Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1879-04-02


Treasurer, who shall note the fact and
date of funding on the proper register
In his sffice, and II he shall find the war.
rant correctly drawn shall sign the
proper obligations to be issued. register
the same in his office, clip thereiron
the past-date coupons, and punch thC
same, and deliver the said obligations tC
the Second Auditor, taking his receipt
therefor upon his warrant. The Second
Auditor shall corntersign the obliga
tons so delivered to him, register the
same in his office, and deliver the same
to the proper person, taking hls receip
therefor. The Treasurer shall JACKIE
and file in his Office the warrant upor
which the new obligations were ISSUED
with the surrendered obligations attach
ed to said warrant, and shall number
and date the jacket so as TO make It easy
for reference. But in cancelling ant
registering the bonds as above directed
in every bond and coupon surrendered
under this act holes shall be punched II
one or more places, and in such man
ner as to render a new funding OF the
same impossible, and every bond ant
coupon so cancelled shall be filed FOL
reference.
:. The owners Of all classes of bonds
mentioned in this act, who shall ex-
change their securities for the bond:
created under this act, and who shall
not have yet received certificates rep
rescnting the remaining one-third Of
their principal and interest due and
payable by the State of West Virginia,
shall receive certificates of a like char
acter to those issued under the act oil
March 80, 1871, when they made snch
exchange, aud the State of Virginia will
negotiate 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 All ami
cable 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 absolute release OF tie
State of Virginia from all liability on
account of the said certificates.
s. The General Assembly will, by
necessary and appropriate legislation,
provide for the prompt payment OF the
interest on the bonds issued under this
act.
9. In the year 1885. and annually
thereafter until all the bonds issued un.
der and by authority Of this act are paid,
there shall be levied and collected the
same as, and together with. other taxes
a 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.
are hereby app tinted Commissioners of
the Sinking Fund, and shall have "a
ma ority actng) the control and man
agement thereof, and shall annually, or
ottener, apply whatever sum or sums
may be to the credit Of the sinking fund
to the purchase and redemption OF bonds
issued under this act.
A the certificates Of debt which shall
be funded. redeemed, or purchased I'M
der this act shall be cancelled by the
Second Auditor, and delivered by him
10 the Treasurer of the Commonwealth
at the time of payment therefor, who
shall carefully preserve the same 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 delivered.
10. Executors, administrators. and
others acting as fducisfies may invest
IN The hIcHGiids issued under this act, and
he same shall be considered n lawful
Investment.
IL. The Treasurer shall upon the LIST
lays Of July, 1879, and January, 1880, |
aud upon the same days in each year,
pay, or cause to be paid, 10 the holders
hereof the half.yearly interest then due
ipOn each of the bonds ofthe Common
wealth issued under this act.
IL. Whenever there shall not be |
ufhcient amount Of money in the treas
Try Of the State to meet the accruing
interest on the said bonds promptly, the
Auditor 10 hereby authorized and di
ected, by and with the advice of the
Governor Of the State, TO raise by tenn
lorary loan. to be returned out of the
revenues OF the State, q sum
utticient to enable him TO meet prompt
y the said interest as it accrues. And
II case the Auditor shall not be able to
ase sufficient sum for the said pur-
pose BY loan, he is hereby authorized
md directed to issue non-interest- bear
~ certificates of indebtedness of this
State, to be signed by himself and
:ountersigned by the Treasurer, aud
registered in the Offices OF the
Auditor and Treasurer, for the sum OF
,ne dollar and multiples thereof, the
anne to be printed from plates. which
hall be the property OF the State, and |
o sell the same at not less than a
minimum price to be fixed by the Com
nissioners of the Sinking Fund, which
mall not be less than seventy five cents
lpon the dollar. The said certificates
hall be receivable for all taxes, debts,
lues, and demands due the State, and
his shall be expressed on their face.
Inc amount OF such certificates which
nay be issued at any one time shall be
ixeu by the Commissioners of the Sink
~ Fund, aud the proceeds of the sale
hereof shall be devoted exclusively TO
lie payment of interest as aforesaid. -
rne Auditor snail report regularly to
he General Assembly the amount and
OF certificates issued under
lis act, and the net proceeds thereof.
n case the Auditor shall not be able 10
borrow the sums needed as aforesaid.
Without security, he shall be, aud is
lereby, authorized TO hypothcoale such
mounts Of the said certificates as may
'e fixed ON by the Commissioners ofLhe
sinking Fund, at u value 10 be fixed as
tOresaid, but In no case to be at less
alue than sc,enty-hye cents upon the
ollar. And in case of sale of said
ertItca.es, whether they may have
zen 80 hyDothecated or not, they shall
re offered for sale In suitable and pro-
ortiOnate amounts in the different
ountles, towns and cilies of this State.
0 far as practicable, under regulations
Of be fixed by the ComnIls-
ioners of the Sinking Fund, The SAID