Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1878-03-18
New Funding Bill.
ls following is the new funding bill

The following is the new funding bill:-
Be it enacted by the General Assembly of
Virgins. That the Governor is hereby author.
lied to cause to be exchanged, dollar for dollar,
for the principal Of each outstanding bond of the
State issued under the acts approved March 50,
ISL. aid March !. 1872, unregistered bond bear
ing interest at the rate of thres per centum per
annum for eighteen years and four per centum
Tor thlrty.tWo years until paid, and exempt both
principal and interest from taxation by the
which shall bs expressed on the face Of the bond
the interest payable semi-snnuslly, On the Let
days of January and July Of each year. st the
Treasury. said bonds to be dsted on the lst day
Of July, 1873. TO be due snd payable fifty years
after date. but redeamablo after ten years at tho
pleasure Of the General Assembly: Provided,
That no exchange of bonds, IS herein provided
for, shall be made until the hoders of not less
than fifteen millions Of the tsx.receVable cou
pom bonds of the State shall have ststifed n
board, consisting Of the Commissioners Of the
Sinking Fund, together with the Attorney Gener-
al, Of their readiness 10 make sad exchange.
| and that for the purpose Of said exchange they
have deposited said bonds with such agent or
agents Is may be satisfactory TO said board above
| named.
The owners of any other interest bearing bonds
of the State, which ere recognized by the Con-
sttution and laws ss legal, and which have ns:
been funded under the aforementioned acts. may
fund two.thirds of the amount thereof, together
with-hird Of the unpaid interest accrued
thereon, up TO the lst dsv Of July, 1871. in tn,
bonds described in the first section OF this ACT
and the said owners may receive for The remain
ing one-third of the principal and Interest n Ger
tiicste that said amount is due and payable by
the State of West Virginia, and that the pay
ment OF the same has been appoTiloncd to the
said State Of West Virginia IN part settlement
of the liability Of said State for the deb! Of the
| Commonwealth of Virginia, as it was y. the time
of the contracting Of the said debt: Pro'i led,
That no such three per cenum bonds. and no
such certificates, shall be Issued, as Ill this Sec
ton provided, except and until the owner rr
owners or his or their authorized agent, shall
enter in book TO bC-kept Tor lhst purpose and
acknowledge before tie Second Auditor, that he
| or they do release ana forever quit claim an&
discharge tho Commonwealth OF Virginia iron
| all liability for said remaining one.thlrd, aEG
| it shall be the duty Of lhs Second Auditor t.
| countersgn and preserve such entry ard &C.
Acknowledgement
| The Treasurer shall issue and register
| non interest bearing certificates Tor tho amount
OF the accrued and unpaid interest up TO July Isl.
| 1878 upon Ell classes of the deb! exchanged un.
der this act to the parties cAtl.o1 thereto, which
shall be redeemsbe at the pleasure Of the Cen
ersl Assembly, and to be so.cxpres:cd on the fac"
of the certificate: And provioed further, II re-
| gard to the bonds allowed to be funded under III.
"a section of this act that such non-nteresl boar
| ing certificates shall be issued for two.thrds
! ly of the unpaid interest accrued thercupoE be-
tween the LIST day OF July ISL, and tho first dsy
Of July 1873 ; and for tho remaining one'thirt.
certificate may be issued apportonng Said
amounts to the State Of West Virgins, AS In
said second section is provided.
| The rules prescribed in tho act approved
March 80 ISL, in e3pect to preparing. signing.
| and issuing the new bonds ana certificates, Z"
gulsting the same and in taking in canoeing.
| and registering the old bonds shall be observe
by the officers of the Treasury IN tho execution
CT this act except so fhr SIS the same be modlned
| by the provisions Of this act: Provided, 1hs
| all parts Of such bonds and certificates as MAJ
be necessary 10 be printed shall be printed rotn
plate which shall be tho property Of the Com!
| onwealh, and shall remain in the Keeping or
| under the control CT the Second Auditor: AD' .
provided further. That tho whole amount ii
| bonds so printed, or in any manner prapa' cd
Dhsll in no case excsed the amount of 81. - .
0li&S and sl:o ST As, 2I1.25 duo 20 the lit ,rs,y
funds total of So, rs. .o7l Gi Provided Tnst
| in the distribution OF the 81 350. S26 IS among
the holders of the evidences Of the put lie deb:
Of tho State the said board shall be f;arefu! t,
hsve restored tho Ollgllsl equality Of Hll the
public creditors.
| Executors, administrators or otby aching in y
| fducary capacity may make the exchange {!
| bonds herein authorized, and IA Same shsll pr
| deemed lawful investment.
| The Treasurer shall upon t.rc first days OF JAM
| uAry and July 1879, and upon the same days in
each year thereafter, pay 60 tt 20 holders thereof
| tho semi.aDnusl interest tber due upon each al
the bonds CT the Comm ION wealth authorized ~
| be issued by this act.
All bonds retired ~ radcs med under this set,
shall be Cancelled y pert u ating and mutila.ing
and by the writ On cancellation OF the Second
Auditor across tho f.ce of tho samo in the pre-.
eence Of the Cor lmissioners the Sinking Fund,
who shall eau 50 the bocds SO cancelled (" b,
fled by tho treasurer in suitable depository
| and shall record their proceedings IN u book
| showing tie number and amount thereof.
The & overnor shall, bv proclamation give
notice OF tho provisions q this act, inviting oil
the holders Of Virginia securities to make th"
exchange herein provided
This act shsll DO in forco rom its passage.