The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-12-12


exclusive of the accrued interest from the date
before mentioned.
IT, To provide for funding such debt, the Gov
ernor is hereby authorized to create aud issue
coupon bonds, at the option OF the funders, to
run for forty years from the LIST day OF july 1879,
per annum in goId~half yeariy--on the ist day Of
January and the LIST day of July in each year. in
the cities of Richmond. New York and London.
The State shall have the option OF redeeming any
or all OF the said bonds by the payment OF the
principal and accrued interest to the date Of no.
tice to the holders of such redemption, at par in
gold, at any time after the expiration of ten
years from the LIST day of July 1876 provided that
the State shall redeem all such bonds in this man
ner, by the operation of the sinking fund here
matter mentioned, by the expiration of forty
years from said lst day of July, 1879.
The coupons shall be receivable at and after
maturity for all taxes, debts, dues and demands
due the State, which shall be expressed on their
face; and the bonds shall bear on their face dec
laration to the effect that the REDEMPTION thereof
is secured by sinking fund, provided by the law
under which they are issued.
The bonds and coupons sh all be forever exempt
from taxation by the State, or by any county or
or corpation therein, which shall also be express
ed on the face of the bond.
III. In the year 1885, and annually thereafter
until all the bonds issued under and by authority
of this act paid, there shall be levied and col
Iecued the same as together with other taxes.
tax of two cents on the hundred dollars OF the
assessed valuation of all the property, personal,
real, and mixed in the state which shall be PAID
into the treasury of the State to the credit OF the
Sinking Fund. The Treasurer, the Auditor OF
Public Accounts, and Second Auditor are hereby
appointed Commissioners of the Sinking Fund,
and shall (have majority acting) the control and
management thereof, and shall annually, or Of
tener, apply whatever sum or sums may be TO the
credit Of the Sinking Fund to the purchase and
redemption of bonds issued under this act.
All the certificates of debt which shall be fund
ed redeemed, or purchased under this act shall
be cancelled by the Second Auditor. and deliver
ed by him to the Treasurer Of the commonwealth
at the time of payment therefor, who shall care
full preserve the same in his office All certlh-
Gates of debt acquired under the operation OF the
Sinking Fund, created by the act OF March 3oth,
1871. shall also be so cancelled and delivered.
". The rules prescribed under the act APPROX
ed March So 1871, in respect to preparing, signing
and issuing the new bonds and coupons, regula-
ting the same, and in taking in, cancelllnS ana
registering the old bonds, shall be observed by
the officers of the Treasury in the execution OF this
act except, SO far as the same be modified
by the provisions Of this act; provided that all
bonds and certificates which may be necessarily to
be printed shall be printed from plate which
shall be the property of the Commonwealth, and
shall remain in the keeping or under the control
of the Second Auditor; and provided further,that
the whole amount OF bonds SO printed, or in any
manner prepared. shall in no case exceed the
amount OF 33 53S 9G9, with accrued interest added
capitalized, from the 30th day OF September, 1871
" The owners OF all classes OF bonds men
toned in this act, who shall exchange their Sc,
curities for the bonds created under this act,and
who shall not have yet received certificates rep
resentng the remaining one-thlrd OF their prln-