Chap. 360.—An ACT authorizing the county school board of Madison county
to borrow money for the purpose of paying off existing indebtedness of said
board, and to issue its bonds therefor, and to require the board of super-
visors of said county to levy a tax to pay the interest thereon, and to create
a sinking fund to redeem the principal thereof at maturity. [H B 485]

Approved March 24, 1926.

1. Be it enacted by the general assembly of Virginia, That the
county school board of Madison county is hereby authorized to borrow
the sum of seven thousand, five hundred dollars and to issue its bonds
therefor, signed by its chairman and countersigned by the clerk of
said board. The said bonds to be issued in denominations of one
hundred dollars and multiples thereof, and redeemable in five years
at the rate of one thousand five hundred dollars per annum. The
said bonds shall bear interest at a rate not exceeding five per centum
per annum, payable semi-annually, and shall not be sold for less than
par. .

2. After the issuance of said bonds the board of supervisors of
Madison county shall annually levy in said county a tax on the prop-
erty in said county, subject to local school taxation, sufficient to pay
the interest on, and to create a sinking fund to redeem the principal
of, said bonds at maturity.

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