Chap. 31.—An ACT to authorize and empower the county school board of
Wise county to issue and sell bonds to an amount not exceeding
$100,000.00, for the purpose of funding the floating indebtedness of
Gladeville school district of Wise county, and for erecting and fur-
nishing, and enlarging and repairing, school buildings in said school
district; and to provide for the payment of the interest thereon and
the principal thereof at maturity. [H B 29]

Approved March 20, 1923.

1. Be it enacted by the general assembly of Virginia, That
the county school board of Wise county be, and it is hereby, au-
thorized and empowered in its discretion to proceed immediately
or from time to time, as it may deem expedient, to borrow money
and issue bonds, not to exceed in the aggregate the sum of one
hundred thousand dollars ($100,000.00), for the purpose of
funding the floating indebtedness of Gladeville school district of
Wise county, and for erecting and furnishing new school build-
ings in the said school district, and for enlarging and repairing
and providing additional equipment for school buildings in said
school district, as follows:

For funding floating indebtedness_____________-_- $24,500.00
For enlarging, repairing and providing additional
equipment for high school building at Wise____-_ 35,000.00
For erecting new school building, and equipment for
same, at Esserville__...--_-_--__-__-- ~~ u_e 12,500.00

For erecting new school building, and equipment for
same, at West Norton_______~---~-----~--___- 17,500.00
For erecting new school building, and equipment for

same, at Smith school__--------------------- 3,500.00
For erecting new school building, and equipment for

same, at Gilliam schcol_----------------=----7-; 2,000.00
For incidental repairs to other property of said

school district___-_._---- ------------------- 5,000.00

Such bonds shall be signed by the chairman of said board
and countersigned by the clerk ot said board, under the seal of
said board; shall be payable or redeemable at such time or
times, not exceeding thirty years from the date of issue, as said
board may determine; shall bear interest payable at such times,
and at such rate, not exceeding six per centum per annum, as
said board may determine; shall be of such denominations, and
either coupon or registered, as said board may determine; and,
if it shall be so stated on the face of such bonds, there shall be
a lien on all the school property of the said school district for
the payment of the principal thereof and the interest thereon.
The sale of such bonds may be conducted and effected in such
manner as the said board may determine; provided, such bonds
shall not be sold for less than their par value.

29. The board of supervisors of Wise county shall provide
for the annual levy and collection of a tax upon all the property
within said school district subject to taxation for such purpose,
at such rate as will be sufficient to provide for the payment of
the interest on such bonds, and to provide a sinking fund for
the payment of the principal thereof at maturity, (the said
school district now embracing all the territory of Gladeville
magisterial district, excepting Norton school district.)

8. By reason of the necessity for the immediate erection
and repair of the school buildings to be erected and repaired
from the proceeds of such bonds, and for the proper handling
of the floating indebtedness of said school district, an emergency
is hereby declared to exist, and this act shall be in force from
its passage.