Chap. 7.—An ACT to amend and re-enact sections 419, 420, and 421 of an
act to amend and reenact title 12 of the Code of Virginia, in relation
to the public debt, approved December 17, 1903, and sections 420 and
421, as amended by an act approved March 8, 1904.

Approved February 7, 1906.

1. Be it enacted by the general assembly of Virginia, That sections
four hundred and nineteen, four hundred and twenty, and four hundred
and twenty-one of the Code of Virginia, as amended and re-enacted by an
act approved December twelve, nineteen hundred and three, entitled an
act to amend and re-enact title twelve of the Code of Virginia, in rela-
tion to the public debt, and sections four hundred and twenty and four
hundred and twenty-one, as amended and re-enacted by an act approved
March eighth, nineteen hundred and four, be amended and re-enacted
§0 as to read as follows:

8419. Sinking fund, of what constituted.—All damages which may
hereafter be recovered by the State against defaulting revenue collec-
tors; the stock owned by the State in and its entire claim against the
Richmond, Fredericksburg and Potomac railroad company, including
obligations or dues on account of unpaid dividends, together with all
dividends, dues, or assessments hereafter made or to be made upon
said railroad company and paid into the treasury of the State, and
money which may be derived from the sale of any stocks and securities
now held in the treasury of Virginia belonging to the sinking fund, also
current interest upon all bonds hereafter purchased for the sinking fund,
and such sums as may be appropriated from time to time by the general
assembly to the said fund, shall constitute the sinking fund of the State.

§420. To be used in buying bonds for sinking fund.—All money in
the treasury to the credit of the sinking fund shall, as soon as practicable
after the same has been paid into the treasury to the credit of said fund,
be applied by the commissioners to the purchase at market rates (not,
however, exceeding the par value and accrued interest) of bonds issued
under the act of February fourteen, eighteen hundred and cighty-two,
or under the act of February twenty, eighteen hundred and ninety-two.

$421. Meetings of the commissioners of the sinking fund; bonds to be
bought by sealed bids, and bonds to be retired —The commissioners of
the sinking fund shall, on the first day of July of each year, and at such
other times as they may deem necessary, advertise in at least one daily
newspaper published in the city of Richmond, New York, and Baltimore,
that they will receive offers for the sale of such amount of the bonds issued
under the act of February fourteenth, eighteen hundred and eighty-two.
or February twentieth, eighteen hundred and ninety-two, as, in their
judgment, the sum placed to their credit will enable them to purchase.
and that such offers may be made up to and including a day named.
All such offers shall be made in writing, shall be sealed, and shall be
opened by said commissioners, or a majority of them, at a meeting pre-
viously agreed upon at noon, in the presence of the governor of the Com-
monwealth, or in the event of his absence, in the presence of the secretary
of the Commonwealth: provided, that the said commissioners shall have
authority to reject any and all bids made. All bonds purchased under
this and the preceding section shall be listed on the minutes of the board,
which list shall show the number and denomination of each bond pur-
chased, and such bonds shall be immediately cancelled by said commis-
sioners, and shall not be used again for any purpose, except that the in-
terest thereon shall be paid regularly to the said sinking fund; and pro-
vided, that no coupon bond shall be purchased unless all unmatured in-
terest coupons shall be attached thereto.