Chap. 747.—A JOINT RESOLUTION to provide for adjusting with the state o
West Virginia the proportion of the public debt of the original state of Vir.
gina proper to be borne by West Virginia, for the application of whateve:
may be received from West Virginia to the payment of those found to be
entitled to the same.

Approved March 6, 1894.

Whereas the general assembly of Virginia is required by the con.
stitution of Virginia to provide by law for adjusting with the stat
of Weat Virginia the proportion of the public debt of the origina
state of Virginia proper to be borne by West Virginia; and

Whereas the general assembly has heretofore passed four severa
acts in relation to the funding and settlement of her public debt
as follows, to-wit:

First. An act entitled an act-to provide for the funding and pay
ment of the public debt, approved March thirtieth, eighteen hundrec
and seventy-one.

Second. An act entitled an act to provide a plan of settlement o
the public debt, approved March twenty-eighth, eighteen hundres
and seventy-nine.

Third. An act entitled an act to ascertain and declare Virginia’
equitable share of the debt created before and actually existing a
the time of the partition of her territory and resources, and to pro
vide for the issuance of bonds covering the same and the regula
and prompt payment of interest thereon, approved February four
teenth, eighteen hundred and eighty-two; and
Fourth. 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 Virginia’s equitable share of
the debt created before and actually existing at the time of the par-
tition of her territory and resources, and to provide for the issuance
of bonds covering the same and the regular and prompt payment of
the interest thereon, approved February fourteenth, eighteen hundred.
and eighty-two, approved February twentieth, eighteen hundred and
ninety-two; and

Whereas in each of said acts provision is made for issuing to
creditors of the original state of Virginia who should accept the
new bonds provided for by said several acts, certificates for such
proportion of the obligation surrendered by them as was deemed
proper to be borne by the state of West Virginia, to-wit, one-third
of the amount of said obligations, of which certificates this state
holds a large amount, through the agency of the commissioners of
its sinking fund and literary fund; and

Whereas the present state of Virginia has settled and adjusted, to
the entire satisfaction of her people and the creditors, the liability
assumed by her on account of two-thirds of the debt of the original
state: now, therefore,

Be it resolved by the senate of Virginia (the house of delegates
concurring), That a commission of seven members is hereby created
and provided for, of whom the present chairman of the committee
on finance and banks of the senate shall be one, and the present
chairman of the committee on finance of the house of delegates
shall be another; of the other five, two shall be chosen by the senate
from among the persons now members of that body; two by the
house of delegates from among the persons now members of that
body, and one, to be a resident of this state, shall be appointed by
the governor. No member of said commission shall cease to be a
member thereof by reason of ceasing to be a member of the general
assembly. .

Said commission shall choose its own chairman and secretary ;
vacancies therein occurring or existing during recess of the legisla-
ture shall be filled by the governor on notification thereof by the
chairman; and a majority of said commission shall be competent to
act.

Said commission is hereby authorized and directed to negotiate
with the state of West Virginia a settlement and adjustment of the
proportion of the public debt of the original state of Virginia pro-
per to be borne by West Virginia. j

But said commission shall not proceed with said negotiation until
assurances satisfactory to the commission shall have been received
from the holders of a majority in amount of said certificates, exclu-
sive of those held by the state through the agency of the board of
education and sinking fund commissioners, that they desire the said
commission to enter into and undertake such negotiation, and will
accept the amount so ascertained to be paid by the state of West
Virginia in full settlement of the one-third of the debt of the origi-
nal state of Virginia which has not been assumed by the present
state of Virginia. But said commission shall in no event enter into
any negotiation hereunder except upon the basis that Virginia is
bound only for the two-thirds of the debt of the original state which
she has already provided for as her equitable proportion thereof.

All expenses incurred by said commission and said board of arbi-
trators, including reasonable compensation of the members thereof,
shall be paid out of the proceeds of such settlement, or by the holders
of said certificates who are the beneficiaries of such settlement, but
without subjecting the state to any expense on this account.

And their action shall be subject to the approval or disapproval
of the general assembly, and shall not be binding on the state until
approved by the general assembly. The governor is requested to
communicate this joint resolution to the governor and legislature of
West Virginia.

This joint resolution shall be in force from its passage.