Chap. 825.—An ACT to provide for the settlement with West Virginia of the
proportion of the public debt of the original state of Virginia proper to be
borne by West Virginia, and for the due protection of the commonwealth
of Virginia in the premises.

Approved March 6, 1900.

Whereas the general assembly of Virginia has heretofore passed cer-
tain acts with respect to the settlement of her public debt as follows—
O wit:

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

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

Third. 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, 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 partition 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-
al approved February twentieth, eighteen hundred and ninety-two;
an

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 pro-
vided for by said several acts, certificates for such proportion of the
obligation surrendered by them as was deemed proper to be borne bv
the state of West Virginia—to wit: One-third of the amount of said
obligations, of which certificate this state holds a large amount, through
the agency of the commissioners of its sinking fund and literary fund;
an

Whereas the general assembly is required by the constitution of Vir-
ginia to provide by law for adjusting with the state of West Virginia
the proportion of the debt of the original state of Virginia proper to be
borne by West Virginia, but no such adjustment has ever been had; and

Whereas it appears that while Virginia has satisfactorily settled the
two-thirds of the original debt which she assumed, yet it is possible that
complications will arise with respect to said certificates which will
render it desirable that she should endeavor to secure an adjustment
thereof upon terms which will protect herself, but will work no injustice
to West Virginia, and thus finally dispose of the only question remain-
ing unsettled in connection with said debt; now, therefore,

1. Be it enacted by the general assembly of Virginia, That the
commission created and appointed under a joint resolution of this
general assembly entitled a joint resolution to provide for adjusting
with the state of West Virginia the proportion of the public debt of
the original state of Virginia proper to be borne by West Virginia, for
the application of whatever may be received from West Virginia to the
payment of those found to be entitled to the same, approved March
sixth, eighteen hundred and ninety-four, be, and said commission hereby
is, authorized to receive and take upon deposit the certificates aforesaid
or have the same otherwise placed or held on deposit subject to their
control upon an agreement and contract on the part of the holders of
said certificates that if the said commission will secure a settlement with
West Virginia with respect to said certificates the said holders of said
certificates so deposited will accept the amount realized on such settle-
ment from West Virginia on said certificates as a full settlement of
all their claims thereunder.

2. If at least two-thirds in amount of the said certificates issued
under the act of eighteen hundred and seventy-one, exclusive of those
held by the state through the agency of the board of education and the
sinking fund commissioners, and at least a majority in amount of all
the other certificates aforesaid shall be so deposited or placed subject to
the control of the said commission upon the agreement and contract
aforesaid, then the said commission shall be authorized and empowered
by and with the advice and approval of the attorney-general of Virginia
to take such action and institute such proceedings on behalf of the
state as may in the judgment of said commission and attorney-general
be needful and proper to protect the interest of the state and bring
about and carry into effect a settlement as aforesaid. All the expenses
involved in connection with any of the matters aforesaid shall be borne
by the certificate holders, as provided in the joint resolution aforesaid,
and the state shall not be subjected to any expense on that account.

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