Chap. 210.—An ACT to create a board of sinking fund commissioners for the
town of Gladeville, in Wise county.

Approved May 9, 1903.

1. Be it enacted by the general assembly of Virginia, That there shall
be a Loard of sinking fund commissioners for the “town of Gladeville, in
Wize county, to be composed of three competent and suitable citizens of
said town, who shall be appointed by the council for the said town. The
said commissioners shall hold office for the term of two years, and shall
ex.cute bond in such penalty as may be fixed by the council of said town,
conditioned for the faithful performance of their duties, and shall, within
thirty days after their appointment, qualify by taking the oath required
of other municipal officers. Vacancies in the said board may be filled by
the council of said town, and the said commissioners may be removed for
the same cause and in the same manner that other muncipal officers are
Temoved.,

2. The said board shall elect one of their number president and another
secretary, and shall elect or appoint a treasurer, but one member may act
é> secretary and treasurer at the same time; said hoard shall require the
trasurer to execute bond in a sufficient penalty to cover all moneys and
securities which shall go into his hands. ‘The three commissioners ap-
pointed under this act shall be a corporation under the name of the board
of sinking fund commissioners of Gladeville, and by that name shall sue
and te sued, and exercise all the powers necessary to fully carry out the
provisions of this act.

3. Whenever the said board of sinking fund commissioners shall have

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organized and appointed a treasurer and said treasurer shall have exe
cuted a bond, it shall be the duty of the sergeant or treasurer of said
town to turn over to said treasurer of said sinking fund commissioners
all moneys in his hands which have been levied and collected for the pur-
pose of paying the interest and principal of the bonds of said town, and
ehall thereafter pay to the treasurer of the board of sinking fund commis-
sioners all money which shall be from time to time levied and collected
for the payment of interest or principal upon the bonded debt of said
town. The receipts of the treasurer of the board of sinking fund com-
missioners shall be credited to the treasurer of said town in his settle
ments with the council of said town. The council of said town shall de-
liver to the board of sinking fund commissioners all evidences of debt and
securities in which any money of the said town herctofore levied as a sink-
ing fund has been invested, and the board of sinking fund commissioners
shall thereafter have full custody and control thereof, with the power to
sell, assign, transfer and collect all sums of money due or to become due
upon any investments of said sinking fund heretofé6re or hereafter made.

4. Out of the funds so paid over to it by the treasurer of said town, the
board of sinking fund commissioners shall pay the interest accruing upon
the bonds of the said town, and the balance of the money in their hands
shall be invested in mortgages or other interest bearing or dividend pay-
ing securities, which, in their judgment, are safe and not liable to fluctua-
tion. The said board shall have the power to collect or sell any securities
and reinvest the proceeds in other securities, collect and reinvest the
interest, control, manage, and dispose of the money and sccuritics held
by it, as it may determine to be for the best interest of the said town.

5. The board of sinking fund commissioners shall keep a journal, upon
which shall be entered all its proceedings. Two members of the said
board shall constitute a quorum for the transaction of business, but no
action shall be valid unless the same is concurred in by at least two mem-
bers of the board. Should the amount levied for the payment of interest
upon the bonded debt of said town not be available at the time such in-
terest is due the board of sinking fund commissioners shall have the
power to borrow temporarily upon the credit of said town a sufficient
amount to pay such interest promptly.

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