Chap. 36.—An ACT authorizing the county school board of Augusta
county to borrow money for the purpose of paying the existing in-
debtedness of the school districts of said county, and to issue its bonds
therefor, and to require the board of supervisors to levy a tax to pay
the interest thereon, and to create a sinking fund to redeem the
principal thereof at maturity. [fH B 49]

Approved March 20, 1923.

1. Be it enacted by the general assembly of Virginia, That
the county school board of Augusta county is hereby authorized
to borrow a sum not exceeding one hundred and twenty thou-
sand dollars, and to issue its bonds therefor, the said. bonds
to be issued in such denominations and to be payable at such
time or times not exceeding fifteen years from the date thereof
as the said board may provide; they shall bear interest at not
exceeding six per centum per annum, and shall not be sold for
less than par.

The bonds issued by said county school board in pursuance
of this act shall be signed by the chairman and countersigned
by the clerk thereof. They shajl be a lien on all the public
school property in the county, and the proceeds shall be used
to discharge the existing indebtedness of the school districts
or said county, respectively, other than money due the literary

und.

After the issuance of the bonds provided for in this act,
the board of supervisors of Augusta county shall annually levy
in each school district in said county a tax on all the property
subject to local school taxation therein sufficient to pay the
interest on, and to create a sinking fund to redeem the prin-
cipal of, such .an amount of said bonds as may be equal to the
indebtedness of the particular school districts which was paid
off by the proceeds of the bonds herein authorized.

2. An emergency existing, this act shall be in force from
its passage.