Chap. 83.—An ACT to incorporate the town of Brentsville, in the
county of Prince William.

Approved February 11, 1882.

1. Be it enacted by the general assembly of Virginia, That
he town of Brentaville, in the county of Prince William, be
male a town corporate by the name and style of the town
ot Brentsville; and by that name sue and be sued, and by
that name and style have and exercise the power granted or
‘onferred upon towns by the fifty-fourth chapter of the Code
ot Virginia of eighteen hundred and seventy-three, and also
lave and exercise all powers conferred by laws now in force,
that may hereafter be enacted, for the government of
owns containing less than five thousand inhabitants.

2. The municipal authorities of said town shall consist of
me mayor and four councilmen, who shall be chosen annu-
uly, by ballot, on the first Tuesday in April. Any qualified
roter of the county of Prince William, and residing within
he corporate limits of the town of Brentsville, shall be enti-
led to vote at all elections under this act of incorporation.
The clerk of said council shall hold-said election betweem
the hours of two and six o’clock, post meridian, and shalk
call in two members of said council to aid him in decidin
any contest in reference to the right to vote of any individ-
ual, and to witness the counting of the ballots. In case it is
impossible to decide the persons elected councilmen by reason
of a tie, the clerk shall determine in the presence of two
councilmen of said town, by lot, every case of the kind
arising. A contest between two persons voted for as mayor,
on the ground of cach baving received the same number of
votes, shall likewise be decided by lot by the said clerk in
the presence of two councilmen. The said clerk shall, im-
mediately thereafter, and after each election, make out and
deliver to the mayor, and cach councilman, a certificate of
his election, and shall administer to said mayor and council-
men the oaths of office required by the constitution and laws
of Virginia. The terms of office of said mayor and council-
men shall commence on the first day of May succeeding their
election, and continue for one year, and until their successors
are elected and qualified. On the first Monday in May of
each year, the said councilmen, or a majority of them, shall
elect by ballot, a clerk and sergeant from among the resi-
dents of the said town, which officers shall hold their terms
of office for one year, and until their successcrs have been
elected and qualified. The said clerk and sergeant shall
qualify by taking the oath of office before the clerk of the
county court of Prince William county, or other person
authorized to administer oaths, and may be removed from
office by a unanimous vote of the council. All the officers
of the corporation shall serve without compensation, except
as hereinatter provided. The said council shall appoint its
own time of meeting; a quorum to consist of a majority
of the councilmen qualified; in no case, however, to be less
than two to constitute a quorum. Vacancies in the office of
clerk and sergeant, from any cause, shall be filled by the
council of said town. The mayor shall be the presiding officer
of the council, and shall bave no vote, except in the case of a
tie. He shall be an ex-officio justice of the peace of Prince
William county, and shall be charged specially with the
power and jurisdiction to enforce the ordinances and by-laws
of said town; and shall receive as compensation therefor, the
fees now allowed by law for such service, and no other or
further compensation whatever. He shall call special meet-
ings of the council, by giving notice to each member thereof.
The clerk of said council shall keep a correct record of the
proceedings of the council; shall provide the books and sta-
tionery ordered by the council; make out a list of all pro-
perty, real and personal, within the corporate limits for
assessment, taking us a basis of valuation of the property,
both real and personal, and conforming in every respect
thereto, the assessors’ and commissioners’ books in district
number one, of Prince William county, and shall issue tickets.
for the taxes levied by the council, and shall deliver said

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tickets to the sergeant for collection; shall draw warrants on
the sergeant, ordered by the council; shall have power to
administer any oath required under this act, or under an
ordinance of the council; and be shall be paid annually such
sum as the council may determine and direct, not, however,
to exceed the sum of twenty-five dollars for any one year.
The sergeant shall collect the taxes voted by the council ;
and for collecting and paying out the same, shall be allowed
two and one-half per centum. He shall have the same
power and authority of any constable or collector of Prince
William county, and shall be entitled to the same fees, except
as hercin provided. He shall pay out the money of the cor-
poration in his hands on the warrant of the mayor, and the
clerk certifying that it is drawn by the order of the council.
He shall perform all the duties of overseer of roads or streets
within the corporate limits, in accordance with the laws of
Virginia and the ordinances of the town. Edwin Nelson is
hereby designated to act as clerk, and Joseph B. Reid and
W. W. Kincheloe, as councilmen, in order to hold and declare
the result of the first clection under this act of incorpora-
tion; but their acting as such councilmen and clerk shall not
disqualify them from being voted for as councilmen or mayor
at said election.

