Chap. 461.—An ACT to amend and re-enact section 8 of chapter 93 of the
acts of assembly of 1927, providing for the retirement of certain registered
certificates of the State, issued to schools, colleges, and other organizations
by issuing certain bonds of the Commonwealth. [IS B 294]

Approved March 27, 1930

1. Be it enacted by the general assembly of Virginia, That sec-
tion eight of chapter ninety-three of the acts of assembly of nineteen
hundred and twenty-seven, be amended and re-enacted so as to read
as follows:

Section 8. The full faith and credit and taxing power of the
Commonwealth of Virginia are hereby pledged to secure the payment
of the principal and interest of the bonds issued under the provisions
of this act. In order to insure the prompt payment of the interest
on such bonds as it matures, there shall be annually set aside begin-
ning January first, nineteen hundred and twenty-eight, out of any
moneys in the general fund of the State treasury, a sum sufficient for
such purpose, and in order to create a sinking fund for the payment
of the principal of such bonds at maturity, there shall be annually
set aside, beginning January first, nineteen hundred and twenty-eight,
out of any moneys in the general fund of the State treasury such an
amount, as if repeated annually and if laid out at interest, would be
sufficient for the payment of such principal when due. The moneys
belonging to such sinking fund shall be invested by the commissioners
of the sinking fund in safe securities at the highest rate of interest
obtainable, and the said commissioners of the sinking fund are further
authorized to invest the money belonging to such sinking fund in
certificates of indebtedness of State institutions of higher education,
and all interest received on such investments shall become a part of
the sinking fund. When such bonds mature, they shall be paid by the
commissioners of the sinking fund out of the sinking fund provided
for that purpose. All moneys disbursed by the commissioners of the
sinking fund under this act shall be paid out by the State treasurer
on warrants of the comptroller.