Sec. 417. How indemnity to Auditor allowed.—If any such allowance be Id., § 2. applied for by the Auditor, it shall be competent for the other members of the board to pass upon and allow the same; but the Auditor shall not act as a member of said board in passing upon his own claim. c. 372. Sec. 418. Commissioners of Sinking Fund; their duties.-The Treasurer, 1883-4, p. 482, Auditor of Public Accounts, and the Second Auditor shall constitute and be known as "The Commissioners of the Sinking Fund," and have the control and management thereof. Any two of them shall constitute a quorum. They shall keep a regular and sufficient set of books wherein 1874-5, p. 421, c. 331, 24. shall be recorded all of their proceedings, showing their receipts and dis- 79 Va., 563. bursements and the condition of the fund, of which they shall make report to the General Assembly at each regular session thereof. Their books and papers shall be kept in the office of the Second Auditor, and the bonds in the office of the Treasurer. Sec. 419. Sinking fund, of what constituted.-The bonds of the state of Id., p. 420, § 1. Virginia, purchased prior to the thirty-first day of March, eighteen hundred and seventy-five, by the commissioners of the sinking fund, which was established under the act of assembly passed March thirtieth, eighteen hundred and seventy-one, known as the funding act; all bonds received prior to that date by the state on account of debts due to her, or on account of the disposition of her interest in any of the railroad or other internal improvement companies, since the thirtieth day of March, eighteen hundred and seventy-one, the bonds received from the following sources, being included; from the Richmond and Danville railroad company, eight hundred and twelve thousand four hundred and seventeen dollars and forty-four cents; from the Richmond and Petersburg railroad company, five hundred and thirty-one thousand two hundred and fifty-seven dollars and seventy cents; from the Orange and Alexandria railroad company, eight hundred and seventy-four thousand six hundred and fifty-seven dollars and thirty-one cents; from the Norfolk and Petersburg railroad company, one hundred and forty-four thousand twenty-four dollars and forty-nine cents; from the sale of the Desert tract of land, sixteen thousand dollars; from the Dismal Swamp canal company, twenty-four thousand eight hundred and thirty-nine dollars and ninety-eight cents; from the Richmond and Danville railroad company, on account of interest, sixty-four thousand two hundred and twelve dollars and ninety-eight cents; from the Board of Public Works, on account of claims against Selden, Withers and Company, the Chesapeake and Ohio canal company, one hundred and forty thousand eight hundred and fifty-three dollars: also the bonds of the state in the hands of the Auditor of Public Accounts on the thirty-first day of March, eighteen hundred and seventy-five, which were received by him in settlement of claims due to the state, amounting to forty-six thousand four hundred and thirteen dollars and five cents; and the principal and accumulated interest of the bonds held by the commissioners of the sinking fund, which was established by the act of assembly passed March twenty-sixth, eighteen hundred and fifty-three; whatever may Id, § 2. have been realized from the claims of the state against Selden, Withers and Company; from the Chesapeake and Ohio canal company; from the Richmond and Danville railroad company; from dividends and interest heretofore paid by any railroad or other internal improvement company upon stocks or bonds owned by, or debts due, the state; from the sale or other disposition of said stocks or bonds, except the sum of five hundred 1883-4, p. 148, c. 111. Id., p. 482, c. 372. 1885-6, p. 537, c. 470, § 4. thousand dollars paid by the Norfolk and Western railroad company; whatever has been since the thirty-first day of March, eighteen hundred and seventy-five, or may be hereafter realized from any claim of the state against the United States from the sale, rent, or profit of any real estate owned by the state on the thirty-first day of March, eighteen hundred and seventy-five; all damages which have been since the thirtyfirst day of March, eighteen hundred and seventy-five, or may hereafter be recovered by the state against defaulting revenue collectors; the stock owned by the state in and its entire claim against the Richmond, Fredericksburg, and Potomac railroad company, including obligations or dues on account of unpaid dividends; whatever sums may hereafter be realized under section three hundred and ninety-three; and all other sums paid into the treasury to the credit of the sinking fund under the act of March thirty-first, eighteen hundred and seventy-five, or any other act of the General Assembly, shall constitute the sinking fund of the state. Sec. 420. To be used in buying bonds.-Any money in the treasury to the credit of the sinking fund shall, annually, or oftener as occasion may require, be applied by the commissioners, to the purchase, at market rates (not, however, exceeding the par value), of bonds issued under the act of February fourteen, eighteen hundred and eighty-two, or under this chapter. Sec. 421. How amount to be expended is ascertained; bonds to be bought by sealed bids.