3. The corporate limits of said town are hereby declared to
be those established by a plat and survey of said town and
of record in the county court clerk’s office of Prince William
county, and the said corporate limits of said town are hereby
declared and created to be a separate and distinct road dis-
trict of Prince William county, and no road tax shall be
levied on any property within said limits, except by the coun-
cil of Brentsville, to be expended within said limits on
the streets and roads therein by the sergeant of the town,
under the supervision and direction of the council. For his
services as overseer of roads and streets, the sergeant shall
be entitled to the same compensation allowed by law to over-
seers of roads under the general road law of Virginia. The
council sball bave control of all streets and roads within the
corporate limits of said town.

4. The town sergeant shall, before entering upon the dis-
share of the duties of his office, execute a bond in the pen-
alty of one thousand dollars, conditioned for the faithful per-
formance of all his duties. The sureties of said sergeant shall
ustify, as to’ their sufficiency, before the mayor, and said
yond shall receive the written approval of the mayor, certi-
ying as to its validity and sufficiency, and then be filed with
‘he corporation clerk.

5. The council shall have the power to regulate and probibit
be running at large of animals. To prohibit the obstruction
f streets and sidewalks, to provide for order and quiet and
he observance of the Sabbath within the corporation, to
eygulate the sale of intoxicating liquors, to pass ordinances
arryiong into effect the objects ot incorporation, the said
rdinmances not to be in contravention of any laws of the
state, and to punish the violation of said ordinances by fine
and imprisonment: provided that any fine imposed upon a
minor shall be paid by his parent or guardian. The said
town of Brentsville is hereby authorized to use the county
jail of Prince William county as a place of confinement or
imprisonment for all persons ordered to be confined or impri-
soned by the proper authority. The officers of said town,
and the council thereof, shall have all the powers granted its
officers and to the councils of towns corporate under existing
general laws not inconsistent with this act.
6. This act shall be in force from its passage.

CHap 84.—An ACT to ascertain and declare Virginia's equitable share
of the debt created befure and actually existing at the time of the
artition of her territory and resources, and to provide for the
issuance of bonds covering the same, and the regular and prompt
payment of interest thereon.

Approved February 14, 1882.

Whereas to the end which this act comprehends, a full
statement of the debt is essential; and whereas the following
has been carefully made up from the records of the second
auditor's office of the state, it is confidently submitted as pre-
senting a true state of the account between the state and her
creditors—the account is as fo.lows:
And whereas by this account it appears that Virginia
owes her creditors, as of the first July, eighteen hund and
eighty-two, including the bonds held by the Literary fund
and arrears of interest thereon cast to such date, twenty-one
million, thirty-five thousand, three hundred and seventy seven
dollars and fifteen cents; and that she may cause to be issued
her own bonds for the same, and provide for the certain pay-
ment of interest thereon; that is for her equitable share of
the bonds known as consols, and here designated as class A,
and whereof there are outstanding fourteen million three
hundred and sixty-nine thousand nine hundred and seventy-
four dollars and eighty-one cents; and for her equitable share
of the bonds known as ten-forties, and here designated as class
B, and whereof there are outstanding eight million five hun-
dred and seventeen thousand six hundred dollars; and for her
equitable share of the bonds known as peeler, and here
designated as class C, and whereof there are outstanding two
million three hundred and ninety-four thousand three hun-
dred and five dollars and twelve cents; and for her equitable
share of the interest thereon, designated as class D, and
whereof there is now in arrears nine hundred and twenty-
eight thousand eight hundred and eighty-seven dollars and
forty-five cents, end counted to the first of July, eighteen hun-
dred and eighty-two, makes the amount of such interest then
to be in arrears, one million, seventy-two thousand five hun-
dred and forty-five dollars and seventy-five cents; and for
her equitable share of the bonds known as unfunded bonds—
dollar and sterling—here designated as class E, and whereof
there are now outstanding, computed at two-thirds, three
million seven hundred and seventy-three thousand four hun-
dred and ninety-three dollars and sixtyeight cents; and for
her equitable share of the interest thereon now in arrears,
two million six hundred and thirty-six thousand four hun-
dred and forty-four dollars and thirty-four cents, and counted
to the first of July, eighteen hundred and eighty-two, making
as of that date (two hundred and twenty-six thousand four
hundred and nine dollars and sixty-two cents more) the sum
of two million eight hundred and sixty-two thousand eight
hundred and fifty-three dollars and ninety-six cents, and here
designated as class F; and for her equitable share of the
bonds held by the commissioners of the Literary fund, where-
of there are one million four hundred and twenty-eight
thousand two hundred and forty-five dollars and twenty-five
cents; and whereas the rate of interest which any peoplo
can safely undertake to pay must be determined by the meas-
ure of their productive resources; and whereas these have.
long been burdened by a rate of taxation which is conceded
to be as high as can be endured; and whereas the means of
prompt and certain payment should be apparent to the cred-
itor, while the people have assurance for the support of gov-
ernment and the maintenance of their schools, as required
by the constitution; and whereas the net revenues of the
state, remaining and so derived, after providing for the proper

