Chap. 20.—An ACT to appropriate, out of the special highway fund, in addition to
- the amount appropriated in the general Appropriation Act for the biennium,
July 1, 1942 to June 30, 1944, the sum of $150,000 to the “Highway Sinking
‘Fund” provided for by this act, so as to provide sufficient funds to liquidate,
discharge, and pay off, principal and interest, all of the highway certificates of
indebtedness outstanding; to provide for the payment of these obligations by
the ‘Commissioners of the Sinking Fund”, and for investment and manage-
ment by them of all moneys in the “Highway Sinking Fund”, and of the securi-
ties therein, and to provide for the revision of all existing highw ay sinking funds.
"and their merger into one “Highway Sinking Fund", and further to define the
authority and duties of the “Commissioners of the Sinking Fund” ; and to declare
..the existence of an emergency. | [S B 10]

Approved October 5, 1942

1. Be it enacted by the General Assembly of Virginia, as follows:
Section 1, There is hereby appropriated to the “Highway Sinking
Fund”, from the special highway fund, in addition to the amount appro-
priated i in the general Appropriation Act for the biennium, July one, nine-
teen hundred and forty-two to June thirty, nineteen hundred and forty-
four, the sum of one hundred and fifty thousand dollars ($150,000), or so
much thereof as, in the opinion of the ‘Commissioners of the Sinking
Fund”, is necessary to carry out the purposes of this act. The State Comp-
troller and State Treasurer shall take such action as is appropriate or nec-
essary to transfer the sum from the special highway fund in the State
Treasury to the “Highway Sinking Fund” immediately upon the taking
effect of this act, and to make same available for use and investment by the
“Commissioners of the Sinking Fund”, as hereinafter provided.

Section 2. All existing highway sinking funds heretofore created
or established, for the security, protection, or retirement of certificates
of indebtedness issued by the Commonwealth on account of highway
construction and maintenance, known as “Highway Certificates of In-
debtedness”, under chapter thirty-three of the Acts of Assembly of nine-
teen hundred and thirty-four, and chapters sixty-five and four hundred
and eighteen of the Acts of Assembly of nineteen hundred and thirty-six,
as amended, are hereby merged into one “Highway Sinking Fund”, to
which shall be transferred all moneys, securities, or other assets in the
several highway sinking funds.

Section 3. The moneys belonging to the “Highway Sinking Fund”
shall be invested by the “Commissioners of the Sinking Fund” in obliga-
tions of the United States Government or obligations fully guaranteed by
the United States Government, and all interest received on such invest-
ments shall become a part of the “Highway Sinking Fund”. The principal
of, and interest on, all of the “Highway Certificates of Indebtedness”
shall be paid by the “Commissioners of the Sinking Fund” out of the
“Highway Sinking Fund” provided for that purpose, and there is hereby
appropriated out of the “Highway Sinking Fund” a sum sufficient for
that purpose; provided that all interest payments which become due on
or before January first, nineteen hundred and forty-three, shall be paid
out of the moneys appropriated for that, purpose by the general Appro-
priation Act of nineteen hundred and forty- -two.

Section 4. All expenses incurred in carrying into effect the pro-
visions of this act shall be paid out of the “Highway Sinking Fund”, for
which purpose there is appropriated out of that fund a sum sufficient.

Section 5. Notwithstanding the provisions of section three of this
act, with respect to the investment of the “Highway Sinking Fund”
moneys in obligations of the United States Government or obligations
fully guaranteed by the United States Government the ‘Commissioners
of the Sinking Fund” shall nevertheless have authority to invest same
in bonds or obligations of the State, or any political subdivisions thereof,
or of any State institution, whenever, in their judgment, the best interests
of the State will be promoted by so doing.

2. An emergency exists and this act is in force from its passage.