Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1879-04-08

Of America aforesaid, shall file with tn.
governor. their assent to and acceptanc,
Of the. terms Of this act, the same shal
be taken to. be q contract between ths
state and the said corporations, and th@
governor shall forthwith provide for the
preparation Of the bonds provided fol
BY this act.
The said corporations may present
for funding, and in the proportions here.
inbefore provided. at least eight million
of dollars Of the outstanding obligations
of the state prisr to the first day of jan
uary, eighteen hundred and eighty.
And during each period of six months,
from and after the thirty-first Decem-
ber, eighteen hundred and seventy-nino,
they may present an additional amount
of at least five million dollars, until the
whole debt is funded; but any excess
over said amounts, which may be pre-
sentsd during any of said periods, may
be estimated in requirement for the sue
ceeding six months. 81
So long as the said corporations shall
present for funding the obligations
aforesaid, in the amounts and in the Pc
RODS aforesaid, they shall have the ex-
elusive privilege. of funding the out
standing debt, under the provisions of
this act: provided that the said corpora
tions shall arrange to receive the out.
standing bonds at the city of Richmond
when the holders thereof shall so de-
sire.
But if the said corporations shall fail
to file with the governor their assent
and agreement As aforesaid, by the first
day OF May, eighteen hundred and sew
enty-nins, or shall fail to present for
funding the outstanding bonds in the
proportions and amounts and during
the periods hereinbefore specified, then
the governor may, in his discretion,
make like contract with responsible
parties for the funding Of the debt of the
state under this act.
6. The rules prescribed under the act
approved March thirtieth, eighteen hun
dred ahd seventy one, in respect to pre-
pairing, signing and issuing the new
bonds and coupons, regulating the same,
and IN taking in, cancelling and regis
tering the old bonds, shall be observed
by the officers of the treasury in the exc
cution of this act, except go far as the
this act provided that all bonds and
certificates which may be necessary to
be printed, shall be printed from plate
which shall be the property of the COM
monwealth, and shall remain in the
keeping, or under the control of the
second auditor. Whenever An oblIga-
ton of the state shall be presented to
the second auditor to he funded under
this act, he shall note the fact and date
on the proper register in his office, shall
punch hole through the name of the
second auditor, signed or countersigned
thereto, and shall issue his warrant up
on the treasury for the new obligations
required. There shall be endorsed upon
the said warrant description of the
old obligations and the calculations of
principal and interest for which the
new obligations are to be issued. The
said old obligations and warrant shall
be carried by the second auditor to the
treasurer, who shall note the fact and
date of funding Oh the proper register
in his Office, and if he shall find the
warrant correctly drawn, shall sign the
proper obligations to be issued, register
the same IN his Office, clip therefrom
the past due coupons and punch the
same. and deliver the said obligations to
the second auditor, taking his receipt
therefor upon his warrant. The second
auditor shall countersign the obligations
so delivered to him, register the same in
his office, and deliver the same to the
proper person, taking his receipt there
for. The treasury shall jacket and file
in his office the warrant upon which
the new obligations were issued, with the
obligations attached to said
warrant, and shall number and date the
jack ct so as to make it easy for reference.
But in cancsiling and registering the
bonds as above directed, in every bond
n n 6ora1 fI,so oofI
holes shall be punched in one or more
places and in such manner as to rem
der new funding of the same impossi-
BILE, and every bond and coupon AZ can
celled shall be filed for reference.
Z. The owners Of all classes of bonds
in this act, who shall ex-
change their securities for the bonds
created under this act, and who shall
not have yet received certificates repre-
senting the remaining One-third Of their
principal and interest due and payable
by the state of West Virginia, shall re-
ceive certificates Of like character to
those issued under the act of March
thirtieth, eighteen hundred and seven
ty- one, when they make such exchange,
and the state of Virginia will negotiate
or aid the creditors holding all of such
certificates issued under this act, or pre-.
vious acts, in negotiating with the state
Of West Virginia for an anicable settle
msnt Of the claims of such creditors
against the state of West Virginia. The
acceptance of the said certificates for
West Virginia's one-third, issued under
this act, shall be taken and held as
full and absolute release of the state of
Virginia frem all liability on account of
the said certificates.
s. The general assembly will, by ne
cessary aud appropriate legislation, pro.
vide for the prompt payment of the in
terest on the bonds issued under this
act.
8. In the year eighteen hundred and
eighty. five, and annually thereafter un-
til all the bonds issued under and by
authority Of this act are paid, there shall |
be levied and collected the same as and
together with other taxes, tax of two
cents on the one hundred dollars of the |
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 IA majority
acting) the control and management
thereof, and shall annually, or oftener,
apply whatever sum or sums may be to
the credit of the sinking fund to the
purchase and redemption of said bonds
issued under this act. All the certifi
Gates of debt which shall be funded, re-
deemed, or purchased under this act,
shall be cancelled by the second audi
tor, and delivered by him to the treasu-
rer of the commonwealth, at the time
of payment therefor, who shall carefully
preserve the same in his Office. All Ger
tificatss of debt acquired under the op-
Grafton of the sinking fund created by
the act Of March thirty, eighteen hun
dred and seventy one, shall also be can
celled and delivered.
10. Executors, administrators, and
others acting az fiduciaries, may invest
in the bonds issued under this act, and
the same shall be considered lawful