Chap. 638.—An ACT to amend and re-enact an act entitled an act to amend and
re-enact sections 7 and 17, as amended by an act entitled an act to amend and
re-enact sections 7, 17, and 18 of an act approved February 20, 1892, entitled
an act to provide for the settlement of the public debt of Virginia not funded,
etc., approved February 3, 1900, and a similar amendment, approved February
16, 1901.

Approved April 2, 1902.

1. Be it enacted by the general assembly of Virginia, That sections
seven and seventeen of an act entitled “an act to amend and re-enact an
act entitled 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 settlement of the public
debt of Virginia not funded under the provisions of 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 re-
sources, 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 ninety-two, and to provide for carrying
the same into effect, approved January thirty-first, eighteen hundred and
ninety-four,” and providing the time for which bonds issued under this
act after March thirty-first, eighteen hundred and ninety-six, shall carry
interest, and section three of said act, approved January twenty-third,
cighteen hundred and ninety-six, to 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 exchange
such of the said obligations of the State as may be presented to said com-
missioners, the said verification and exchange for the new bonds of the
obligations so deposited to be conducted in the same manner as hereinbe-
fore provided with respect to the obligations deposited with the said bond-
holders’ 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 deposited, bonds authorized by this act, as follows, namely: To each

48
of the several classes of said depositing creditors the same proportion as
the same class receive under the distribution made by the commission for
the creditors represented by the bondholders’ committee: provided, that
no obligations shall be received for such deposit after the thirty-first day
of December, nineteen hundred and two, nor shall any coupon bonds be
received which do not have attached thereto all 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 tendered within six months thereafter, and each de-
positor 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 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 ot
February fourteenth, eighteen hundred and cighty-two, and February
twentieth, eighteen hundred and ninety-two, for a period not extending
beyond December thirty-first, nineteen hundred and three.

2. All bonds issued under the provisions of this act shall carry interest
from the semi-annual period next preceding the date of funding.

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