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and gradual liquidation of the balance of the moneys hereto-
fore diverted from the public free school fund, after liquidat-
ing gradually the arrearages to the Literary fund, and leaving
some small margin for the immediate and subsequent exigen-
cies, which are, and are likely to be demanded by the public
welfare—notably in respect of the humane institutions now
inadequate to the proper accommodation of that unfortunate
class of every popuation —lo not warrant the assumption of
a larger rate of interest than three per centum upon the full
amount of Virginia’s equitable share of the debt of the old
and entire state, as the same is ascertained and now formally
declared by the foregoing account; therefore,

1. Beit enacted by the general assembly of Virginia, That
the board of commissioners of the sinking fund of the state,
be, and they are hereby empowered and directed to create
bonds, registered and coupon, to such extent as may be neces-
sary to comply with the provisions of this act.

2. The said bonds shall be dated July first, eighteen hundred
and eighty-two, and be payable at the office of the treasurer
of the state on the first day of July, nineteen hundred and
thirty-two: provided that the state may, at any time and from
time to time, after July first, nineteen hundred, redeem an
part of thesame, principal and interest, at par. In case of such
redemption before maturity, the bonds to be paid, shall be de-
termined by lot by said board of commissioners, and notice of
the bonds so selected to be paid, shall be given in a news-

aper published at Richmond, New York, and London,
ngland, when interest from and after ninety days from the
date of such publication in London, shall cease upon the
Londs so designated to be paid.

3. The form of the bond shall be as follows, to-wit:

The commonwealth of Virginia acknowledges herself in-
debted to (in the case of a coupon bond to the
bearer, and in the case of a registered bond, inserting the
name of the person or corporation) in the sum of
dollars, which she promises to pay in lawful money of the
United States at the office of the treasurer of the state,
Richmond, Virginia, on the first day of July, nineteen hun-
dred and thirty-two, with the option of payment at par,
principal, and interest, before maturity, at any time after
July first, nineteen hundred; and interest at the office of the
treasurer of the state, in such lawful money, on the first days
of January and July, at the rate of three per centum per
annum until paid (according to the tenor of the annexed
coupons, in the case of coupon bonds).

In testimony whereof, witness the signature of the treas-
urer and the counter-signature of the second auditor, hereto
affixed according to law.

, Treasurer.

, Second Auditor.
4. The form of coupon for coupon bonds shall be as follows

to-wit:

No. —— (of bond).

The commonwealth of Virginia will pay to bearer
——— dollars, in lawful money of the United States, at the
office of the treasurer, Richmond, Virginia, on the first day
of January and July, alternately—the first coupon to be pay-
able January first eighteen hundred and eighty-three.

‘ , Treasurer.

Each coupon to be impressed on the back with its number,
in the order of maturity, from one forward.

5. The said board of commissioners are authorized to issue
such bonds, in denominations of five hundred and one thou-
sand dollars, as may be necessary to carry out the provisions
of this act, each denomination to be of different tint: provided
that registered bonds may be issued of any denomination,
multiple of one hundred; all registered bonds to be of the
same tint; and they are authorized and directed to issue
such bonds, registered or coupon, in exchange for the out-
standing evidences of debt hereinbefore enumerated, including
the bonds held by the literary fund, as follows, that is to say:

(a) For her equitable share of class A, at the rate of fifty-
three per centum; that is to say, fifty-three dollars of the
bonds authorized under this act, (principal and accrued inter-
est, at par, from the preceding period of maturity to the date
of exchange,) are to be given for every one hundred dollars,
face, principal and accrued interest from the preceding semi-
annual period of maturity to the date of exchange of such
evidences of debt, and for any interest which may be past
due and unpaid upon the same, funded bonds issued under
this act may be given, dollar for dollar.

(6) For her equitable share of class B, at the rate of sixty
per centum, reckoning and accounting for any interest, as
provided in the case of class A.

(c) For her equitable share of class C, at the rate of sixty-
nine per centum, reckoning any current interest, at the date
of exchange, as in the cases of classes A and B, and account-
ing for the same as provided in class D. : .

(d) For her equitable share of class D, at the rate of eighty
per centum.

(¢) For ber equitable share of class E, at the rate of sixty-
nine per centum, reckoning any current interest, at the date
of exchange, as in the cases of classes A, B, and C, and
accounting for the same as provided in class F.