---It shall be the duty of the commissioners of the sinking fund to meet on the first Monday in every month, up to and including the month of April, eighteen hundred and eighty-eight, and to determine at each of such meetings what sum, if any, can be spared from the treasury, after making ample allowance for all the expenses of the government, and of the public schools, and for the payment of interest on the three per cent, bonds issued under the act of February fourteenth, eighteen hundred and eighty-two, and under this chapter, and for all other appropriations. If it be determined by said commissioners that there is a surplus in the treasury, after making due allowance as aforesaid, they shall forthwith certify to the treasurer what sum, not exceeding fifty thousand dollars in any month, they may determine to invest, as herein provided; and the treasurer shall, on or before the twentieth day of the same month, place the sum so certified, to the credit of the said commissioners. They shall, immediately after their meeting, advertise once a week, for two successive weeks, in one or more newspapers published in the city of Richmond, that they will receive offers for the sale of such amount of the said three per cent. bonds. All such offers shall be in writing, shall be sealed, and shall be opened by the commissioners, at noon on the twentieth day of the month, in the presence of the Governor, or if he be absent, in the presence of the Secretary of the Commonwealth. If the twentieth day of the month fall on a Sunday, or on a legal holiday, they shall be opened on the next day which is not a legal holiday. The bonds offered at the lowest prices shall be purchased by the commissioners, to the extent the fund to their credit as aforesaid will enable them to do; and they shall have authority to reject any and all bids made. All bonds purchased under this section shall be so listed on the books of the commissioners as to show the number and denomination of each, with the date of purchase, and the price paid, and after being so listed, shall be delivered to the treasurer, who shall label and file the same in his office. No bond shall be purchased unless all unmatured coupons shall be attached thereto. All interest due March sixth, eighteen hundred and eightysix, and all interest which has since accrued, or may hereafter accrue on the three per cent. bonds purchased by the commissioners under the act of March fifteen, eighteen hundred and eighty-four, and all interest that has accrued or may hereafter accrue on bonds purchased under the act of March sixth, eighteen hundred and eighty-six, shall also be used by the commissioners in carrying out the provisions of this section. Sec. 422. How moneys of sinking fund paid into treasury; how paid out. 1852-3, p. 31, c. 17, § 14. All moneys belonging to the sinking fund shall be paid into the treasury on the warrant of the Second Auditor, and shall be paid out in like manner when authorized by the commissioners. Sec. 423. Treasurer to receive and pay moneys of sinking fund; to report Id., § 15. to General Assembly.-The Treasurer shall receive and pay the moneys belonging to the sinking fund as hereinbefore provided. He shall keep a distinct account of the same, and report to each session of the General Assembly the aggregate receipts and disbursements on account thereof up to the first of October or first of January, as the case may be, preceding each session of the General Assembly, and the balance remaining unexpended at such time. Sec. 424. To keep register of coupons.-The Treasurer shall continue to 1878-9, p. 372, keep registers of all coupons issued since July first, eighteen hundred c. 108, §1. and seventy-one, according to class, denomination, number, and time when due. In the column of "time when due," and opposite the “number" thereof, he shall have posted the number of the warrant and its date of issue, for the payment of every coupon which is redeemed or paid; and he shall cause to be canceled the columns of "time when due," after the date of a transfer of a coupon bond into some other class or denomination of bonds, and prior to the issue of new numbers of coupon bonds. Sec. 425. Coupons to be compared with register monthly.-He shall com- Id, § 2. pare monthly the coupons cut off in his office with the coupon register and the orders for transfer from the Second Auditor's office, in conjunetion with the Second Auditor and the Secretary of the Commonwealth. Coupons, after having been thus compared and canceled on the coupon register and found correct, may be destroyed. Sec. 426. Treasurer to cancel coupons received for taxes.-The Treasurer 1874-5, p. 5, c. 4. shall cancel all coupons which may be paid or received in payment of taxes, debts, or demands of the state, by causing three holes to be punched through the same in some uniform mode, with an instrument to be provided by the Governor. Sec. 427. Registry of certificates of debt.-The certificates of debt now Code 1849, registered in the Second Auditor's office shall continue registered therein. P. 231, c. 44, §7. In the book containing such registry reference shall be made to the special act authorizing the loan. See. 428. How certificates signed and paid.-Every such certificate shall Id., §8. Sec. 429. Who deemed owner of certificate.-The person appearing on Id., §9. Id., p. 232, § 10. Id., § 11. 1857-8, p. 85, c. 99. Code 1849, to such person, or his personal representative, made before a transfer of the certificate on the books of the said office. Sec. 430. How certificates sold, &c.