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

interest at the rate OF 3 per centum per
annum for ten years, and at the rate of
per eentum per annum for twenty
years, and at the rate Of per centum
per annum for ten years, payable in the
cities of Richmond, New York, or Lon
don, as herein after provided, on the
first days Of July and January of
each year, until the principal is redeem
Ell. The State shall have the option Of
@ lcenling any or all Of said bonds by
Repayment of principal and accrued
interest at any time after the expiration
# ten years from the first day of Janu-
aiy, 1879, on public notice TO the holders
If its purpose to make such redemption.
The coupons on said bonds shall be re-
eivable at and after maturity for all
iaxes, debts, dues and demands due the
State, and this shall be expressed on
their face. The holder of any register
ed bond shall be entitled to receive from
the Treasurer of the State "A certificate
for any interest thereon due and unpaid,
and such certificate shall be receivable
for all taxes, debts, dues, and demands
due the State, and this shall be express
e d on the face of the registered bonds
and on the face of such certificate. All
obligations created under this act shall
be forever exempt from all taxation, di-
rect or Indirect, by the State, or by any
county or corporation therein, and this
shall be expressed on the face of the
bonds. The said bonds shall be of the
denominations of 800, $500, and 81 900,
at the option Of the creditors respective
ly, and the bonds, as well as their cou-
pons, shall be payable at Richmond and
New York, or, if desired, may be made
payable in sterling at London at the
fixed rate of exchange of one pound
sterling for five dollars. The bonds
hereby authorized shall be issued only
in exchange for the outstanding debt Of
the State. as herein after provided,
.. For purposes of designation the
outstanding Indebtedness of the State is
divided into two classes, as follows--to-
witt
Glass l., which shall be taken to in
clude al tax-receivable coupon bonds
and all registered bonds and fractional
certificates which are convertible under
the act approved March 30, 1871, into
such tax-receivablc coupon bonds.
Class H., which shall be taken to in
cudc all bonds funded under the act ap-
proved March 30, 1871, as amended by
the net approved March Z, 1922 and al
so two-thirds of the face value, with two
thirds of the unpaid accrued interest up
to the lst of July, 1871, on all unfundcd
bonds, including sterling bonds.
8. The outstanding Indebtedness of
the State shall be funded In the new
bonds to be Issued under this act, as
| follows;
Bonds shall be presented for exchange
with all coupons attached maturing af-
ter the date of presentation, and shall
be exchanged ut the face value of said
bonds dollar for dollar, for the new
bonds, with all coupons attached matur-
ing after the date Of such presentation ;
I provided that the proportion of Glass H..
refunded shall never exceed In amount
one-third Of the total amount refunded
until eighteen million dollars Of Class |.
have been retired.
The new bonds TO be Issued may be
coupon or registered, at the option OF
lhc holders, aud at the like option cou-
pom bonds may NJ any lime he converted
into registered bonds.
1. An due and unpaid interest may bc
funded under the provisions of this net
! at the rate Of my cents on the dollar,
aud shall be fllndnblc ut the rate under
the third section of this act, aud taken
under the provisions of said section IN
lieu Of bonds of Glass III.
3. IL 6n or before the lst day Of May
1870, the Council Of Foreign Bondhold'
crs and the Funding Association of the
United States of America aforesaid shall
file with the Governor their assent TO
and acceptance Of the terms Of this act,
the same shall he taken 10 be o contract
between The State and the salt corpora
tlons, and the Governor shall forthwith
provide for the preparation Of the bonds
provided for by this act.
The pnid corporations may present
for funding. aud In the proportions
heforp provided, ut least 5000 900 n
the outstanding obligations Of the
Iiaie prior to the frat day Of ia uary,
1880 And during zach period of ak
months FROM and after the 3lst II De
cpmb-r, 1870. they may present an
additional amount ~ NJ least S. 900,
900 until the whole debt IN funded
hut any eccess over said amounts
which may hs presented during any
OF said periods may he estimated In ~.
oniiomeut for the succeeding Hs
months,
so long ~ the said corporations
shall present for funding the oblign'
tions aforesaid, IN the amounts aud In
tho periods aforesaid. they shall have
the exclusive privilege Of funding the
outstanding debt, undor the provisions
, OF this act propided, that the said
corporations shall arrange TO receive
the outstanding bonds at the city OF
Richmond when the holders thereof
shall 80 desire.