An Act to amend and reenact § 46.1-299, as amended, of the Code of Virginia, relating to devices signalling intention to turn or stop and rules therefor.
Volume 1968 Law 99
Volume | 1936 |
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Law Number | 418 |
Subjects |
Law Body
Chap. 418.—An ACT to provide for the refunding of certain certificates of in-
debtedness of the par value of $478,000.00, 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 Common-
wealth of Virginia to repay the sums advanced to the State under the pro-
visions 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 $478,000.00 par value certificates of indebtedness and/or
notes of the Commonwealth of Virginia; and to provide for the payment of
interest on such certificates of indebtedness and/or notes, and the principal
thereof at maturity. [S B 330]
Approved March 30, 1936
1. Be it enacted by the General Assembly of Virginia, as follows:
Section 1. The commissioners of the sinking fund with the
approval of the Governor are hereby authorized and directed to issue
and sell certificates of indebtedness in the name of and on behalf of
the Commonwealth of Virginia of the par value of four hundred
seventy-eight thousand dollars, for the purpose of raising funds to
refund certificates of indebtedness of the State, of the par value of
four hundred seventy-eight thousand dollars, which certificates will
mature on July first, nineteen hundred and thirty-seven, issued under
an act approved March nineteenth, nineteen hundred and twenty-six,
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 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, nine-
teen hundred and twenty, approved March twenty-first, nineteen hun-
dred and twenty-four; 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.’ ”
Section 2. The certificates of indebtedness authorized and directed
by this act to be issued shall be dated the first day of July, nineteen
hundred and thirty-seven, and shall mature on July first, nineteen
hundred and forty-seven, They shall bear interest payable semi-
annually on January first and July first of each year, at a rate to be fixed
by the commissioners of the sinking fund with the approval of the Gover-
nor, but not exceeding five per centum per annum. They shall be issued
in such denominations as the commissioners of the sinking fund with
the approval of the Governor may determine.
Section 3. The certificates of indebtedness issued under the pro-
visions of this act shall be lhthographed or engraved and shall be
signed on behalf of the Commonwealth of Virginia by the State
Treasurer and the Comptroller, under the lesser seal of the Com-
monwealth. The interest coupons on such of the certificates as may
be issued in coupon form, shall bear the facsimile signature of the
State Treasurer, whose signature upon such coupons may be his
‘lithographed or engraved facsimile signature. The said certificates
of indebtedness and coupons may be signed by the present treasurer
and comptroller, or by their respective successors in office at the
time of signing, but no change in such signature shall be necessary by
reason of any change in said officers.
These certificates shall be lithographed or ‘engraved by a com-
pany of recognized standing, who shall either permit the plates to
become the property of the Commonwealth, or shall, in the presence
of the Comptroller and the State Treasurer destroy the said plates.
Section 4. The said certificates may be issued in either registered
or coupon form, as the commissioners of the sinking fund, with the
approval of the Governor, may determine.
Section 5. Certificates of indebtedness issued in registered form
shall be registered as to principal and interest in the office of the
State Treasurer, who shall register in books provided for that pur-
pose the number of each registered certificate issued under the pro-
visions of this act, the date and the date of issue thereof, its maturity,
the amount of each certificate, and the interest payment dates thereof,
and the name and address of the registered owner. Certificates issued
in registered form shall be transferable only by the registered owner
thereof or his duly authorized attorney in fact, upon presentation of
such certificates at the office of the State Treasurer. Interest on such
registered certificates shall be payable semi-annually January first and
July first of each year, such payments to be made by checks signed
by the State Treasurer and issued on warrants drawn by the Comp-
troller. The principal of such registered certificates shall be paid
upon presentation and surrender of such certificates, on and after
the maturity date thereof, by the registered owner or his duly
authorized attorney in fact, at the office of the State Treasurer by
checks signed by the State Treasurer and issued on warrants author-
ized by the commissioners of the sinking fund.
Section 6. The coupon certificates of indebtedness shall have
affixed to them coupons in proper amounts representing interest to
become due on such certificates payable semi-annually January first
and July first of each year. The principal and interest of such
coupon certificates shall be payable to the bearer upon presentation
and surrender of the principal certificates of indebtedness or the
interest coupons, as the case may be, as they severally mature, at
the office of the State Treasurer on or after their respective maturity
dates by checks signed by the State Treasurer and issued on warrants
drawn by the Comptroller, with respect to interest on certificates, and
by checks signed by the State Treasurer on warrants authorized by
the commissioners of the sinking fund, with respect to principal of
certificates.
The State Treasurer shall list all coupon certificates of indebted-
ness issued under this act separately in books provided for the purpose
in each case giving the date, number, date of issue, maturity and
amount of each certificate of indebtedness issued, and shall list all
registered certificates as provided in the foregoing sections of this
act.
Section 7. Both the principal and interest of the certificates of
indebtedness issued under the provisions of this act shall be payable
in lawful money of the United States of America.
Section 8. Registered certificates issued hereunder shall be con-
vertible into coupon certificates of equal amount, upon presentation
and surrender of such registered certificates at the office of the State
Treasurer by the registered owner thereof, or his duly authorized
attorney in fact, and the coupon certificates shall be convertible into
registered certificates of equal amount upon such presentation and
surrender of such coupon certificates with all unmatured interest
coupons attached. The conversion of registered certificates into
coupon certificates and of coupon certificates into registered certifi-
cates shall be done as at present with reference to the public debt, and
the provisions of sections twenty-six hundred and thirty-four, twenty-
six hundred and thirty-five, twenty-six hundred and_ thirty-six,
twenty-six hundred and thirty-seven, twenty-six hundred and thirty-
eight, and twenty-six hundred and thirty-nine of the Code of Vir-
ginia shall be applicable, so far as not inconsistent with the pro-
visions of this act, to the certificates of indebtedness issued hereunder.