-But if the person so appearing on the books as owner shall, bona fide, and for valuable consideration, sell, pledge, or otherwise dispose of such certificate to another, and deliver to him the certificate, with a power of attorney authorizing the transfer thereof to him on the books of the proper officer, the title of the former in the said certificate (both at law and in equity) shall vest in the latter for the whole amount of the certificate, or so much thereof as may be necessary to effect the purpose of the sale, pledge, or other disposition; and it shall so vest, not only as between the parties themselves, but also as against the creditors of and subsequent purchasers from the former, subject to the preceding section. Sec. 431. How transferred on books of office.-Upon the delivery of the said certificate at the office in which it is registered, a transfer may be made on the books of the said office, either of the whole amount, or of any part thereof, by the person appearing on the said books as the owner, or by another having a power of attorney from him, duly authenticated, authorizing such transfer. Upon a transfer, the former certificate shall be canceled, and one or more new certificates shall be issued, not exceeding together the amount of that canceled. But no transfer shall be made on the said books after the ninth day of December or ninth day of June, until the first day of January or the first day of July. Sec. 432. Auditor may cancel old certificates and issue new.—The p. 232, c. 44, § 12. Auditor, in whose office any certificate is registered, shall, when applied to, cancel it and issue new certificates, not exceeding together the amount of the former. Id., § 13. 1869-70, p. 29, c. 28. 18 Gratt., 751. 80 Va., 427. 1850-51, p. 5, 1872-3, p. 267, c. 294, § 2. Sec. 433. Where canceled certificates to remain; how new certificates issued and registered.-Every canceled certificate shall remain filed in the Treasurer's office. Every new certificate shall be registered, signed, and countersigned, like the former certificate. Sec. 434. How lost certificate renewed.-When any certificate shall be lost by the holder thereof, he may produce to the Auditor, in whose office the said certificate is registered, proof of his having advertised the same once a week, for four successive weeks, in a newspaper; file in the office of the said Auditor an affidavit, setting forth the time, place, and circumstance of the loss, and execute a bond to the commonwealth, with one or more sureties, approved by the said Auditor, with condition to indemnify all persons against any loss in consequence of issuing a new certificate in place of the one so lost; and thereupon the said Auditor may issue a new certificate and register the same. Sec. 435. Executive may effect temporary loans.-The executive shall have authority to raise, from time to time, by temporary loans, so much as may be needed to supply the wants of the treasury, to be refunded by warrants of the Auditor of Public Accounts within twelve months from the time when said loans are made. Sec. 436. Board of Education to keep certificates of West Virginia's share of the debt. The certificates given for the third of the bonds set apart for West Virginia shall be safely deposited and kept by the Board of Education, subject to the provisions of any settlement which may be had between this state and the state of West Virginia in reference to the public debt of Virginia, created prior to the formation of the state of West Virginia. TITLE 13. PUBLIC REVENUE. CH. 23. Assessment of lands and lots, and their subsequent re-assessment. 24. Assessment of taxes on persons and property; licenses, how procured; certain acts imposing taxes continued in force. 25. To provide for submitting the question of liquor license to the qualified voters of counties, corporations, and magisterial districts. 26. Of taxes on process in suits, official seals, deeds, wills, and administrations; how and by whom collected and paid. 27. Collection of taxes. 28. Mode in which lands returned delinquent for taxes are sold, or vested in the commonwealth. 29. Of the receipts for waste lands, and for fees paid in the land office. 30. The mode of receiving and enforcing payment into the treasury of public money collected and debts to the commonwealth generally; with the manner of selling lands taken for such debts, or otherwise acquired by the commonwealth. 31. Mode of recovering fines, and enforcing payment into the treasury. CHAPTER XXIII. ASSESSMENT OF LANDS AND LOTS, AND THEIR SUBSEQUENT RE-ASSESSMENT. Sec. 437. When and how assessors appointed to assess lands and lots. The judge, attorney for the commonwealth, and clerk of the county, or corporation or hustings courts of the several counties and cities, shall constitute a board, whose duty it shall be, on or before the first day of January, in the year eighteen hundred and ninety, and every fifth year thereafter, to appoint as many assessors as there are commissioners of the revenue in their respective counties and cities, except in the city of Richmond, where there shall be three, to assess the cash value of all lands and lots, together with the improvements thereon, within their respective counties and corporations; but no person shall be appointed assessor for any county or corporation who is not a resident therein. In those counties in which two or more assessors are to be appointed, the board shall appoint one for each district in which there is a commissioner of the 1884, p. 113, c. 116, § 1. |