Chap. 92.—An ACT to create a board of sinking fund commissioners for
Wise county.

Approved January 17, 1900.

1. Be it enacted by the general assembly of Virginia, That there shall
be a board of sinking fund commissioners for Wise county, to be com-
posed of three competent and suitable citizens of said county, who shall
be appointed by the circuit court of the county or the judge thereof in
vacation.

The first commissioners appointed hereunder shall hold office for the
term of one, two, and three years, respectively, to be designated in the
order appointing them, and thereafter upon the expiration of the terms
of each commissioner his successor shall be appointed for a full term of
three years.

The said commissioners shall each execute bond in such penalty as
may be fixed by the court or jude in the order making the appointment,
conditioned for the faithful performance of his duties, and shall within
thirty days qualify by taking the oath required of other county officers.

Vacancies in the board may be filled by the said court or the judze
thereof in vacation, and the said commissioners may be removed for
the same causes and in the same manner that other county officers are
removed. |

2. The said board shall elect one of their members president and
another secretary, and shall appoint a treasurer, and require him to
execute bond in a sufficient penalty to cover all moneys and securities
which shall go into his hands.

The three commissioners appointed under this set shall be a cor-
poration under the name of the board of sinking fund commissioners
of Wise county, and by that name shall sue and be sued, and exercise
all the power necessary to fully carry out the provisions of this act.

3. Whenever the board of sinking fund commissioners shall have
organized and appointed a treasurer and said treasurer shall have
executed a bond, it shall be the duty of the treasurer of Wise county
to pay over to him all moneys in his hands which have been levied and
collected for the purpose of paying the interest and principal of the
bonds of the county, and thereafter shall pay to the treasurer of the
board of sinking fund commissioners all money which shall be from
time to time levied and collected for the payment of interest or principal
upon the bonded debt of the county. The receipts of the treasurer of
the board of sinking fund commissioners shall be credited to the county
treasurer in his settlements with the board of supervisors.

The board of supervisors of Wise county shall deliver to the board of
sinking fund commissioners all evidences of debt and securities in which
any money of the county heretofore levied as a sinking fund has been
invested and the board of sinking fund commissioners “shall thereafter
have full custody and control thereof, with the power to scll, assign,
transfer, and collect all sums of monev due or to become due upon any
investments of said sinking fund heretofore made.

. The board of supervisors shall levy each year a sufficient sum of
money to pay the interest accruing upon the bonded debt of the county,
and the proportion of the principal required by the order creating the
debt asa sinking fund. Out of the funds so paid over to it by the county
treasurer, the board of sinking fund commissioners shall pay the interest
accruing upon the bonds of the county, and the balance of the money
in their hands shall be invested in mortgages, or other interest bearing,
or dividend paving securities, which in their judgment are safe and not
liable to fluctuation. The hoard shall have the full power to collect or
sell any securities and reinvest the procecds in other securities, collect
and reinvest the interest; control, manage, and dispose of the money
and securities held by it, as it may determine to be for the best interest
of the county.

The board of sinking fund commissioners shall keep a journal upon
which shall be entered all its proceedings.

Two members of the board shall constitute a quorum for the trans-
action of business, but no action shall be valid unless the same is con-
curred in by at least two members of the board. No loans shall be
made by the board upon real estate which is encumbered with a prior
lien, nor for a greater amount than the value of the property as assessed
for taxation.

Should the amount levied for the payment of interest upon the
honded debt of the county not be available at the time such interest is
due the board of sinking fund commissioners shall have the power to
borrow temporarily upon the credit of the county, a sufficient amount
to pav such interest promptly.

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