(f) For her equitable share of class F, at the rate of sixty-
three per centum.

(g) For her equitable share of the bonds of the Literary
fund, as in the case of class C; her equitable share of the
arrearages of interest—three hundred and seventy-nine thou-
sand two hundred seventy dollars—to be paid in money.

6. For all balances of such indebtedness, constituting West
Virginia’s share of the old debt, principal and interest, in
the settlement of Virginia’s cquitable share as aforesaid, the
said board of sinking fund commissioners shall issue a certifi-
cate, as follows:

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No

The commonwealth of Virginia has this day discharged
her equitable share of the (registered or coupon, as the case

may be) bond for dollars, held by , dated the
day of , and numbered , leaving a bal-
ance of dollars, with interest from , to be

accounted for by the state of West Virginia, without recourse
upen this commonwealth.

Done at the capitol of the state of Virginia, this
day of , eighteen ‘

, Second Auditor.
, Treasurer.

7. The said board of commissioners are empowered to
issue for any fractional part of one hundred dollars of the
indebtedness funded under this act, the following certificate:

Fractional Certificate.

Register No. ——. Transaction No. ——.

This certificate entitles the holder. hereof to the sum of
dollars, fundable at its face in the bonds of the com-
monwealth of Virginia, authorized by an act approved
day of , eighteen hundred and eighty-two, when pre-
sented with certificates of like tenor or in conjunction with
other evidences of debt fundable under said act in amounts
of one hundred dollars and multiples thereof.

Done at the capitol of Virginia, this —— day of ;
eighteen hundred and eighty .

, Second Auditor.
, Treasurer.

The certificates so issued, shall be registered by the second
suditor in a register kept for that specific purpose, giving the
date and number of the transaction to which it relates, the
amount of the same, and the name of the person or corpora-
tion to whom it was issued; and as such certificates are
refunded, the same shall be canceled and preserved as herein
provided in respect to the evidences of debt refunded.

8. All the bonds and certificates of debt and evidences of
past-due and unpaid interest taken in under the provisions
of this act, shall be canceled by the treasurer in the presence
of the board of commissioners of the sinking fund as the
same are acquired, and by the treasurer the same shall be
carefully preserved until such time as the General Assembly
may otherwise direct. A schedule of the bonds, certificates
and other evidences of debt so canceled, from time to time,
shall be certified by said board and filed with the treasurer
for preservation.

9. All the coupons and registered bonds and fractional
certificates issued under this act, shall be separately regis-
tered by the second auditor in books kept for the specific
purpose; and in each case giving the date, number and amount
of the obligations issued, and the name of the person or cor-
poration to whom issued, and the date, number, amount and
description of the bond, bonds or indebtedness surrendered.

» 10. The plates from which the bonds and fractional certifi-
cates authorized by this act, are printed, shall be the property
of the commonwealth, and shall remain in the keeping of the
said board of commissioners of the sinking fund.

11. In the year eighteen hundred and ninety, and annually
thereafter until all the bonds issued under and by authority
of this act are paid, there shall be set apart of the revenue
collected from the property of the state each year, two and
one-quarter per centum upon the bonds at the time outstand-
ing, which shall be paid into the treasury to the credit of the
sinking fund; and the commissioners of the said sinking
fund shall, annually or ofténer, apply the same to the redemp-
tion or purchase (at a rate not above par) of the bonds issued
under this act, and the bonds so redeemed shall be canceled
by the said board, and the same registered by the second
auditor in a book to be kept for the purpose, giving the num-
ber, the date of issue, the character, the amount, and the
owner at the time of purchase of the bonds so redeemed and
canceled; and in case no such purchase of bonds can be
made, then the amount which can be redeemed shall be
called in by lot, as provided in section two of this act.

12, Executors, administrators and others acting as fidu-
ciaries, may exchange any state bonds held by them as
provided, for bonds issued under this act, when so authorized

y the court having jurisdiction in the premises, and the
same, when so made, sha!! be considered a lawful investment.

13. The treasurer of the commonwealth is authorized and
directed to pay the interest on the bonds issued under this

act, as the same shall become due and payable, out of any
money in the treasury not otherwise appropriated.

14. All necessary expenses incurred in the execution of this

, act, shall be paid out of any money in the treasury not other-
wise appropriated, on the warrants of the auditor of public
accounts drawn upon the treasurer, on the order of the board
of sinking fund commissioners.

15. That from and after the passage of this act, no bonds,
certificates, or other evidences of indebtedness, shall be issued
for any portion of the debt of this state, nor shall any inter-.
est be paid upon any part or portion of said debt, except as
hereinbefore provided.

