CHAP. 217.—JOINT RESOLUTION in relation to the public debt.

Approved March 5, 1890.

1. Resolved by the senate (the house of delegates concur-
ring), That the governor of the commonwealth, the chair-
man of the committee on finance and banks of the senate,
the chairman of the committee on finance of the house
of delegates, and one member of the senate and one of
the house of delegates (to be elected by their respective
houses), be constituted a commission to receive proposals
for funding the whole debt of Virginia upon the princi-
ples set out in the act of fourteenth of February, eighteen
hundred and eighty-two: provided, however, that no pro-
posal shall be entertained which is not supported by a
deposit in cash of not less than one million dollars, in
such depository as said commission may designate, to
insure the faithful performance of the proposals if accepted
and ratified as hereinafter set forth.

2. Resolved, That said commission be, and the same is
hereby, authorized to agree, subject to ratification by the
general assembly of Virginia, upon the terms of a con-
tract with any parties offering a proposal to fund the
entire debt of Virginia upon the conditions aforesaid :
provided, however that no proposal shall be entertained
which departs from the act of fourteenth February,
eighteen hundred and eighty-two, save and except that
said proposal may provide another plan for a sinking
fund, not less favorable to the state than the present, or a
lower rate of interest, or a longer period for the maturing
of the principal, and that it be expressly declared that
the principal of the debt held by the schools and colleges
of Virginia at present shall not be affected, but that said
bonds so held shall if sold or transferred by said schools
or colleges be in all respects subject to said act of four-
teenth of February, eighteen hundred and eighty-two.