Chap. 241.—An ACT to amend and re-enact sections 420 and 421 of the code
of Virginia, in relation to the use by the commissioners of the sinking fund
of any surplus money in the treasury in the purchase of bonds of the state
issued under the acts of February 14, 1882, and February 20, 1892.

Approved February 12, 1894.

1. Be it enacted by the general assembly of Virginia, That sections
four hundred and twenty and four hundred and twenty-one of the
code of Virginia be amended and re-enacted so as to read as follows:

§ 420. To be used in buying bonds.—Any money in the treasury
to the credit of the sinking fund shall, annually, or oftener as occa-
sion may require, be applied by the commissioners to the purchase,
at market rates (not, however, exceeding the par value), of bonds
issued under the act of February fourteenth, eighteen hundred and
eighty-two, or under the act of February tw entieth , eighteen hundred
and ninety- two.

§ 421. How amount to be expended is ascertained; bonds to be
bought by sealed bids.—It shall be the duty of the commissioners of
the sinking fund to meet on the second Tuesday of February, eigh-
teen hundred and ninety-four, and on the first Monday in every
month thereafter, to determine at each of such meetings what, if
any, sum can be spared from the treasury, after making ample al-
lowances for all the expenses of the government and of the public
achools, and for the payment of the interest upon the bonds of the
state issued under the act approved February fourteenth, eighteen
hundred and eighty-two, and under the act approved February
twentieth, eighteen hundred and ninety-two, and under the act ap-
proved February twenty-third, eighteen hundred and ninety-two.
If it be determined by said commissioners that there be a surplus
in the treasury, after making due allowance as aforesaid, for the
government and school expenses, and interest upon said bonds so
issued, they shall certify to the treasurer of the commonwealth that
such sum, not exceeding one hundred thousand dollars in each
month, as they may so determine, may be drawn from the treasury
and invested as herein provided.

The commissioners of the sinking fund shall, immediately after
their first meeting, advertise in at least one daily newspaper pub-
lished _in the cities of Richmond, New York and Baltimore, that
they will receive offers for the: sale of such amount of the honds
issued under the act of February fourteenth, eighteen hundred and
echty-two, or February twentieth, eighteen hundred and ninety-two,
as in their judgment, the sum placed to their credit will enable them
to purchase, and that such offers may be made up to and including
the nineteenth day of the current month.

All such offers shall be made in writing; shall be sealed, and shall
be opened by the said commissioners, or a majority of them, on the
twentieth of the month, at noon, in the presence of the governor of
the commonwealth, or in the event of bis absence, in the presence of
the secretary of the commonwealth.

If the twentieth of the month falls on Sunday or a legal holiday,
the said offers shall be opened on the next day which is not a legal
holiday : provided that the said commissioners shall have authority
to reject any and all bids made from month to month: provided that
the said commissioners may invest in the purchase of said bonds
the agvregate funds ascertained by them in the mode prescribed by
section four hundred andtwenty of this act to be used for that pur-
pose whenever said commissioners deem it to the interest of the
state,

All bonds purchased under this section shall be listed on the min-
utes of the board, which list shall show the number and the denom-
ination of each bond purchased ineach month. All bonds purchased
under this actshall at once be converted into registered bonds in the
name of the commissioners of the sinking fund, which, when so
converted, shall be delivered to the treasurer, who shall label and
file the same in his office for safe-keeping; no coupon bond shall be
purchased under this act unless all the unmatured interest coupons
shall be attached thereto, and the bonds so purchased shall be held
ax security for the payment of the interest on the public debt of the
state, as it shall or may have dccrued when funded under the acts
aforesaid, and the same may be resold when necessary by the com-
missioners of the sinking fund, and the proceeds of such resale be
used whenever the finances of the state may so require: provided
that said commissioners may, in their discretion, from time to time,
when money is required to pay interest upon the debt aforesaid, bor-
row money upon temporary loans for such purpose and deposit such
bonds as they may have acquired under this act as collateral
security for such temporary loans.
2. This act shall be in force from its passage, and all acts and
parts of acts inconsistent with this act are hereby repealed.
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