Chap. 194.—An ACT to authorize the county school board of Dickenson county
to borrow a sum not in excess of one hundred and twenty-five thousand
dollars and to issue its bonds therefor, and providing for the collection of a
tax for the payment of the interest thereon and the principal thereof at
maturity, and declaring an emergency. [H B 377]

Approved March 18. 1926.

1. Be it enacted by the general assembly of Virginia, That the
county school board of Dickenson county, be, and is hereby, auth-
orized to borrow not in excess of one hundred and twenty-five thous-
and dollars, and to issue at one time, or from time to time, and sell
its bonds therefor, payable at such time or times as shall be fixed by
said board, not exceeding six years after their date, said amount to be
applied in paying off and discharging valid outstanding indebtedness
for county school purposes, the indebtedness of various magisterial
school districts of said county, and to provide for the repair and con-
struction of certain school buildings in the several magisterial school
districts. Such bonds shall bear interest at not exceeding six per
centum per annum, payable annually and shall not be sold for less
than their par value plus accrued interest, if any. Of the proceeds
of said bonds not in excess of fifteen thousand dollars shall be applied
in paying off and discharging valid outstanding indebtedness for
county school purposes; not in excess of three thousand dollars in
paying off and discharging valid outstanding indebtedness of Clint-
wood number one school district, and in the repair or construction of
school buildings in said school district; not in excess of fourteen
thousand dollars in paying off and discharging valid outstanding in-
debtedness of Clintwood number two school district, and in the repairs
or construction of school buildings in said school district; not in excess
of twenty thousand dollars in paying off and discharging valid out-
standing indebtedness of Ervington school district, and in the repair
or construction of school buildings in said school district; not in ex-
cess of four thousand dollars in paying off and discharging valid out-
standing indebtedness of Kenady school district, and in the repair
or construction of school buildings in said school district; not in ex-
cess of thirty-nine thousand dollars in paying off and discharging
valid outstanding indebtedness of Sand Lick school district, and in
the repair or construction of school buildings in said school district;
not in excess of thirty thousand dollars in paying off and discharging
valid outstanding indebtedness of Willis school district, and in the
repair or construction of school buildings in said school distr.ct; but
the purchaser or purchasers of said bonds shall not be obliged to see
to the application of said proceeds, or to inquire into the validity of
said indebtedness. Said bonds shall be issued in denominations of
one thousand dollars and shall be signed by the chairman of the said
school board, attested by its clerk, and shall have the seal of said
school board affixed thereto, authority to provide a seal being hereby
conferred. The signatures of the said officers shall be valid and bind-
ing, notwithstanding any change in the incumbency of said officers,
before the delivery of any of the said bonds. Said bonds shall be a
lien upon all the property in said district, but the full faith and credit
of the entire county of Dickenson is hereby pledged for their payment.
The board of supervisors of Dickenson county shall annually levy a
tax on all the property in said county subject to taxation for county
school purposes, not to exceed eight cents on the one hundred dollars
valuation, and shall also annually levy a tax on all the property sub-
ject to local taxation for district school purposes in each of said school
districts, not to exceed fifty cents on the one hundred dollars valua-
tion, to pay the interest on the amount of bonds which may be issued
as herein provided and the principal thereof as the same shall become
due and payable; and if for any reason the said tax on property sub-
ject to taxation for county school purposes, or the property subject
to taxation for district school purposes, shall be insufficient then the
said board of supervisors shall levy a sufficient tax on all the taxable
property in the county; provided, that the levy of such a county
tax or payment of such interest and principal from any county fund
shall not extinguish the liability of any school district to the county,
which liability shall remain in favor of the county until fully paid.

Such bonds may be either registered or with coupons attached as
the said bond may prescribe, and the bonds issued for county school
purposes as herein provided shall have written on printed on each the
following sentence: ‘This bond is issued for discharging valid out-
standing county school indebtedness, but the full faith and credit of
the entire county of Dickenson is hereby pledged for its payment,
and a tax is to be levied upon all property in said county subject to
taxation for county purposes, not to exceed eight cents on the one
hundred dollars valuation, to pay the interest on it and to create a
sinking fund sufficient in amount to pay it upon maturity.’’ And the
bond issued for district school purposes as herein provided shall have
written or printed on each the following sentence: ‘‘This bond is
issued for discharging valid outstanding indebtedness in..........
re school district and to provide for the repair and con-
struction of certain school buildings in said district, but the full faith
and credit of Dickenson county is hereby pledged for its payment,
and a tax is to be levied upon all the property in said district subject
to taxation for district school purposes not to exceed fifty cents on
the one hundred dollars to pay the interest on it and create a sinking
fund sufficient in amount to pay it upon maturity.”

Said bonds shall be payable at such place or places within or with-
out the State as said board shall designate.

2. The necessity for raising money for the purposes herein pro-
vided for, creates an emergency, and this act shall be in force from its
passage.