The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1879-03-27

legations required There shall be endorsed
/ upon the said warrant description OF the
old obligations and the ea!culatiGu OF prin-
cipai and interest Tor which the sew obii-
cations are to be issued. The said old
: obligations aud warrans shall be carried by
, the Second Auditor TO the Treasurer, who
, Ishall nofe the fact and date OF funding on
, the proper register in bis office, and II he
shall find the warrant correctly drawn sssfll
sign the proper obligations TO be issued,
register the same in his Office, clip there
from the paSt-tfue coupons, and punch tbs
same, and deliver the said obligations to
The Second Aueasior, taking hts receipt
therefor upon his warrant. Pie Second
Auditor shall coUn,ersign tbs obligations
80 Delivered to him. segister he snrae iu bis
office, and deliver tse same to- the proper
nersonr taking his fRceipt thevsfor. . The
treasurer shall iackeJ and file n9 bis office
the war72nt upon whsch the nsw ois}iga-
tlons wers issued with she surrendered OBJ
legations astached to sais warrant, and! shall
number ans date the iacaet 90 as ta,mnke it
easy for refsrence. But in canceR4ng and
registering tae bonds rs ;boye dircatetl,. in
every bond asd coupon surrendered under
this act holes shall be punched in enc or
more places and IN such manner a. so:,.an-
| der new funding Of the same iinpossistfs.
shall be fled for reference.
| I. The owners Of all classes OF bonds
mentioned in this act, who sliall exchange
! their securities for the bonds created under
this act, and who shall not have yet received
certificates representing the rcmaining one
third OF their principal and interest due an tS
payable by the State OF West Virginia, shall
receive certificates of like character 10
| those issued under the act of March &c..
1871, when they make such exchange. and
the State Of Virginia will negoiate or aid
the creditors holding all OF such certificates
Issued under this act. or previous acts, in
negotiating with the State OF West Virginia
for an amicable settlement Of the claims OF
such creditors against the State OF West
| Virginia. The acceptance OF the said GER
titicates for West Virginia's one bird issued
under this act shall be taken and held as a
| full and absolute release OF the State Of Eir--
ginia from all LIABILITY on account Of the
said certificates
! S. The General Assembly will, by neces-
Sary and appropriate legislation, provide
| FOR the prompt payment of the interest on.
the bonds issued under this act.
.. In the year 1885, and annually there
after until all the bonds issued under and by
authority OF this act are paid, there shall be
! levied and collected the same as, and to-
Sether With, other taxes tax OF two cents
on the 800 OF the assessed 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,
arc hereby appointed Commissioners OF the
Sinking Fund, and shall have ta majority
acting) the control and management there
Of, and shall annually, or ofrener, apply
whatever sum or sums may he TO the credit
OF the sinking fund to the purchase and re-
demption of bonds issued under this act.
All the certificates OF debt which shall be
funded, redeemed, or purchased under this
tor, and delivered by him TO the Treasurer
CT the Commonwealth at the time Of pay
ment therefor, who shall carefully preserve
the sHme in his Office. All certificates OF
debt acquired under the operation OF the
sinking fund created by the act OF March
80, 1871, shall also be cancelled and de-
li,rIeu.
10. Fvnnn.ors, administrators, and others
acting rs fduclarIes may invest IN The bonds
issued under this act, and the same shall be
considered lawful investment.
IL. The Treasurer shall upon the 1St days
OF July, 1879, and January, 1880, and upon
} w
be paid, to the holders thereof the haf-
yearly interest then due uDon each OF the
bonds OF the Commonwealth issued under
this act.
II. Whenever there shall not be Sutti-
cient amount OF money in the treasury OF
the State to meet the accrung interest on the
said bonds promptly, the Auditor IS hereby
authorized and directed, by and with the
advice OF the Governor OF the State. TO
raise by temporary loan, to be returned
out Of the acrruinS revenues OF the State, a
sum sufficient to enable him to meet prompt
ly the said interest as it accrucS. And in
case the Auditor shalt not be able to raise Il
sufficient sum for the said purpose by loan.
he is hereby authorized and directed to Is
sue Notwithstanding certificates OF IN
uebtednesS OF this State, to be signed by
himself and cOuntcrSi%ncd by the 1rehSll-
rcr, and properly registered in the offices or
the Auditor and Treasurer, for the sum Of
one dollar and muItipliCs thereof, the same
to be printed from plates which shall DC
the property OF the State, and to sell the same
at not less than minimum prlce"te be
fixed by the Commissioners Of the Sinking
Fund, which shall not be less than seventy
five cents upon the dollar. The said ccrtit-
Gates shall be receivable for all taxes, debts,
dues, and demands due the. State. and this
shall be Expressed on their face. The amount
OF such certificates which may lie issued at
any one time shall be fixed by the C0lnmls-
siOners OF the Sinking Fund, and the pro-
cecds OF the sale thereof shall: be devoted
exclusively to the payment oi interest rs
aforesaid The Auditor shall, report rcSu-
larly to the General Assembly tue anouns
and character OF certificates issued unaef
this act, and the net proceeds thereon. IL
ease the Auditor shall not Gs able to borrow
the sums needed as 3foreSa:h, without segu-
rity, he shall be, and is laseby. authorlzfd
tn hynothccate such am.uuts OF the SAID
certificates as may be fixed on by the com
) misSioncrs Of the Sinkin. Fund, at Il yaihc 10
be fixed as aforesaid, bal in no case to Dr. al
a less value than scyecty-iyc cents UPON the
dollar. And in case OF Il sale OF Saiu Ger
= tlirates, whether they may have been SC
: hynothecated or nus. they shall be offered !ol
sale in suitable and proportlonatc a9loun''
[ in the different counties, towns, ana citic:
= of his State. so far as practicable. undel
! rcpuations to he i;Xcd by the Commissioner
, aI7rnn SInkInu r-und Tho aatn corr 'nIarn'
l shall he received by the Treasurer OF 1ht
| St,tc. and be cancelled on receipt thercoi
under The same regulations and pFohlDit'on
now existing in relation TO coupons lof III
= terest on the public debt, except that no LII!
sholl he deducted therefrom, and the lact o
their cancellation shall be noted on the sal'
registers.
C Is. The act approved March IA, 1878, an
: all acts inconsistent with the provisions
this act, arc hereby repealed. =.
II. This act shall be in force from II
passage.