16. This act shall bein force from its passage.

Chap. 83.—An ACT to incorporate the town of Brentsville, in the
county of Prince William.

Approved February 11, 1882.

1. Be it enacted by the general assembly of Virginia, That
he town of Brentaville, in the county of Prince William, be
male a town corporate by the name and style of the town
ot Brentsville; and by that name sue and be sued, and by
that name and style have and exercise the power granted or
‘onferred upon towns by the fifty-fourth chapter of the Code
ot Virginia of eighteen hundred and seventy-three, and also
lave and exercise all powers conferred by laws now in force,
that may hereafter be enacted, for the government of
owns containing less than five thousand inhabitants.

2. The municipal authorities of said town shall consist of
me mayor and four councilmen, who shall be chosen annu-
uly, by ballot, on the first Tuesday in April. Any qualified
roter of the county of Prince William, and residing within
he corporate limits of the town of Brentsville, shall be enti-
led to vote at all elections under this act of incorporation.
The clerk of said council shall hold-said election betweem
the hours of two and six o’clock, post meridian, and shalk
call in two members of said council to aid him in decidin
any contest in reference to the right to vote of any individ-
ual, and to witness the counting of the ballots. In case it is
impossible to decide the persons elected councilmen by reason
of a tie, the clerk shall determine in the presence of two
councilmen of said town, by lot, every case of the kind
arising. A contest between two persons voted for as mayor,
on the ground of cach baving received the same number of
votes, shall likewise be decided by lot by the said clerk in
the presence of two councilmen. The said clerk shall, im-
mediately thereafter, and after each election, make out and
deliver to the mayor, and cach councilman, a certificate of
his election, and shall administer to said mayor and council-
men the oaths of office required by the constitution and laws
of Virginia. The terms of office of said mayor and council-
men shall commence on the first day of May succeeding their
election, and continue for one year, and until their successors
are elected and qualified. On the first Monday in May of
each year, the said councilmen, or a majority of them, shall
elect by ballot, a clerk and sergeant from among the resi-
dents of the said town, which officers shall hold their terms
of office for one year, and until their successcrs have been
elected and qualified. The said clerk and sergeant shall
qualify by taking the oath of office before the clerk of the
county court of Prince William county, or other person
authorized to administer oaths, and may be removed from
office by a unanimous vote of the council. All the officers
of the corporation shall serve without compensation, except
as hereinatter provided. The said council shall appoint its
own time of meeting; a quorum to consist of a majority
of the councilmen qualified; in no case, however, to be less
than two to constitute a quorum. Vacancies in the office of
clerk and sergeant, from any cause, shall be filled by the
council of said town. The mayor shall be the presiding officer
of the council, and shall bave no vote, except in the case of a
tie. He shall be an ex-officio justice of the peace of Prince
William county, and shall be charged specially with the
power and jurisdiction to enforce the ordinances and by-laws
of said town; and shall receive as compensation therefor, the
fees now allowed by law for such service, and no other or
further compensation whatever. He shall call special meet-
ings of the council, by giving notice to each member thereof.
The clerk of said council shall keep a correct record of the
proceedings of the council; shall provide the books and sta-
tionery ordered by the council; make out a list of all pro-
perty, real and personal, within the corporate limits for
assessment, taking us a basis of valuation of the property,
both real and personal, and conforming in every respect
thereto, the assessors’ and commissioners’ books in district
number one, of Prince William county, and shall issue tickets.
for the taxes levied by the council, and shall deliver said

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tickets to the sergeant for collection; shall draw warrants on
the sergeant, ordered by the council; shall have power to
administer any oath required under this act, or under an
ordinance of the council; and be shall be paid annually such
sum as the council may determine and direct, not, however,
to exceed the sum of twenty-five dollars for any one year.
The sergeant shall collect the taxes voted by the council ;
and for collecting and paying out the same, shall be allowed
two and one-half per centum. He shall have the same
power and authority of any constable or collector of Prince
William county, and shall be entitled to the same fees, except
as hercin provided. He shall pay out the money of the cor-
poration in his hands on the warrant of the mayor, and the
clerk certifying that it is drawn by the order of the council.
He shall perform all the duties of overseer of roads or streets
within the corporate limits, in accordance with the laws of
Virginia and the ordinances of the town. Edwin Nelson is
hereby designated to act as clerk, and Joseph B. Reid and
W. W. Kincheloe, as councilmen, in order to hold and declare
the result of the first clection under this act of incorpora-
tion; but their acting as such councilmen and clerk shall not
disqualify them from being voted for as councilmen or mayor
at said election.

