The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-12-05

fhas. tie eeder lion thereof Is secured ~ g
sinking fund. proTid ed Tor by the 10 VI iln-
der which they are Issue ~.
The bonds and coupons shall bs forever
exempt from taxation by the sssiie, oI.Dy
5any county or corporation therein, Wsi ~
shall also be expressed on the lace O Iae
bonds. ~. 4.
mi. In the year 1885 and annually there.
after. until all the bonds issued undef anu ,1,,
by authority Of tbis act are pa1d, tner snali
he levied aud collected the same as ana TO-
yefher with other taxes; a tax OF fwo. cents
on the one hundred dollars; OF the assessed
ya,uatioB OF oil the properfy, personal, reai,
and mixed. in The State, which shall pc ipaia
into the treasury OF the State TO the egea,s
Of the Sinking Fund. The Treasurer, the
Auditor 81. Public Accounts, aud Second
auditor are hereby appointed Commls-
siorers OF the Sinking Fund, and shall have
| "a majority actlugl the control and manage
ment thereof, and shall annually, or oftener,
apply whatever sum or sums may pc 70 Inc
credit OF the Sinking Fund to the pufenase
and redemption OF bonds issued U. upaer thss
act. .,,..,, s,a,,s IL
funded, redeemed, or purchased unaet tniS
met shall be cancelled by the Second Audl-
| tor. and delivered by him to tue treasurer
OF the Commonwealth at the ti1ne OF pay
mont therefor, who shall carefully preserve
tho same in his office. All certificates OF
debt acquired under the operation OF the
sinking Fund. created by the act OF March
an. 1871. shall also be SO cancelled ana de-
| liyered.
Nv. The rules prescribed under the act
approved March 80, 1871, in respect o pre-
paripg, signing, and issuing the new oonus
and coupons, regulating the same, and IN
taking in. cancelling, and registering the
old bonds. shall be observed by the officers
OF the Treasury in the execution OF TINS
art EXCEPT so far as the same be modified
| by the provisions Of this act: provided that
ali bonds and certificates which NAV be ne
cessary to be printed shall be printed from
plate which shall! be the property OF the
tCo Commonwealth. and shall remain in the
keeping or under the control Of the Second
| Auditor; and provided, further, tnat the
whole amount Of bonds so printed, or IN
any manner prepared, shall in no case ex'
coed the amount OF S33,53S, 800. with ac-
crued interest added, capitalized, from Tue
Both day OF September, 1877.
i v. The owners OF al! classes OF bonds
mentioned in this act, who shall exchange
their securities for the bonds created under
this act, and who shall not have yet re-
ceived certificates representing the remain.
ing one third OF their principal and interest
| due and payable by The State OF West Vlr-
ginia, shall receive certificates OF like
character to those issued under the act OF
March 80, 1871, when they make sucn eX'
change; and the State OF Virginia Will ne.
gotiate or aid the creditors holding all OF
such certificates issued under this act, OF
previous acts, in negotiating with the State
OF West Virginia for an amicable settle
ment of the claims Of such creditors against
the State OF West Virginia.
vi. The Governor is hereby authorized
to arrange with snch representatives OF the
general body OF creditors as he may con-
slider NEST suitable for the purpose as TO all
the details OF the terms and proportions IN
which the certificates OF Indebtedness men
TONED in this act may be funded, and as to
the expenses attending such operation, pro.
viding that the aggregate OF the principal
and interest so arranged to be funded shall
not exceed the amount hereinbcfore reclted.
| VII. Executors, administrators, OF
others, acting in iducary capacity. may
make the exchange of bonds herein author
lied, and the same shall be deemed lawful
investment.
| VIII. The Treasurer shall, upon the 1st
DAYS OF January and July, 1880, and upon
the same DAYS in each year thereafter, pay
or cause to he paid to the holders thereof
the half-yearly interest then due upon each
of the bonds OF the Commonwealth author
lied to be issued under this act.
TX. The act approved March IA, 1873, IS
hereby repealed.
DETAILS OF PROPOSED FUNDING SCHEME.