Chap. 540.—An ACT to provide a Sinking Fund for Tax-Reccivable
Coupon Bonds.

Approved March 19, 1884.

Whereas it is the intention of the general assembly, so far
as they have the power, to cause the basis of settlement pro-
vided in the act entitled an act to ascertain and declare Vir-
ginia’s equitable share of the debt created before, and actu-
ally existing at the time of the partition of her territory and
resources, and to provide for the issuance of bonds covering
the same, and the regular and prompt payment of interest
thereon, approved February fourteenth, eighteen hundred and
eighty-two, to apply alike to all the holders of the bonds of
the state; and whereas many of the holders of the bonds have
not accepted the provisions of said act, by reason whereof’ it
has been impossible to prevent coupons being paid into the
treasury for taxes, the holders of the tax-receivable coupon
bonds in that way enforcing the payment of a higher rate of
interest than is provided by the above-recited act: therefore,

1. Be it enacted by the gencral assembly of Virginia, That
the second auditor shall open an account in his office, to be
known as the tax-receivable coupon bond sinking-fund ac-
count, in which he shall be required to enter the number,
amount, and date of each coupon that may be paid into the
treasury for taxes; and he shall ascertain what amount of
each of such coupons that may thus be paid into the treasury,
would have been payable under the act recited in the pream-
ble to this act, if the bond from which the coupon was clipped
had been funded under said act; which amount, so ascer-
tained, he shall deduct from the amount of the coupon, and
the balance remaining shall be charged to the bond from
which the coupon was clipped, as a payment upon the prin-
cipal of such bond, and shall be deducted from the same at
maturity.

2. This act shall be in force from its passage.