Chap. 53.—An ACT to authorize the school board of Big Stone Gap School
District in Wise county to borrow not exceeding $15,000.00, and issue bonds

therefor,. for the Purpose of redeeming certain school bonds now outstand-
ing. fH B 80]

Approved February 26, 1926.

1. Beit enacted by the general assembly of Virginia, That the
school board of the Big Stone Gap school district of the county of
Wise is hereby authorized to borrow a sum of money not exceeding fif-
teen 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. The said bonds shall bear interest at not ex-
ceeding six per centum per annum, and shall not be sold at less than
par. .

2. The bonds issued by the said school board in pursuance of this
act shall be signed by the chairman and countersigned by the clerk
thereof. The proceeds shall be used for the purpose of redeeming fif-
teen thousand dollars in outstanding school bonds which will mature
in the near future, and for no other purpose. The said bonds shall
be a lien on the public school property in the said school district.

After the issuance of the bonds provided for in this act, the town
council of the town of Big Stone Gap shall make annual 4ppropriations
out of the revenue of the corporation to pay the interest on the said
bonds as it matures and to create a sinking fund to redeem the prin-
cipal thereof when due, and, if necessary, may annually levy a special
tax on all property subject to local taxation within the limits of the
said town for said purposes.

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