An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1874/1875 |
---|---|
Law Number | 331 |
Subjects |
Law Body
Chap. 331.—An ACT to Consolidate, Re-establish, and Regulate th-
Sinking Fund of the State of Virginia.
e
Approved March 31, 1875.
1. Be it enacted by the gencral assembly, That the bonds
of the state of Virginia, heretofore purchased by the com-
missioners of the sinking fund, which was established under
the act of assembly passed March thirtieth, eighteen hun-
dred and seventy-one, known as the funding act, all bonds
which have been received by the state on account of debts
due to her, or on account of the disposition of her interest
in any of -the railroad or other internal improvement compa-
nies, since the thirtieth day of March, cightecn bundred and
seventy-one, the bonds reccived from the following sources
being included: From the Richmond and Danville railroad
company, cight hungred and twelve thousand four hundred
and seventeen dollars and forty-four cents; from the Rich-
mond and Petersburg railroad company, five hundred,ar!
thirty-one thousand two. hundred and fifty-seven dollars acd
seventy cents; from the Orange and Alexandria railroas
company, cight-hundred and seventy-four thousand six hun.
dred and fifty-seven dollars and thirty-one cents; from the
Norfolk and Petersburg railroad company, one hundred and
forty-four thousand twenty-four dollars and forty-nine cents:
from the sale of the Desert tract of land, sixteen thousand
dollars; from the Dismal Swamp canal company, twenty-four
thousand eight hundred and thirty-nine dollars and ninety-
eight cents; from the Richmond and Danville railroad com-
pany, on account of interest, sixty-four thousand two hut-
dred and twelve dollars and ninety-eight cents; from the
board of public works, on account of claims against Selden.
Withers and Company, the Chesapeake.and Ohio canal com-
pany, one hundred and forty thousand cight hundred and
fifty-threo dollars. Also the bonds of the state now in the
hands of the auditor of public accounts, which were received
by him in settlement of claims due to ‘the state, amounting
to forty-six thousand four hundred and thirteen dollars and
five cents; and the principal and accumulated interest of the
bonds held by the commissioners of the sinking fund, which
was established by the act of assembly passed March twenty-
six, eighteen hundred and fifty-three, shall constitute the
sinking fund of the state of Virginia, and the interest upon
the bonds thereof shall] be applied, from time to time, as the
same shall accrue, to the purchase of other bonds of the
state; which shall, when so purchased, continue to bear in-
terest and constitute a part of the sinking fund.
2. Whatever sums may be realized from the claims of the
state against Selden, Withers and Company ; the Chesapeake
and Ohio canal company; from the interest on the debt due
to the state by the Richmond and Danville railroad company;
and from the principal of the said debt when paid; from divi-
dends and interest paid by any and all railroad or other in-
ternal improvement companies; upon stocks or bonds owned
by the state or debts due to the state; from the sale or dis-
position of such stocks, bonds, or debts; and all sums which
may be realized from the claims of the state against the
United States, and from the sales or rents or profits of any
real estate now belonging to the commoawealth, and from
damages which may be recovered by the state against de-
faulting revenue officers, shall be paid into the treasury of
the state to the credit of the sinking fund, hereby autho-
rized and established.
3. The commissioners of the sinking fund are directed to
calculate the interest. on the bonds of the old sinking fund,
established by the act of March twenty-six, eighteen’ hun-
dred and fifty-three, up to the first day of January, eighteen
hundred and seventy-five: and to fund tho- principal and in-
terest thereof in registered bonds, in their name; and all
bonds now belonging to the said fund, or assiened thereto
by this act, and all bonds hereafter purchased with the funds
thereof shall be so converted. or transferred.
4, The commissioners of the sinking fund sball keep a
regular and sufficient set of books, wherein shall be recorded
all of their proceedings, showing their receipts and disburse-
ments, and shall report the condition of the fund, and their
proceedings with reference thereto, at each recular session
of the general assembly. The books and papers of the com-
missioners shall be kept in-the office of the second auditor;
the bonds. shall be kept in the office of the treasurer.
0. Before the payment of interest on any other portion of
the public debt the auditor of public accounts shall pay into
the treasury, to the credit of the sinking fund, the sum of
one hundred and fifty-four thousand three hundred and
twenty-four dollars, for arreages of interest at four per centum
peor annum, due to that fund, as established by the act of
arch thirtieth, eighteen. hundred and seventy-one. And
upon the sinking fund, as established by this act, he shall
pay into the treasury, on the first day of July, eighteen bun-
dred and seventy-five, and the first day of January. cighteen
hundred and seventy-six, and on the first day of July, and
the first day of January, every year thereafter, a sum equal
to two per centum upon the whole amount of bonds held by
the said fund, and the residue of state revenue in excess of
the amount appropriated for the payment of interest on the
public debt and the necessary expenses of government, which
sums, when authorized by the commissioners of the sinking
fund, shall be drawn from the treasury, on the warrant ot
the second auditor, from time to time, as may be ordered by
the said commissioners, and shall be by them invested in the
purchase of bonds of the state of Virginia; which shall.
when so purchased by them and resistered in their names.
become a part of sinking fund, and continue to bear interest
in like manner with the other bonds of the said fand. In
making their purchases under this act, the said commissioners
shall be guided by the state of the market, giving the pre-
ference to that class of bonds which can be bought at the
lowest rates.
6. In all eases in which bonds shall be funded under thie
act, West Virginia certificates shall be issued for one-third
of the amount, in the name of the said commissioners, and
shall be held by them as an offset against any claim which
the state of West Virginia may hereafter set up against this
state upon final settlement of the respective liabilities of the
two states. for the public debt.
7. This act shall be in force from its passage.