The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-02-28
THE NEw|FUND1NG BILL.
TO PROVIDE FOR THE CONSOLIDATION OF THE PUBLIC
DEBr AND IND THE PAYMENT OF AN UNIFORM RATE OF

~ M DE Un THE CONSOLIDATION OF THE PUBLIC
DEBT AND THE PAYMENT OF AN UNIFORM RATE OF
INTEREST THEREUPoNs
Reported to the Honse Saturday from their
committee on Finance
l. Bat enacted By the General assembly of Vir-
giad That in order to cUnsolidateithe debt of the
State and establish its credit on solid basis by
bringing the aggregate amount OF interest there
on within the ability of the Taxpayers to meet it
former equality of rights, and at the same time
to provide for the ordinary and necessary expen-
ses OF government s and the support 81 the public
to cause to be exchanged, dollar for dollar for
each outstanding bond Of the State issued under
1872 registered bond 5earing interest at the rae OF
Three per ce'atum for t,oenty gears after
aate, aya Jour per centum per thereafter an
tnPata, an0 exempt, both principal and interest,
from taxation By tie State, or 5y any couny or cor
por o1 Msrete; the interest payable semi-an-
year, at the Treasury or in New York or Lon
dom at the option of the holder ;said bonds to be
aa1eq On ne Isl day OF July 1873 to be due and
semby. - ~ "i AS
THE WEST VIRGINIA THIRD
=. ~ me owners OF any other interest bearing
Whlcn are recognized by the Constitution and
laws as legal and which have not been fnndnd
4 4hira tne aforementioned acts. may fund two
LhlraS OF Inc amount thereof, together with two
thirds OF the unpaid interest accrued tberenn M
to the lst day OF July, 1871! in the three-per-cen
n hic
act and the said owners may receive for the ras
naming one third Of the principal and Interest q
eertncate mat said amount is due and payable
py Tue state OF west Virginia, and that payment
oithe same has been apportioned to the said State
OF West Virginia. in part settlement Of the la
wealth OF Virginia as it was at the time ~ the
cont contracting Of the said debt: Prorided,
l InaS no sacn thres,per centum bonds and no
sucH cerCncateS shall be Issued as in this section
AFORESAID, except and until the owner OF owners
as Aforesaid shall enter in book to be kept for
Una ond' Purpose ana acknowledge before the Sec
ever quit claim and discharge the CommonW w
@ H;rd IRON all liability for said remaining
ditor to countersign and preserve such entrv and
acknowledgment 0-- o-'i' "iu
3. This section relates to the hopdn,o+o o,d
printing OF the bonds.1 "AN
INTEREST CERTIFICATES
4. The Treasurer shall issue and Register nom
interest bearing certificates for the amount OF the
accrued and unpaid interest up to July l., 1s7s
upon al classes OF the debt EXCHANGED undar
this act to the parties entitled thereto. and tba
same shall be paid off and discharged out OF any
ury after paying the interest on the three.nar
centrum bonds herein authorized to be issned
IN 1ne necessary expenses OF government and the
moneys due the public free-school fund in the or.
der OF priority of date OF the said certificates
Provided, hoa0ecer, That the arrearages dne the
school fund shall be paid before any OF the said
non-interest- bearing certificates are paid |a1
pr9otded further, In regard to the bonds allowed
10 pc funded under the I'D section of this act that
sued for two thirds only Of the unpaid interest
accrued thereupon between the lst day OF JnIv
for the remaining ons q shiS say l ssgfc and
may be issued appoftioning said amount fo the
state OF West Virginia, as in said I'd section is
.. executors, administrators, or others acting
N nduclary capacity, may make the exchange
81 bonds herein authorized, and the same shall
ne oeemed lawful investment.
THE SINKING FUND.
g. The commissioners of the sinl,inr funa
authorized to sell for lawful money s1ch Of The
bonds herein authorized to be issued as are not
this act, and with the proceeds thereof 10 mr.
chase and cancel an equal amount Of the princi
pa h OF any OF the outstanding recognized bonds
under the provisions Of this act Pyovided TIat
nothing herein contained shall be construed to
amount realized from such sales Shall NOT he 1ass
than the amount paid for the bonds SO purchased l.
ana redeemed and for the purpose Of carrying
from time to time by public advertisement, So
net sea y ih proposals for the purchase Of the
right to accept or reject the samey and also at
u me same Time sealed proposasfor the sale to /
e9 9eha OF any OF the bonds which nay lawfully
fu money Of the United States (reservina the the
carry out the provis ons of this section the Traa
surer shall deliver to the commissioners of the
s!nkinS Iunu' taxing their receipt therefor from
t1me to times many of the bonds herein author.
chase and retirement OF the bonds nav ~ ranre-
senting the debt of the State.
7. This section provides for keepine the in.
terest paid in accordance with the terms OF the
Barbour bill s VI JIG
PAYMENT OF INTEREST,
:. 9, The Trsasnreg shall, out OF said Gntorest) /
and UPON the same days III eaSh year ~
pay to the holders thereof the sem annual inter
bonds 81 tie '1s
authoflzed by this act as shall be exchanged or
act. - ~ WIS
LITERARY AND SINKING FUND.
v T., The bonds of the Commonwealth belonging
Io Ine literary fund and such are held by the
commissioners Of the sinking fund, together with
be exchanged for like amounts OF the bonds an.
yhorlzed by the first section CT this act and the
II shall out Of said fund for the payment
interest accrains nf po "s the sad
bonds so obtainedib by exchange. '1'7' ''''
AnDITIoN4L INTEREST.
r sess q Pa aspsfeasag ss sszs
oee9 paid in full out Of said excess OF revenue,
. aforesaid. nEiop to the expiration Of the said
Treasurer to pay ratably to each and every one
II the holders Of the aforesaid consolidated three
'er-cenfum bonds such additional interest, not
o exceed one per centum per annum, as the ex-
less OF public revenue under his control will en-
Ible him to pay, until the expiration Of the TWEEN
ess San ass Taa qasn
de in fractions OF one tenth 81 one per cent and
nq1lItipfes thersof f''''' ''' = .
44RoREAANT FRevlse.
H., From and after the passage OF this act no
less shall be issued for any portion of the debt of
his State, nor shall any interest be paid upon
my part or portion Of said debt except as herein
provided.
II, This act shall he in force from ito nassara |