Chap. 80.—An ACT authorizing the county school board of Highland county to
borrow money for the purpose of paying the existing indebtedness of Monterey
school district 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. [H B 34

Approved March 38, 1924.

1. Be it enacted by the general assembly of Virginia, That the
county school board of Highland county is hereby authorized to borrow
@ sum not exceeding twenty-five thousand 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 twenty 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 shall be a lien on all the public school property in the
said Monterey school district, and the proceeds shall be used to dis-
charge the existing indebtedness of said school district, other than
money due the literary fund.

After the issuance of the bonds provided for in this act the board of
supervisors of Highland county shall annually levy in Monterey school
district in said county a tax on all the property subject to local school
taxation in said school district, sufficient to pay the interest on, and to
create a sinking fund to redeem the principal of, said bonds at maturity.

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