents on every one hundred dollars of
assessed value of said property, as provided for in sections one and
two, of chapter three hundred and ninety-eight, of the acts of the
general assembly of Virginia, approved March twentieth, nineteen
hundred and twenty.

3. It appearing that public interest requires that the bond issue
herein authorized by the act be carried out without delay, an emer-
gency is hereby declared to exist, and the act shall be in force from
Its passage.