3. The corporate limits of said town are hereby declared to
be those established by a plat and survey of said town and
of record in the county court clerk’s office of Prince William
county, and the said corporate limits of said town are hereby
declared and created to be a separate and distinct road dis-
trict of Prince William county, and no road tax shall be
levied on any property within said limits, except by the coun-
cil of Brentsville, to be expended within said limits on
the streets and roads therein by the sergeant of the town,
under the supervision and direction of the council. For his
services as overseer of roads and streets, the sergeant shall
be entitled to the same compensation allowed by law to over-
seers of roads under the general road law of Virginia. The
council sball bave control of all streets and roads within the
corporate limits of said town.

4. The town sergeant shall, before entering upon the dis-
share of the duties of his office, execute a bond in the pen-
alty of one thousand dollars, conditioned for the faithful per-
formance of all his duties. The sureties of said sergeant shall
ustify, as to’ their sufficiency, before the mayor, and said
yond shall receive the written approval of the mayor, certi-
ying as to its validity and sufficiency, and then be filed with
‘he corporation clerk.

5. The council shall have the power to regulate and probibit
be running at large of animals. To prohibit the obstruction
f streets and sidewalks, to provide for order and quiet and
he observance of the Sabbath within the corporation, to
eygulate the sale of intoxicating liquors, to pass ordinances
arryiong into effect the objects ot incorporation, the said
rdinmances not to be in contravention of any laws of the
state, and to punish the violation of said ordinances by fine
and imprisonment: provided that any fine imposed upon a
minor shall be paid by his parent or guardian. The said
town of Brentsville is hereby authorized to use the county
jail of Prince William county as a place of confinement or
imprisonment for all persons ordered to be confined or impri-
soned by the proper authority. The officers of said town,
and the council thereof, shall have all the powers granted its
officers and to the councils of towns corporate under existing
general laws not inconsistent with this act.
6. This act shall be in force from its passage.

CHap 84.—An ACT to ascertain and declare Virginia's equitable share
of the debt created befure and actually existing at the time of the
artition of her territory and resources, and to provide for the
issuance of bonds covering the same, and the regular and prompt
payment of interest thereon.

Approved February 14, 1882.

Whereas to the end which this act comprehends, a full
statement of the debt is essential; and whereas the following
has been carefully made up from the records of the second
auditor's office of the state, it is confidently submitted as pre-
senting a true state of the account between the state and her
creditors—the account is as fo.lows:
And whereas by this account it appears that Virginia
owes her creditors, as of the first July, eighteen hund and
eighty-two, including the bonds held by the Literary fund
and arrears of interest thereon cast to such date, twenty-one
million, thirty-five thousand, three hundred and seventy seven
dollars and fifteen cents; and that she may cause to be issued
her own bonds for the same, and provide for the certain pay-
ment of interest thereon; that is for her equitable share of
the bonds known as consols, and here designated as class A,
and whereof there are outstanding fourteen million three
hundred and sixty-nine thousand nine hundred and seventy-
four dollars and eighty-one cents; and for her equitable share
of the bonds known as ten-forties, and here designated as class
B, and whereof there are outstanding eight million five hun-
dred and seventeen thousand six hundred dollars; and for her
equitable share of the bonds known as peeler, and here
designated as class C, and whereof there are outstanding two
million three hundred and ninety-four thousand three hun-
dred and five dollars and twelve cents; and for her equitable
share of the interest thereon, designated as class D, and
whereof there is now in arrears nine hundred and twenty-
eight thousand eight hundred and eighty-seven dollars and
forty-five cents, end counted to the first of July, eighteen hun-
dred and eighty-two, makes the amount of such interest then
to be in arrears, one million, seventy-two thousand five hun-
dred and forty-five dollars and seventy-five cents; and for
her equitable share of the bonds known as unfunded bonds—
dollar and sterling—here designated as class E, and whereof
there are now outstanding, computed at two-thirds, three
million seven hundred and seventy-three thousand four hun-
dred and ninety-three dollars and sixtyeight cents; and for
her equitable share of the interest thereon now in arrears,
two million six hundred and thirty-six thousand four hun-
dred and forty-four dollars and thirty-four cents, and counted
to the first of July, eighteen hundred and eighty-two, making
as of that date (two hundred and twenty-six thousand four
hundred and nine dollars and sixty-two cents more) the sum
of two million eight hundred and sixty-two thousand eight
hundred and fifty-three dollars and ninety-six cents, and here
designated as class F; and for her equitable share of the
bonds held by the commissioners of the Literary fund, where-
of there are one million four hundred and twenty-eight
thousand two hundred and forty-five dollars and twenty-five
cents; and whereas the rate of interest which any peoplo
can safely undertake to pay must be determined by the meas-
ure of their productive resources; and whereas these have.
long been burdened by a rate of taxation which is conceded
to be as high as can be endured; and whereas the means of
prompt and certain payment should be apparent to the cred-
itor, while the people have assurance for the support of gov-
ernment and the maintenance of their schools, as required
by the constitution; and whereas the net revenues of the
state, remaining and so derived, after providing for the proper

