Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1879-04-08

ng of the debt OF the State under this
act.
8. The rules prescri bed under the
act approved March 80, 1871, in re-
pect to preparing, signing and issu-
ng the new bonds aud coupons rtgu
lating the same, and in taking in, cam
elling and registering the old bonds,
hall he observed by the officers Of the
reasury in the execution Of this act :
Provided that all bonds aud certifii
ates which may be necessary to be
rinted shall be printed from II plate
which shall be the property Of the
! [ common wealth, and shall remain In
he keeping or under the control OF
! ecOnd Auditor. Whenever an Obli-
at ion of the State shall be presen ted
| o the Second Auditor to be funded
under this act he shall note the fact
nd date oD the proper register IN
his Office, shall punch hole through
he name OF the Second Auditor.
igned or counteisigned thereto, and
shall issue his warrant upon the
Treasurer for the new obligations re
quired. There shall he endorsed upon
the said warrant description OF the
Id obligations and the calculation OF
rincipal and interest for which the
the new obligations are to be issued.
he said old obligations and warrants
hall be carried by the Second Audi
ror to the Treasurer. who shall note
the fact aud date of funding on the
proper register In his office, and IL he
rhall find the warrant correctly drawn
sign the proper obligations to be issu-
ed, register the same in his Office, clip
iherefrom the past-due coupons, and
| unch 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 80 deliver
ed to him, register the same in his
rfilce, and deliver to the proper person,
taking his receipt therefor. The
! reasurer shall jacket and file In his
o flee the warrant upon which the
new obligations were issued with the
surrendered obligations attached to
.aid warrant, and shall number and
date the jacket 80 rs to make 1t easy
tor reference. But In cancelling and
registering the bonds as above direct
ed, In every bond aud coupon surren-
dered under this act holes shall be
punched In one or more places, and
in such manner as to render new
funding Of the same impossible, and
every bond and coupon 81 cancelled
shall be filed for reference.
7. Tho owners of all classes Of bonds
mentioned In this act, who shall ex-
change their securities for the bonds
created under this act, who shall hot
yet have received certificates repre-
senting the remaining one-third OF
their principal and interest due and
payable by the State Of West Virgin
ia.shall receive certificates of u like
character to those issued under the
act Of March, 30, 1871, when they
made such exchange, an 4 the State of
virginia will negotiate or aid the cred.
/ ora holding all OF such certificates
issued under this act. or previous acts.
IN negotiating with the'State Of West
Virginia for mn amicable settlement of
the claims Of such creditors against
The State Of West Virginia The NC
.eptapce of the naId certificates for
West Virgihia's third Issued under
this act shalt he taken and held IN n
full and absolute release Of the state
r Virginia from nj, liability On NC.
cunt of the said certificates,
3, The General Assembly viii, by
necessary and appropriate legislation
provide for the prompt payment of
he Interest on the bonds issued un-
der this act.
o. In the year 1885. aud annually
thereafter until nil the bonds issued
under aud by authority OF this act are
Paid, there shall be levied and collect
ri the same as, aud together with.
nther taxes u tax Of two cents on the
100 " the assessed valuation OF all
the property, personal, real, aud mix
ed, In the state, which shall bs paid
Into the treasury Of the State to the
credit OF the sinking Fund
The Treasurer, the Auditor oi
Public Accounts, and Second Audi
tor. are hereby appointed Commits
sloners of the Sinking Fund, aud
shall have 10 majority acting) the
control and management thereof. and
shall annually, or oftener, apply what.
ever sum or sums may be 10 tho cred
II Of the sinking fund to the purchase
aud redemption Of bonds issued under
this aot.
All the certificates Of debt which
shall be funded, redeemed. or pur-
chased under this act shall be cano' H.
cd by the second Auditor, aud deliv-
cred by him TO the Treasurer OF the
Common wealth At the time OF pay
ment therefor, who shall carefully
preserve the same Ia bic office All
certificates Of debt acquired under the
operation Of the sinking fluid created
by the act Of Murch 80, 1871, shall also
bo cancelled and delivered.
10. Executors. administration, and