Chap. 6.—An ACT to appropriate the sum of seventy-four thousand dollars
annually to the sinking fund, for the purpose of extinguishing the public
debt of Virginia.

Approved February 7, 1906.

Whereas the act to provide for the settlement of the public debt of
Virginia, approved February twentieth, eighteen hundred and ninety-
two, provides that in nineteen hundred and ten, and each year thereafter
until nineteen hundred and thirty, there shall be set apart from the rev-
enue collected from the property of the State an amount equal to one-half
of one per centum upon the outstanding bonds issued under that act and
the act of eighteen hundred and eighty-two, known as the Riddleberger
act, to be applied by the commissioners of the sinking fund to the pur-
chase or redemption of bonds issued under the two acts aforesaid, and
that after nineteen hundred and thirty the amount thus set apart shall
be one per centum upon said outstanding bonds; and

Whereas it is wise to anticipate these provisions and not wait until
nineteen hundred and ten, but to appropriate to said sinking fund now
and each year hereafter the amount thus specified to be used for the ex-
tinguishment of said debt; and

Whereas there has already been appropriated to said sinking fund, as
provided in section four hundred and nineteen of the Code as amended.
certain sums amounting approximately to forty-two thousand dollars
annually ; and

Whereas the amount necessary to increase the said annual sinking
fund to a sum equal to one-half of one per centum of said outstanding
bonds is approximately seventy-four thousand dollars ; and
Whereas it is exceedingly desirable for the State to commence at onee
the retirement of its indebtedness as provided in the act of settlement,
and thus demonstrate to the financial world the absolute stability of the
credit of Virginia: therefore,

1. Be it enacted by the general assembly of Virginia, That the sum of
seventy-four thousand dollars be, and the same is hereby, appropriated
ont of any money in the treasury of Virginia not otherwise appropriated
to the sinking fund provided for in section four hundred and nineteen
of the Code as amended, and the commissioners of the sinking fund are
hereby directed to apply the same, together with other sums constituting
the sinking fund as directed in section four hundred and twenty and
four hundred and twenty-one of the Code as amended.

2. And the further eum of seventy-four thousand dollars is hereby
appropriated, to be applied in like manner by said commissioners of
the sinking fund during the fiscal year ending thirtieth September,
nineteen hundred and eight.

3. The auditor of public accounts is hereby directed to draw his war-
rant in favor of the commissioners of the sinking fund for said respective
amounts hereinabove appropriated.

4. The State of Virginia hereby declares its purpose to make provision
for the annual reduction of its bonded indebtedness, to the end that ite
public debt may be extinguished by the time it matures without oppres-
sive taxation upon its citizens and with due regard to the sacred obliga-
tions to its creditors.