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and gradual liquidation of the balance of the moneys hereto-
fore diverted from the public free school fund, after liquidat-
ing gradually the arrearages to the Literary fund, and leaving
some small margin for the immediate and subsequent exigen-
cies, which are, and are likely to be demanded by the public
welfare—notably in respect of the humane institutions now
inadequate to the proper accommodation of that unfortunate
class of every popuation —lo not warrant the assumption of
a larger rate of interest than three per centum upon the full
amount of Virginia’s equitable share of the debt of the old
and entire state, as the same is ascertained and now formally
declared by the foregoing account; therefore,

1. Beit enacted by the general assembly of Virginia, That
the board of commissioners of the sinking fund of the state,
be, and they are hereby empowered and directed to create
bonds, registered and coupon, to such extent as may be neces-
sary to comply with the provisions of this act.

2. The said bonds shall be dated July first, eighteen hundred
and eighty-two, and be payable at the office of the treasurer
of the state on the first day of July, nineteen hundred and
thirty-two: provided that the state may, at any time and from
time to time, after July first, nineteen hundred, redeem an
part of thesame, principal and interest, at par. In case of such
redemption before maturity, the bonds to be paid, shall be de-
termined by lot by said board of commissioners, and notice of
the bonds so selected to be paid, shall be given in a news-

aper published at Richmond, New York, and London,
ngland, when interest from and after ninety days from the
date of such publication in London, shall cease upon the
Londs so designated to be paid.

3. The form of the bond shall be as follows, to-wit:

The commonwealth of Virginia acknowledges herself in-
debted to (in the case of a coupon bond to the
bearer, and in the case of a registered bond, inserting the
name of the person or corporation) in the sum of
dollars, which she promises to pay in lawful money of the
United States at the office of the treasurer of the state,
Richmond, Virginia, on the first day of July, nineteen hun-
dred and thirty-two, with the option of payment at par,
principal, and interest, before maturity, at any time after
July first, nineteen hundred; and interest at the office of the
treasurer of the state, in such lawful money, on the first days
of January and July, at the rate of three per centum per
annum until paid (according to the tenor of the annexed
coupons, in the case of coupon bonds).

In testimony whereof, witness the signature of the treas-
urer and the counter-signature of the second auditor, hereto
affixed according to law.

, Treasurer.

, Second Auditor.
4. The form of coupon for coupon bonds shall be as follows

to-wit:

No. —— (of bond).

The commonwealth of Virginia will pay to bearer
——— dollars, in lawful money of the United States, at the
office of the treasurer, Richmond, Virginia, on the first day
of January and July, alternately—the first coupon to be pay-
able January first eighteen hundred and eighty-three.

‘ , Treasurer.

Each coupon to be impressed on the back with its number,
in the order of maturity, from one forward.

5. The said board of commissioners are authorized to issue
such bonds, in denominations of five hundred and one thou-
sand dollars, as may be necessary to carry out the provisions
of this act, each denomination to be of different tint: provided
that registered bonds may be issued of any denomination,
multiple of one hundred; all registered bonds to be of the
same tint; and they are authorized and directed to issue
such bonds, registered or coupon, in exchange for the out-
standing evidences of debt hereinbefore enumerated, including
the bonds held by the literary fund, as follows, that is to say:

(a) For her equitable share of class A, at the rate of fifty-
three per centum; that is to say, fifty-three dollars of the
bonds authorized under this act, (principal and accrued inter-
est, at par, from the preceding period of maturity to the date
of exchange,) are to be given for every one hundred dollars,
face, principal and accrued interest from the preceding semi-
annual period of maturity to the date of exchange of such
evidences of debt, and for any interest which may be past
due and unpaid upon the same, funded bonds issued under
this act may be given, dollar for dollar.

(6) For her equitable share of class B, at the rate of sixty
per centum, reckoning and accounting for any interest, as
provided in the case of class A.

(c) For her equitable share of class C, at the rate of sixty-
nine per centum, reckoning any current interest, at the date
of exchange, as in the cases of classes A and B, and account-
ing for the same as provided in class D. : .

(d) For her equitable share of class D, at the rate of eighty
per centum.

(¢) For ber equitable share of class E, at the rate of sixty-
nine per centum, reckoning any current interest, at the date
of exchange, as in the cases of classes A, B, and C, and
accounting for the same as provided in class F.

