Chap. 167.—An ACT authorizing the Board of Public Works to Release the
Mortgage or Pledge, executed by the Town of Petersburg, on 'Thirty-
five Hundred Shares of the Capital Stock of the Petersburg Railroad
Company, under an Act of the General Assembly of Virginia, entitled
an Act authorizing the State’s Guarantee to certain Bonds of the Town
of Petersburg, passed 26th January, 1850.

Approved March 12, 1872.

1. Be it enacted by the general assembly, That the board of
public works be, and they are hereby, authorized to release the
mortgage or pledge executed by the town of Petersburg, the
twenty-seventh day of May, eighteen hundred and fifty, on
thirty-five hundred shares of the capital stock of the Peters-
burg Railroad Company, to the board of public works, to in-
demnify the state against any loss which might result to the
state in consequence of its guaranty on the bonds of said town
for three hundred and twenty-three thousand tive hundred dol-
lars, and deliver the scrip therefor to the mayor of the city of
Petersburg: provided, that said release shall not be executed
until the city of Petersburg shall, in binding form, to be pre-
scribed by the board of public works, mortgage or pledge such
other property, belonging to it, as the board of public works
shall consider a sufficient indemnity against any loss which
may result to the state in consequence of such guaranty on the
bonds that remain unpaid ; and provided, further, that the pro-
perty substituted under the provisions of this act, in place of
the aforesaid thirty-five hundred shares of stock, shall be mort-
gaged or pledged for the purposes aforesaid, subject to the
same terms, stipulations and agreements contained in the said
mortgage or pledge, executed by the town of Petersburg, on
the twenty-seventh day of May, eighteen hundred and fifty,
so far as the same are applicable or necessary to provide and
secure to the state of Virginia a remedy, in all respects as full,
ample and complete as in said mortgage or pledge, hereinbe-
fore referred to, is had and contained.

2. And be it further enacted, That the said city of Peters-
burg shall have full power and authority to execute such mort-
gage or pledge as the said board of public works shall require,
upon such real estate, or other property, owned by the said
city, as may be accepted by the said board of public works, for
the purpose of carrying out the provisions of this act.

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