The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-12-20
rFor the Dispatch.l


For the Consideration of the Ac@isia.
tors, the BondhOlders, and People OF
Virginia.
AN ACT TO FUND TIE STATE DEBT, CONDUCT
THE STATE GOVERNMENT, AND SUPPORT THE
PUBLIC SCHOOLS.
/. That the State debt, az now recognized
by law, be funded into one uniform class OF
bonds. payable fifty years after date, re-
deemable at the pleasure OF tine State at any
time after FIVE years from date, bearing in
terest at the rate Of four per cent. per an
pun. Said interest payable at the Treasury
Of the State semi-annually on the first OF each
January and July next succeeding funding.
Said funding to begin as Of July. 1879, and
interest payment to commence january,
1880 Tor sooner, if arrangements can be
madel.
2. That the bonds as aforesaid now out
standing may be funded into the four-per-
cents authorized by this act upon the sur
render OF said outstanding bonds in the
proportion respectively of the bonds with
and without the interest taX-receivabe fea-
turc-[i. e.. if two thirds OF the debt has the
taX-receivablc feature, and one third has
not, then let each party funding into fours
furnish two thirds OF said tours from taN-
receivable bonds, and the remaining one
third from the non-taX.rcccvablc]
g. That the bonds funded under this act
shall be issued in denominations Of five dol
lars or its multiple, coupon or registered,
and convertible from coupon 10 registered,
Or ricc uerSd. and divisibic or enlarged at
holders option.
1. That the bonds issued under this act
shall be forever exempt OF all tax by the
State and the corporations thereof, and the
interest and principal OF said bonds shall be
receivable at par on and after maturity in
payment OF all taxes, licenses, debts, and
demands due the State, except that portion
OF the taxes and licenses levied for the sup
port OF the State Government and for the
support Of the public schools.
). That sinking fund sufficient to liqui-
date the principal OF the dcbtfundcd under
this act shall BIZ annually set apart and ill.,
vested in the bonds iSsucd hereunder, at
their lowest market rates, which bonds, rs
purchased, shall be cancelled.
G. That the bonds issued under this act
2lay be guaranteed by any o: the chartered
banks o. this State TO an amount not eX-
cccding ore half OF their paid-up capital,
ard may he made under said guarantee re.
dccmablc on demand or otherwise, and
shall be receivable by said bank ut face
value in payment Of debts due to said bank.
7. The bonds issued under this act snail
be recognized by the courts OF the Com
monwcaltll as Il lega!-inye>tmeut fund for
tiduciaricS, and such Investment shall be
valid with or without an order OF court,
and shalt be accepted as deposit-bonds from
insurance companies doing business in the
State.
s. That the bonds issued under this act
shall be accepted by the persons receiving
them rs final settlement OF all claims upon
the State arising under the bonds handed
in and cancelled
8. That the expenses OF the State Coy
eminent in all its departments be reduced
to the lowest practicable amount consistent
with iudicious economy and efficiency,
adopting the ante 6eltuno basis as far is ap:
plicable to the changed systems.
10. That the sum now designated for the
support OF the public schools, subject TO
such change either in increase or reduction
as may be made in the future, which, III
GLIDING the amount for the support or the
State Government, shall never exceed fifty
per cent. of the taxes levied, shall be spc-
cialy set apart for these purposes ana tseu
for no other.
II. That in order to carry out the rrorI-
sions of this act, such increase or taNatlon
as may be necessary, not exceeding twenty
per cent OF the present tax, shall he levied.
and discount allowed upon the taxes OF
1879, il paid, in currency or in coupons
from bonds issued under this act (duc lst
January. 1SS0). prior to LIST january, $780,.
sufficient to equalze the taN-rcceivable cou-
pons now outstanding.
y. That this adjustment be submitted to
the people for ratification or rejection at the
snrinp election NAV 1870, il deemed ne |
ceSsary. - -.~
Ii. That the Auditor, Second Auditor, |
and Treasurer OF the State be charged with |
CARRYING out the details Of this act, which
shall be in force from its passage.
.-..s a. III. D.
LYNCHBURG, VA, December 2, 1878.