(f) For her equitable share of class F, at the rate of sixty-
three per centum.

(g) For her equitable share of the bonds of the Literary
fund, as in the case of class C; her equitable share of the
arrearages of interest—three hundred and seventy-nine thou-
sand two hundred seventy dollars—to be paid in money.

6. For all balances of such indebtedness, constituting West
Virginia’s share of the old debt, principal and interest, in
the settlement of Virginia’s cquitable share as aforesaid, the
said board of sinking fund commissioners shall issue a certifi-
cate, as follows:

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No

The commonwealth of Virginia has this day discharged
her equitable share of the (registered or coupon, as the case

may be) bond for dollars, held by , dated the
day of , and numbered , leaving a bal-
ance of dollars, with interest from , to be

accounted for by the state of West Virginia, without recourse
upen this commonwealth.

Done at the capitol of the state of Virginia, this
day of , eighteen ‘

, Second Auditor.
, Treasurer.

7. The said board of commissioners are empowered to
issue for any fractional part of one hundred dollars of the
indebtedness funded under this act, the following certificate:

Fractional Certificate.

Register No. ——. Transaction No. ——.

This certificate entitles the holder. hereof to the sum of
dollars, fundable at its face in the bonds of the com-
monwealth of Virginia, authorized by an act approved
day of , eighteen hundred and eighty-two, when pre-
sented with certificates of like tenor or in conjunction with
other evidences of debt fundable under said act in amounts
of one hundred dollars and multiples thereof.

Done at the capitol of Virginia, this —— day of ;
eighteen hundred and eighty .

, Second Auditor.
, Treasurer.

The certificates so issued, shall be registered by the second
suditor in a register kept for that specific purpose, giving the
date and number of the transaction to which it relates, the
amount of the same, and the name of the person or corpora-
tion to whom it was issued; and as such certificates are
refunded, the same shall be canceled and preserved as herein
provided in respect to the evidences of debt refunded.

8. All the bonds and certificates of debt and evidences of
past-due and unpaid interest taken in under the provisions
of this act, shall be canceled by the treasurer in the presence
of the board of commissioners of the sinking fund as the
same are acquired, and by the treasurer the same shall be
carefully preserved until such time as the General Assembly
may otherwise direct. A schedule of the bonds, certificates
and other evidences of debt so canceled, from time to time,
shall be certified by said board and filed with the treasurer
for preservation.

9. All the coupons and registered bonds and fractional
certificates issued under this act, shall be separately regis-
tered by the second auditor in books kept for the specific
purpose; and in each case giving the date, number and amount
of the obligations issued, and the name of the person or cor-
poration to whom issued, and the date, number, amount and
description of the bond, bonds or indebtedness surrendered.

» 10. The plates from which the bonds and fractional certifi-
cates authorized by this act, are printed, shall be the property
of the commonwealth, and shall remain in the keeping of the
said board of commissioners of the sinking fund.

11. In the year eighteen hundred and ninety, and annually
thereafter until all the bonds issued under and by authority
of this act are paid, there shall be set apart of the revenue
collected from the property of the state each year, two and
one-quarter per centum upon the bonds at the time outstand-
ing, which shall be paid into the treasury to the credit of the
sinking fund; and the commissioners of the said sinking
fund shall, annually or ofténer, apply the same to the redemp-
tion or purchase (at a rate not above par) of the bonds issued
under this act, and the bonds so redeemed shall be canceled
by the said board, and the same registered by the second
auditor in a book to be kept for the purpose, giving the num-
ber, the date of issue, the character, the amount, and the
owner at the time of purchase of the bonds so redeemed and
canceled; and in case no such purchase of bonds can be
made, then the amount which can be redeemed shall be
called in by lot, as provided in section two of this act.

12, Executors, administrators and others acting as fidu-
ciaries, may exchange any state bonds held by them as
provided, for bonds issued under this act, when so authorized

y the court having jurisdiction in the premises, and the
same, when so made, sha!! be considered a lawful investment.

13. The treasurer of the commonwealth is authorized and
directed to pay the interest on the bonds issued under this

act, as the same shall become due and payable, out of any
money in the treasury not otherwise appropriated.

14. All necessary expenses incurred in the execution of this

, act, shall be paid out of any money in the treasury not other-
wise appropriated, on the warrants of the auditor of public
accounts drawn upon the treasurer, on the order of the board
of sinking fund commissioners.

15. That from and after the passage of this act, no bonds,
certificates, or other evidences of indebtedness, shall be issued
for any portion of the debt of this state, nor shall any inter-.
est be paid upon any part or portion of said debt, except as
hereinbefore provided.

16. This act shall bein force from its passage.