Chap. 137.—An ACT to amend and re-enact an act entitled “An act to amend
and re-enact sections 7, 17, and 18 of an act approved February 20, 1892, en-
titled 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 partition of her territory and resources, and to provide for
the issuance of bonds covering the same, and the regular and prompt pay-
ment of interest thereon, approved February 14, 1882, and to provide for
carrying the same into effect, approved January 31, 1894,” and providing the
time from which bonds issued under this act after March 31, 1896,shall carry
interest.

Approved January 238, 1896.

Be it enacted by the general assembly of Virginia, That the act
approved January thirty-first, eighteen hundred and ninety-four, en-
titled “an act to amend and re-enact sections seven, seventeen, and
eighteen of an act approved February twentieth, eighteen hundred
and ninety-two, entitled an act to provide for the 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
partition of her territory and resources, and to provide for the issu-
ance of bonds covering the same, and the regular and prompt pay-
ment of interest thereon, approved February fourteenth, eighteen
hundred and eighty-two, and to provide for carrying the same into
effect, be amended and re-enacted so as to read as follows:

Whereas it has come to the knowledge of this general assembly,
through the officers charged with the exchange and funding of
outstanding 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 residents of the state and others residents of foreign countries,
were barred from accepting the provisions of said act, approved Feb-
ruary twentieth, eighteen hundred and ninety-two, by reason of cir-
cumstances beyond their control, and who now desire to accept the
terms 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 is deemed just to adhere to the
provisions of the act approved February twentieth, eighteen hundred
and ninety-two, except as hereinafter provided; 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 twentieth,
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 Virginia’s
equitable share of the debt created before and actually existing at the
time of the partition 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 fourteenth, eigh-
teen hundred and eighty-two, approved February twentieth, eighteen
hundred and ninety-two, shall be amended and re-enacted so as to
read as follows:

‘7. The commissioners of the sinking fund are hereby authorized
and required to receive on deposit for verification, classification and
-xchange, such of the said obligations of the state as may be pre-
sented to said commissioners; the said verification and exchange
for the new bonds of the obligations so deposited to be conducted in
the same manner as hereinbefore provided with respect to the obli-
gations deposited with the said bondholders’ committee; and the
said commissioners of the sinking fund shall issue to and distribute
amongst said depositing creditors, after they have fully complied
with the terms of this act in exchange for the obligations so de-
posited, bonds authorized by this act, as follows, namely: To each
of the several classes of said depositing creditors the same propor-
tion as the same class receive under the distribution made by the
commission for the creditors represented by the bondholders’ com-
mittee; provided that no obligations shal] be received for such de-
posit after the thirty-first day of March, eighteen hundred and ninety-
fix, nor shall any coupon bonds be received which do not have at-
tached thereto all the coupons maturing after July first, eighteen
hundred and ninety-one; but for any such coupons as may be miss-
ing, 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 pro-
percoupons are subsequently tendered; 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 commissioners shall cover the fund thus
received into the treasury of the commonwealth.

§ 17. The commissioners of the sinking fund are authorized, if it
thall 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
4 period not extending beyond December thirty-first, eighteen hun-
dred and ninety-six.

318 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.
‘or every bond so issued in exchange a fee of fifty cents shall be
charged by and paid to the second auditor, and shall, upon his order,
he covered into the treasury to the credit of the sinking fund, and
bonds go taken in exchange shall be cancelled in the manner herein-

before prescribed.
7) Go gle
2. The bonds issued hereunder may be the same heretofore en-
graved under the provisions of said act of February twentieth, eigh-
teen hundred and ninety-two, and in the same form as prescribed in
said act, and the plates for the engraving of said bonds under 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 shal! be in
all respects valid.

3. All bonds issued under the provisions of this act after March
thirty-first, eighteen hundred and ninety-six, shall carry interest
from the semi-annual period next preceding the date of funding.

4, 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.

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