The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-02-27

,,xossad IN the face Oh tue 49," -, shoii 10 =,
an nonds issued under ms nv s ,n ~
you denominations OF 500, a" s.o ene @, aao
,nrod bonds may be OF sivv, Sv oJi, or,'vo'
and 4, ogo. at the option Of Tue v,i's ,io;r
ncc,,yely. and the bonds, Us WI. 90 ,"r nd
opvnons. shall be payable AZ nem"i ~ adn
New York, or, " desired, may ,ho G GvoS
navable ia sterling In Lonoon, , ~ e. Tna
rate Of exchange OF 81 sie," nj, ,s issued
bonds hereby authorizeo ,'s,arG;nr Ieh,
only in exchange for tbe ou uroyIded WV
. For purposes OF Designation. , Tue o1 u,
s,and;no Indebtedness OF the state u ui'
s';ded into three classes, as ioilo"s-,o WI
Ciass 7. which shall be taken 10 locluue az,
,ay-receiyable coupon bonus auu .es; ,s, .a
bonds. and fractional certincatcs w.i st aas
convertible under the act aPp..v,,.u o,n,o
40. 1s7f, into such tax-receNao'0 'o'p'"
bonds. IN 10 ,,ken 70 include
ali bonds funded under tne ac. appiV' GU
March 30, 1871, as nmendeo Wy ,uu W. I'LL aP
proved March 7, 1872; ana sisJ wv ,h tn'r -
- the faca-ya.ue. with two thlrds ol me un-
Vi 'pe or,,od interest I'D TO the 1st OF July,
81 ON all unfunded bonds, including
sterling bonds, ,o,,or IN incIude
L. a
oil honds funded under the act approved
March %. 1879. and fractional cefiincates'
lIvhich NAV be convertible into sucn oohds'
. Tho outstanding indebtedness OF the
State shall be funded in the new po""'' "
he issued under this act as follows
Ponds shall be presented for exchange
with ALI coupons attached maturing ai,er
the date Of presentation, and shall De eX'
changed at the face-Yaue OF sara Donds,
dollar for dollar, for the new bonus WIN
all coupons attached maturing aIter tue
date OF such presentation provided tuat
the proportion OF Glass III. refunded shali
never exceed in amount one-thlrd OF 'ne
total amount OF Class !. refunded untli
sl2,O00,O00 OF Glass /. have been retlred'
but Glass III. shall be funded on presenta-
ton.
The new bonds to be issued may be
coupon or registered, at the option OF Tue
holders. and at the like option coupon bonds
may at any time be converted into regis
tered bonds.
4. All due and unpaid interest NAV be
funded under the provisions OF this act al
the rate OF fifty cents on the dollar, and shall
be funded at that rate under the third Sec
ton OF this act, and taken under the pro-
visions Of said section in lieu Of bonds OF
Glass H., except that due and unpaid inter-
est Ilpon bonds of Glass iii. shall be PAID
IN cash when the bonds are presented for
conversion: provided that such presenta-
ton is made on or before the lst day OF
January, 1885.
3. II on or before the 1St day OF June,
1880, the Council Of Foreign BondholderS
and the Funding Association OF the uhlted
States OF America aforesaid shall, together
or separately, file with the Governor tDelr
assent TO an acceptance OF the terms of this
act, the same shall be taken 10 be a
contract between the State and the
said corporation or corporations, ana
the Governor shall forthwith provide
| for the preparation Of the bonds provided
! for BIZ this ac' and all necessary expenses
incurred IN the execution OF this act snail
he paid out OF whatever money may be at
! the time in the Treasury not otherwise APP
propriated, on the certificate Of the correct
ness Of the same signed by the Treasurer
and Second Auditor and approved By the
Governor.
The said corporations may present for
funding. and IN the proportions hercin3e-
fore provided, at least IS. 900. 900 OF the Ou,-
standing obligations Of the state prior to the
Is! day Of January. 1891. And during each
period OF six months from and after The 3lst
Of December, 1880, they may present an adj
ditional amount Of at least $4,000, 600 until
he whole deb is funded; hut any excess
over sid amounts which may be presented
dun ing any Of said periods may DC estimated
H. the requirement for the succeeding six
months. provided that at least tW0-ihIrd,
OF all bonds funded shall consist OF ClaSse,
I. and IL.
And 80 long as the said corporation or
corporations shall present for funding the
obligations aforesaid. In the amounts and in
the periods af1rt >ad, they shall Lave tie
exclusive privilege Of funding TIE out
Standing debt under the provisions Of this
act provided that the said corporations
shall arranoe to receive the outstanding
bonds at the city Of Richmond when the
holder thereof >hall so desire, provided that
no charge shall he made for the cOyers0n OF
bonds Of Class III. under this act beyond
the actual cost Of transmission ana ham
ding.
But il the said corporation or corpora
lions shall fail to file with the Governor
their assent and agreement as aforesaid by
the 1t day q June, 1880, or shall fail TO
present for funding the outstanding bonds
in the proportions and amounts and during
the periods herenbeiore specified, then the
Governor may, in his discretion, make
like contract with responsible parties for
the funding OF the debt OF the State under
this act. The Governor NAV terminate
such contract at any time upon sixty days
notice, in his discretion, and contract with
other responsible parties.
6. The rules prescribed under the act ap-
proved March 80, 1871, in respecI to prepar-
ing, signing. ana issuing the new bonds and
commons regulating the same and i'm t1kinU
in, canceIlin@. and registering he old bonds,
shall be observed by the officers OF the
Treasury in the execution Of this act, eX-
cept so far as the same be modified by
the provisions Of this act: provided that all
bonds and certificates which may he neces-
sary TO be printed shall be printed from
plate, which shall be the property Of the
Commonwealth, and shall remain in the
keeping or under the control Of the Second
Auditor. Whenever an obligation OF the
State shall be presented TO the Second Au-
dtor to be funded under this act he shall note
the fact and date on The proper register in
bis Office, shall punch a hole through the
name OF the Second Auditor, signed or
countersigned thereto, and shall issue his
warrant upon the Treasury for the new OBJ
legations required. There shall be end br>ed
upon the SAID warrant a description OF the
old obligations and the calcuation OF prin-
cipll and interest for which the new obi. |
cations are TO be issued. TIE said old obi |
cations and warrants shall be carried by the
Second Auditor 10 the Treasurer. who shall
note the fact and date OF funding on the
proper register in bis Office, and if he shall |
find the warrant correctly drawn, shall sign !
the proper obligations to be issued, regis |
for fine same in his office. plin tbprpfron,