Chap. 35.—An ACT to amend and re-enact section 11 of an act entitled an act
to provide for the refunding of certain certificates of indebtedness of the par
value of $2,000,000.00 issued under an act entitled an act to repeal an act
entitled an act to anticipate by counties, or otherwise, the construction of the
State highway system, approved March 15, 1920, as amended and re-enacted
by an act entitled an act to amend and re-enact an act entitled an act to
anticipate by counties or otherwise the construction of the State highway
system, approved March 15, 1920, approved March 21, 1924, to provide for the
issue and sale of certificates of indebtedness of the Commonwealth of Virginia
to repay the sums advanced to the State under the provisions of the aforesaid
acts and to provide a sinking fund for the payment of the interest on the said
certificates of indebtedness and the principal thereof at maturity, approved
March 19, 1926, by authorizing and directing the issuance and sale of $2,000,-
000.00 par value of certificates of indebtedness and/or notes of the Common-
wealth of Virginia; and to provide for the payment of the interest on such
certificates of indebtedness and/or notes, and the principal thereof at maturity,
approved March 3, 1932. [S B 69]

Approved February 20, 1934

1. Be it enacted by the General Assembly of Virginia, That section
eleven of an act entitled an act to provide for the refunding of certain
certificates of indebtedness of the par value of two million dollars, is-
sued under an act entitled an act to repeal an act entitled an act to
anticipate by counties, or otherwise, the construction of the State high-
way system, approved March fifteenth, nineteen hundred and twenty, as
amended and re-enacted by an act entitled an act to amend and re-enact
an act entitled an act to anticipate by counties or otherwise the construc-
tion of the State highway system, approved March fifteenth, nineteen
hundred and twenty, approved March twenty-first, nineteen hundred
and twenty-four; to provide for the issue and sale of certificates of in-
debtedness of the Commonwealth of Virginia to repay the sums ad-
vanced to the State under the provisions of the aforesaid acts and to
provide a sinking fund for the payment of the interest on the said
certificates of indebtedness and the principal thereof at maturity, ap-
proved March nineteenth, nineteen hundred and twenty- -six, by author-
izing and directing the issuance and sale of two million dollars par
value of certificates of indebtedness and/or notes of the Commonwealth
of Virginia; and to provide for the payment of the interest on such
certificates of indebtedness and/or notes, and the principal thereof at
maturity, approved March third, nineteen hundred and thirty-two, be
amended and re-enacted so as to read as follows:

Section 11. The full faith and credit and taxing power of the Com-
monwealth of Virginia are hereby pledged to secure the payment of
the principal and interest of the certificates of indebtedness issued under
the provisions of this act, and there is hereby created a sinking fund
for the payment of the principal and interest of the certificates of in-
debtedness issued hereunder as follows: There shall be set aside each
year commencing in the calendar year nineteen hundred and thirty-two,
as in the case of “the public debt, from the proceeds in the State treasury
of the motor vehicle fuel tax and the motor vehicle license tax, now
provided by law, or either, a sum sufficient to pay the interest on the
certificates of indebtedness issued hereunder, as the said interest
matures, and in order to create a sinking fund for the payment of one
million ($1,000,000) dollars of said certificates of indebtedness, to be
dated July first, nineteen hundred and thirty-two, there shall be an-
nually set aside beginning July first, nineteen hundred and thirty-two,
from the proceeds in’ the State treasury of the motor vehicle fuel tax
and the motor vehicle license tax, now provided by law, or either, such
an amount as if repeated annually and if laid out at interest, would be
sufficient for the payment of the principal of said certificates of in-
debtedness when due, and in order to create a sinking fund for the
payment of one million ($1,000,000) dollars of said certificates of
indebtedness to be dated July first, nineteen hundred and thirty-tnree,
there shall be annually set aside beginning July first, nineteen hundred
and thirty-three, from the proceeds in the State treasury of the motor
vehicle fuel tax and the motor vehicle license tax, now provided by law,
or either, such an amount as if repeated annually and if laid out at
interest, would be sufficient for the payment of the principal of said
certificates of indebtedness when due. The funds set aside under the
provisions of this section of this act shall constitute a sinking fund to
be known as the State highway system certificate of indebtedness sink-
ing fund, and shall be used for the purpose of paying the principal and
interest of the certificates of indebtedness issued hereunder and for no
other purpose. The commissioners of the sinking fund may, with the
written approval of the Governor being first obtained, when the said
certificates of indebtedness or any part thereof are due, effect temporary
loans for and on behalf of the sinking fund provided for in this section
and pledge as security therefor any securities in which funds of the
said sinking fund have been invested, when in the opinion of the said
commissioners such action should be taken in lieu of selling the securt-
ties so purchased; if any such loan be effected the securities pledged
shall within a reasonable time thereafter be disposed of and the pro-
ceeds from such sale used to repay the money borrowed.