Chap. 110.—An ACT to amend and re-enact sections 7, 17, and 18 of an act ap-
proved February 20, 1892, entitled an act “ to provide for the settlement of
the publie debt of Virginia not funded under the provisions of an act entitled
an act to ascertain and declare Viryinia’s equitable share of the debt created
before and actually existing at the time of the partition of her territory and
resonrees, and to provide for the issuance of bonds covering the same, and
the regular and prompt payment of interest thereon, approved Iebruary 14,
1882,” and to provide for carrying the same into effect.

Approved January 31, 18N.

Whereas it has come to the knowledge of this general assembly,
through the officers charged with the exchange and funding of out-
standing obligations of the state under the provisions of an act to
provide for the settlement of the public debt of Virginia, and so forth,
approved February twentieth, eighteen hundred and ninety-two, that
holders of a portion of the unfunded debt, some of whom are resi-
dents of the state, and others residents of foreign countries, were
barred from accepting the provisions of said act approved February
twentieth, eighteen hundred and ninety-two, by reason of circum-
stances beyond their control, and who now desire to accept the terme
as provided in said act, and it is believed that equitably they should
be permitted to do so; and whereas the terms of settlement of the
debt of the state having been proposed by her creditors, it 1s deemed
just to adhere to the provisions of the act approved February twen-
tieth, eighteen hundred and ninety-two, except as hereinafter pro-
vided ; and whereas it is the earnest desire of the general assembly
to finally dispose of the debt question without inflicting any wrong
upon the creditors of the state either at home or abroad, but declaring
the adherence of the state to the terms of the act of February twen-
tieth, eighteen hundred and ninety two, as modified by this act,
which should be taken as a final settlement of the state with her
creditors: therefore,

1. Be it enacted by the general assembly of Virginia, That sections
seven, seventeen and eighteen of an act entitled an act to provide
for the settlement of the public debt of Virginia not funded under
the provisions of an act entitled “an act to ascertain and declare
Yirginia’s equitable share of the debt created before and actually ex-
sting at the time of the partition of her territory and resources, and
o provide for the issuance of bonds covering the same, and the regu-
ar and prompt payment of interest thereon,” approved February
ourteenth, eighteen hundred and eighty-two, approved February
wentieth, eighteen hundred and ninety-two, shall be amended and
e-enacted so as to read as follows:

$ 7. The commissioners of the sinking fund are hereby authorized
ind required to receive on deposit for verification, classification and
xchange such of the said obligations of the state as may be presented
o said commissioners; the said verification and exchange for the new
sonds of the obligations so deposited to be conducted in the same
nanner as hereinbefore provided, with respect to the obligations de-
»osited with the said bondholders’ committee; and the said commis-
sioners of the sinking fund shall issue to and distribute amongst
aid depositing creditors after they have fully complied with the
erms of this act in exchange for the obligations so deposited, bonds
authorized by this act as follows, viz.: To each of the several classes
»f said depositing creditors the same proportion as the same class
receive under the distribution made by the commissioner for the
oreditors represented by the bondholders’ committee: provided that
no obligations shall be received for such deposit after the thirtieth
day of June, eighteen hundred and ninety-four, nor shall any coupon
bonds be received which do not have attached thereto all the coupons
maturing after July first, eighteen hundred and ninety-one; but for
any such coupons as may be missing, coupons of like class and
amount, or the face value thereof in cash may be received; the said
cash if paid, to be returned if proper coupons are subsequently ten-
dered; and each depositor shall, when he receives his distributive
share of the said new issue of bonds, pay to the commissioners of
the sinking fund three and one-half per centum in cash of the par
value of the bonds received by him, and said sinking fund commis-
sioners shall cover the fund thus received into the treasury of the
commonwealth.

§ 17. The commissioners of the sinking fund are authorized, if it
shall seem to them for the best interest of the commonwealth, to
make one extension of the time for the funding of the outstanding
evidences of debt due by the commonwealth not heretofore funded
under said act of February fourteenth, eighteen hundred and eighty-
two, and February twentieth, eighteen hundred and ninety-two, for
a period not exceeding six months from the thirtieth day of June,
eighteen hundred and ninety-four.

$18. The commissioners of the sinking fund are authorized to
exchange coupon bonds of the state issued under act of February
twentieth, eighteen hundred and ninety-two, into registered bonds,
and vice versa, and to arrange for the transfer of registered bonds.
For every bond so issued in exchange a fee of fifty cents shall be
charged by and paid to the second auditor, and shall, upon bis order,
be covered into the treasury to the credit of the sinking fund, and
bonds so taken in exchange shall be cancelled in the manner herein-
before prescribed. _
2. The bonds issued hereunder may be the same heretofore en-
graved under the provisione of said act of February twentieth,
eighteen hundred and ninety-two, and in the same form as pre-
scribed in said act, and the plates for the engraving of said bonds
under said act of February twentieth, eighteen hundred and ninety-
two, may be used by the commissioners of the sinking fund in the
preparation of bonds to be issued hereunder, and all bonds thus
issued shall be in all respects valid.

3. The commissioners of the sinking fund are hereby authorized
to advertise for the reception of bonds for exchange under the pro-
visions of this act in such financial centres as they may deem best.

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