Chap. 105.—An ACT authorizing the county school board of Craig county to
borrow money, not in excess of $50,000.00, and to issue its bonds therefor,
to be used for the construction and permanent improvement of public
school property in the county of Craig, and requiring the board of super-
visors of the said county annually to levy taxes to pay the interest thereon,
and to create a sinking fund to redeem the principal thereof at maturity.

[S B 110]
Approved March 6, 1926.

1. Be it enacted by the general assembly of Virginia, That the
county school board of Craig county is hereby authorized to borrow
from time to time sums of money not exceeding fifty thousand dollars
in the aggregate, and from time to time 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 thirty years from the date thereof,
as the said board may provide; they shall bear interest at not exceed-
ing six per centum per annum, and shall not be sold for less than par.

2. The bonds issued by the said school board in pursuance of this
act shall be under the seal of the school board and signed by the chair-
man and countersigned by the clerk of the school board and the pro-
ceeds shall be used for the construction and permanent improvement
of public school property in the county of Craig. The bonds shall
be general obligations of the county and shall be a lien on all of the
public school property in the county.

3. After the issuance of the bonds provided for in this act, the
board of supervisors of Craig county shall annually levy a special tax
on all the property subject to local school taxation in the said county,
sufficient to pay the interest on the said bonds, and to create a sinking
fund to redeem the principal thereof at maturity, and such tax may
be levigd at any regular or called meeting of such board, either before
or after April first in any year; provided, however, that the board of
supervisors may, in order to reduce the rate of such annual special
property tax, levy a capitation tax of not exceeding one dollar per
annum on every male and female resident of the said county not less
than twenty-one years of age, except those pensioned bv this State
for military services, and devote the revenue derived from such capi-
tation tax to the interest and sinking fund requirements of this act.

4. But the foregoing provisions of this act are subject to the
following qualification, that no bonds shall be issued under this act
unless and until at a special election to be held in the said county on
such date as may be fixed by the board of supervisors thereof a ma-
jority of the qualified voters of the county voting in the said election’
shall vote in favor of the issuance of such bonds. And it is hereby
made the duty of the regular election officers to prepare the ballots
and otherwise provide for the submission of the said question to the
voters of the county on the date so fixed and for the determination of
the result. On each ballot shall be printed in separate lines the follow-
ing:

For Bond Issue
Against Bond Issue

Voters desiring to vote in favor of the issuance of the said bonds
shall strike out the words ‘Against bond issue,’’ and voters desiring
to vote against the bond issue shall strike out the words ‘For bond
issue.’’ Voters striking cut or erasing the word ‘For’ or “‘Against”’
shall be deemed to have stricken out or erased the entire line.

5. An emergency existing, this act shall be in force from its pas-
sage.