Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1879-04-04

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ter the same in his Office, clip therefrOm
the past due coupons and punch tie same,
and deliver the said obligations to the sec
ond auditor. taxing his receipt therefor
upon his warrant The secand auditor
shall countersipn the obligations so deliv-
cred to him. register the same in his Office,
and deliver the same to the proper person,
taking his receipt therefor, The treasurer
shall Jacket and file in bis Office the war
rant upon which the new obligations were
issued win the surrendered obligations
attached to said warrant, and shall num-
Der and date the Jacket so as to make 1t
easy for reference. But in caucelling and
registering the bonds as above directed,
in every bond and coupon surrendered un-
der this act, holes shall be punched in one
or more places and in such manner as to
render new funding of the same impos-
sible. and every bond and coupon so caE-
celled shall be filed for reference.
Z. The owners of all classes of bonds
mentioned in this act, who shall exchange
their securities for the bonds created I'M
der this act, and vino shall nrt have yet re-
celyed certificates representing the ramain-
ing one-third of their principal and inter-
est due and payable by the state of West
Virginia, shall receive certificates of a
like character to those issued under the
act of March thirtieth, eighteen hundred
aud seventy-ope, when they make such ex-
change. and the state of Virginia Will ne
potiste 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 certificates for West
Virginia's one-third issued under this act
shall be taken and held as a full and abso-
lutte release of the state Of Virginia from
all liability on account of the said certif
Gates.
3, 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.
q Tn the year eighteen hundred and
eighty-iye. and annually thereafter until
ali the bonds issued under and bv autbori
ty of this act are paid. there shall be levied
and collected the same az, and together
with other taxes, tax of two cents on the
one hundred dollars Of the assessed valua
ton 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 sec nd au-
ditor are hereby appointed commissioners
of the sinking fund, and shall have Ia ma
jority acting) the control and manag ement
thereof. and shall annually, or oftener, ap-
ply whatever sum or sums may be to the
credit of the sinking fund to the purchase
and redemption of bonds issued under this
act.
All the certificates of debt which shall
be funded, redeemed or purchased under
this act shall be cancelled by the second
auditor. and delivered by him to the treas
urer of the common wealth, at the time of
payment therefor, who shall carefully pre-
serve the same in his office. All certif-
Gates of debt acquired under the opera, ION
of the sinking fund, created by the act of
March thirty. eighteen hundred and sew
enty-one. shall also be cancelled and de-
livered.
10. Executors, administrators and 9th
ers acting as fidnciaries may invest In the
bonds issued under this act, and the same
shall be considered lawful investment
| II. The treasurer shall, upon the first
| DAYS of july. eighteen hundred and seven
| ty-nine, and ia uary, eighteen hundred
and eighty, and upen the same days in
| each wear paw or cause to be paid to the
holders thereof the half yearly interest
then due upon each of the bonds of the
commonwealth issued under this act.
| -. Whenever there shall not be suffic-
| lent amount of money in the treasury Of
the state to meet the accruing 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 lie re-
turned out of the accruing revenues OF the
state. sum sufficient to enable him to
meet uromptly the said interest as it &C
crueg. And in case the auditor shall not
| be able to raise a sufficient sum for the
| !.
! lied and directed to issue pon-interest-
| bearing certificates of indebtedness of this
state; to be signed by himself and coun-
| tersigned by the treasurer, and properly
registered in the offices of the auditor and
| treasurer. for the sum of one dollar and
multiples thereof, the same to be printed
from plates which shall be the property OF
| the state, and to sell the same at not less
than minimum price to be fixed by the
| commissioners of the sinking fund. which
Shall not be less than seventy:ive cents
upon the dollar. The said certificates shall
be receivable for all taxes, debts, dues aud
demands due the state, and this shall be
expressed on their face. The amount Of
such certificates which may be issued at
any one time shall be fixed by the commits
sioners of the sinking fund, and the pro
ceeds of the sale thereof shall be devoted
| exclusively to the payment of interest as
| aforesaid. The auditor shall report regu-
larry to the general assembly the amount
and character OF certlncates issued nnoer
row the sums needed as aforesaid, without
security, ne snall De ana IS nereDy auenor-
sa i c w az nav he fiWed on Nv the
commissioners of the sinking fund. at a
value to be fixed as aforesaid, but in no
case TO De at less vaiue !nan seventy-nV e
So1e.s 81 1 nopt hethar . tbov
hano " ho a" co o hunothec,ted or nnt thay
shall no offered S - for sale IN suitahIe and