Chap. 456.—An ACT to authorize and empower the county school board of
Madison county to borrow the sum of seven thousand five hundred dollars
for the purpose of paying existing indebtedness, and to require the board
of supervisors of Madison county to levy a tax to pay the interest thereon
and to create a sinking fund to redeem the principal thereof in five years.

[H B 414]
Approved March 24, 1926.

1. Be it enacted by the general assembly of Virginia, That the
‘ounty school board of Madison county be, and it is hereby authorized
ind empowered to borrow the sum of seven thousand, five hundred
lollars, the proceeds of said loan to be used in paying off existing
ndebtedness.

2. The said loan shall be affected by issuing the bonds of the said
‘county school board of Madison county, signed by the chairman of
he said school board, and countersigned by the clerk thereof, in de-
1ominations of one hundred dollars, or multiples thereof, payable in
ive years at the rate of fifteen hundred dollars per annum, at a rate
of interest not exceeding five per centum per annum, payable semi-
annually.

3. After issuing the bonds provided for in this act, the board of
supervisors of Madison county shall levy a tax on the taxable property
of said county sufficient to pay the interest on said bonds so issued,
and to create a sinking fund to redeem the principal thereof at maturity

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