Section 9. All certificates of indebtedness issued under the pro-
visions of this act shall be exempt from taxation by the Common-
wealth of Virginia and by every county, district, or municipality
thereof, which fact shall appear on the face of these certificates as a
part of the contract with the holder thereof.
Section 10. The State Treasurer shall be the custodian of all
unsold certificates of indebtedness issued pursuant to the provisions
of this act and of the plates from which such certificates and their
interest coupons are lithographed or engraved, if they be not
destroyed as hereinbefore provided, and also of such extra forms
of such certificates and interest coupons as the commissioners of the
sinking fund, with the approval of the Governor, may deem neces-
sary to provide to take care of the provisions relating to the con-
version of registered certificates into coupon certificates, or the con-
version of coupon certificates into registered certificates.
Section 11. The full faith and credit and taxing power of the
Commonwealth 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 in order to pay the principal of
said certificates at maturity and the interest on the said. certificates
as said interest matures it is hereby provided: There shall be set
aside each year commencing in the calendar year nineteen hundred
and thirty-seven, 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 here-
under, as the said interest matures, which interest shall be paid from
the funds herein required to be set aside in the same manner as the
interest on the public debt is now required to be paid; and, in order
to create a sinking fund for the payment of the principal of said
certificates of indebtedness at maturity, there shall be annually set
aside beginning July first, nineteen hundred and thirty-seven, 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 for the payment of the principal of said
certificates at maturity shall constitute a sinking fund to be known as
the State highway system certificate of indebtedness sinking fund,
nineteen hundred and forty-seven maturity, and shall be used for the
purpose of paying the principal of the certificates of indebtedness
issued hereunder and for no other purpose.
Section 12. The issuance of certificates of indebtedness hereunder
shall constitute an agreement for the benefit of the holders of such
certificates that the tax upon motor vehicle fuels set aside for the
construction or reconstruction of roads in the State highway system
and the State motor vehicle license tax, will not, while any of the
certificates issued under the provisions of this act are unpaid, be
reduced to such an extent as to prevent the amount of such taxes
collectible each year and available for the payment of interest and
creating the sinking fund hereinbefore provided over and above the
cost of collection thereof from being a sum equal at least to the
interest upon such unpaid certificates of indebtedness and the sinking
fund requirements for such year.
Section 13. The commissioners of the sinking fund shall sell the
certificates of indebtedness issued under the provisions of this act, for
cash at such prices not less than par, as may be approved by them.
The sums of money received from the sale of certificates of indebted-
ness issued and sold under the provisions of this act shall be paid
into the State treasury by the commissioners of the sinking fund, for
credit to the sinking fund certificates of indebtedness issued under the
act approved March nineteenth, nineteen hundred and twenty-six,
hereinbefore referred to in section one of this act, and maturing on
July first, nineteen hundred and thirty-seven. The commissioners of
the sinking fund shall make and keep a record of all certificates of
indebtedness surrendered to them and shall cancel all such certificates,
and out of the proceeds derived from the sale of the certificates of in-
debtedness issued under this act shall pay to the counties, district,
cities, towns and persons by whom such certificates of indebtedness
have been surrenderd the par value of certificates so surrendered by
them respectively.
Section 14. At any time after issuance of the certificates of
indebtedness herein provided for has been authorized by the com-
missioners of the sinking fund with the approval of the Governor, and
before the sale of said certificates of indebtedness, the commissioners
of the sinking fund with the approval of the Governor, may antici-
pate the receipt of the proceeds to be derived from the sale of said
certificates of indebtedness by issuing and selling negotiable notes of
the Commonwealth of Virginia, in coupon of registered form, bearing
interest at a rate not exceeding six per centum per annum, and matur-
ing not later than two years from their date, and all other provisions
of this act applicable to certificates of indebtedness herein authorized
to be issued, shall apply to such notes. Such notes may be renewed
or refunded from time to time by the issuance of refunding notes
running for a like period or not exceeding two years from their
respective dates, which dates shall be the dates of maturity of the
notes for the renewal or refunding of which such notes may be issued.
If notes are issued pursuant to this section then the certificates of
indebtedness authorized by this act shall not be sold and delivered
more than thirty days prior to the date of maturity of such notes.
Section 15. Except insofar as is prescribed in this act the com-
missioners of the sinking fund, with the approval of the Governor,
shall determine the forms of the certificates of indebtedneess and/or
notes provided for in this act and of the coupons to be attached
thereto. The commissioners of the sinking fund and the Governor
are authorized to do any and all things necessary in carrying out the
provisions of this act and in the issue and sale of the certificates
and/or notes herein authorized. All expenses incurred in carrying
into effect the provisions of this act, shall be paid out of the State
highway system construction fund upon warrants of the Comptroller
drawn on the State Treasurer, which said warrants shall be issued
upon vouchers approved by the State Highway Commissioner.
Section 16. 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 tem-
porary loans for and on behalf of the sinking fund provided for in
section eleven (11) of this act 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 securities so purchased; if any such
loan be effected the securities pledged shall within a reasonable time
thereafter be disposed of and the proceeds from such sale used to
repay the money borrowed.
2. An emergency existing because of the necessity for the protec-
tion of the public welfare and credit of the State, this act shall take
effect and be in force immediately upon its passage.