Chap. 192.—An ACT for the Renewal of the Guaranty of the State on
Certain Bonds of the Town of Petersburg, issued in aid of the Con-
struction of the Southside Railroad.

Approved July 8, 1870.

Whereas, the general assembly of Virginia, by an act passed
January twenty-sixth, eighteen hundred and fifty, did enact
that the treasurer of the commonwealth should, when there-
unto requested, and upon certain conditions in said act speci-
fied, subscribe or endorse the guaranty of the state on certain
bonds of the town of Petersburg, to an amount not exceeding
three hundred and twenty-three thousand five hundred dol-
lars, to be used in the construction of the Southside railroad ;
and whereas, such guaranty was made in due form on bonds to
the said amount, one-half of which were made payable on the
first day of August, eighteen hundred and seventy, and the
residue on the first day of August, eighteen hundred and
seventy-five; and whereas, the common council of the city of
Petersburg have, for the purpose of renewing said bonds as
they fall due, prayed the general assembly to renew the en-
dorsement of the state on the same:

1. Be it enacted by the general assembly of Virginia, That
the treasurer of the commonwealth is hereby authorized
and required to subscribe or endorse the guaranty of the com-
monwealth in the manner and form prescribed in the aforesaid
act of January twenty-sixth, eighteen hundred and fifty, upon
any bonds executed by the city of Petersburg on renewal and
in lieu of the guaranteed bonds provided by the said act and
hereinbefore described, whenever he shall be thereunto re-
quested by the common council or other proper authority of
the said city of Petersburg: provided, however, that the said
guaranty shall not be subscribed or endorsed on any bond
until the treasurer shall be satisfied that it is in renewal of a
bond or bonds ‘heretofore guaranteed under the said act of
January twenty-sixth, eighteen hundred and fifty, and until he
shall be further satisfied that the bond, in renewal of which,
the bond presented for his endorsement or subscription, as
herein provided is issued, has been or will be cancelled: pro-
vided further, that the new bonds, so guaranteed as herein
provided, shall not be in the aggregate for a larger amount or
higher rate of interest than the aggregate amount or the rate
of interest of the bonds in whose stead they are given: pro-
vided further, that the common council of the city of Peters-
burg may prescribe at what periods the said bonds given in
renewal of the bond heretofore guaranteed shall be made pay-
able: and provided further, that the commonwealth shall re-
tain the benefit of all indemnity or security heretofore given
by the city of Petersburg or town of Petersburg applicable
to the bonds guaranteed under the aforesaid act of January
twenty-sixth, eighteen hundred and fifty, and the said indem-
nity or security shall,in such form as the board of public
works may prescribe, be made applicable to the guaranty herein
provided for.

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