Sec. 4. It shall be the duty of said commission to keep all sink2 ing funds, under its control, invested. The sinking fund shall 3 be first invested in the taxing districts' own bonds, if the same 4 are available for purchase. If no such bonds can be purchased for 5 investment or retirement, then it shall be the duty of the com6 mission to invest the sinking funds in bonds issued by other taxing 7 districts of the state. Provided, however, that the bonds so pur8 chased mature before the bonds mature for which the sinking fund 9 was created. Before any bond shall be purchased by said com10 mission, either for investment or retirement (unless the same 11 mature according to the condition of the bond), the purchase must 12 be authorized by a recorded vote of said commission, showing the 13 approval of three-fourths of all the members. No bond shall be 14 purchased at a greater rate than par and accrued interest. The 15 interest fund shall be used for the purpose of paying the interest 16 on the outstanding bonds as the same falls due.

Sec. 5. Separate accounts shall be kept for each bond issue 2 of each taxing district of the state, showing in detail all receipts 3 and disbursements. Every six months, said commission shall ren4 der to each taxing district of the state, having outstanding bonds. 5 a statement showing the condition of its interest and sinking 6 funds, together with all receipts and disbursements of the pre7 ceding six months. At the same time the commission shall sur8 render to the taxing district the coupons and bonds paid, which 9 have been cancelled. All bonds purchased by the commission as 10 an investment for the funds shall remain in the custody of the 11 state treasurer, until the same mature and are cancelled.

Sec. 6. The commission shall, annually, at least thirty days 2 before the time for making up the estimate for levy purposes, 3 render to each taxing district having outstanding bonds, a state4 ment showing the levy required to pay the interest on and create 5 a sinking fund for the retirement of the district's outstanding 6 bonds.

7 The officers of each taxing district having outstanding bonds 8 or issuing bonds shall make reports relating thereto to the state 9 sinking fund commission, in the manner and form prescribed by 10 the chief inspector and supervisor of public offices.

Sec. 7. All interest or interest coupons and bonds (at their 2 maturity) of the several taxing districts of the state shall be pay3 able at the office of the state treasurer out of the fund provided by 4 section eight of this act.

Sec. 8. All interest and sinking funds on hand July first of 2 each year and belonging to the counties, districts, school districts, 3 independent school districts or municipalities of the state, shall be. 4 by the treasurer or collector thereof, not later than the following 5 December, deposited in a state depository within the county or 6 within the district or municipality, if there be a state depository 7 therein, to the credit of the state. Provided, however, that one8 half of all interest and sinking funds on hand July first, nineteen 9 hundred and twenty-one, shall be so deposited in a state deposi10 tory not later than the following December, and the balance not 11 later than the following June.

12

Whenever the amount deposited to the credit of the state for 13 any taxing district is not sufficient to meet the interest falling due, 14 it shall be the duty of the treasurer or collector of said taxing 15 district to remit a sufficient amount, of interest and sinking funds. 16 that may be in his hands, to meet the interest then due upon being 17 notified of the fact by the state sinking fund commission.

18

Interest and sinking funds, collected by state officers on account 19 of the bond issues of the taxing districts of the state, shall be paid 20 into or placed to the credit of the state interest and sinking fund 21 at the same time as other taxes are paid to the taxing districts. 22

The state auditor and state treasurer shall carry an account to 23 be known as the state interest and sinking fund. All of said 24 deposits shall be carried as a part of said fund.

3 any

Sec. 9. It shall be the duty of every county, district, school 2 district, independent school district or municipality issuing bonds to offer the same in writing to the state 4 sinking fund commission, prior to advertising the same 5 for sale, and the state sinking fund commission shall, 6 within twenty days after receiving such offer, accept the same and 7 purchase said bonds or any portion of same at par and accrued in8 terest or reject such offer. Provided, however, that nothing in 9 this act shall prohibit the state board of public works from pur10 chasing bonds as an investment of the workmen's compensation 11 fund as provided by the workmen's compensation act. The offer 12 to and the acceptance by the state sinking fund commission shall 13 be contingent to the right of the board of public works to first 14 purchase.

Sec. 10. This act shall not apply to any bond issue in this state 2 heretofore made, wherein the ordinance or order of the taxing

3 body issuing the same contains a provision, conditioned by the 4 bond, for a special administration of the interest and sinking 5 funds, which would be inconsistent with the provisions of this

- 6 act.

7 All acts or parts of acts inconsistent with this act are hereby 8 repealed.

CHAPTER 158

(House Bill No. 274-Mr. Zimmerman.)

AN ACT to amend and re-enact section one of chapter sixty of the acts of the legislature of West Virginia at the regular session of one thousand nine hundred and seventeen, authorizing additional levies for the completion of a new court house in any county, or to make permanent repairs to any court house now in use, and to complete the same under existing law.

[Passed March 17, 1921. To take effect from passage. Governor March 19, 1921.]

SEC.
1.

Special levy for completing or mak-
ing permanent repairs to court
houses; amount and number of
years to continue.

Be it enacted by the Legislature of West Virginia:

Approved by the

That section one of chapter sixty of the acts of the legislature of West Virginia at the regular session of one thousand nine hundred and seventeen be amended and re-enacted to read as follows:

Section 1. That the county court of any county wherein the 2 construction of a new court house has been begun, or any court 3 house now in use is in need of permanent repairs, and for which 4 the levies provided for in chapter ninety-two of the acts of the 5 regular session of one thousand nine hundred and fifteen will not 6 raise sufficient money to complete such court house, or make per7 manent repairs to any court house now in use, may, in addition to 8 the levies provided for in the chapter aforesaid, lay a special build9 ing levy annually, not to exceed thirty cents on the one hundred 10 dollars valuation on the taxable property in said county, for such 11 number of years as may be necessary, for the sole purpose of rais12 ing funds to complete such new court house, or to make perma13 nent repairs to any court house now in use.

CHAPTER 159

(House Bill No. 304-Mr. McClintic, of Kanawha.)

AN ACT to amend and re-enact section eighty-one-a-twelve of chapter fifty-four of the code of West Virginia of one thousand nine hundred and sixteen, relating to compensation and fees of the commissioner of banking and assistants.

[Passed April 19, 1921. In effect ninety days from passage. without the approval of the Governor.]

Became a law

building and loan associations, etc., for examinations; additional assistant commissioner to examine building and loan associations; salary of.

Be it enacted by the Legislature of West Virginia:

That section eighty-one-a-twelve of chapter fifty-four of the code of West Virginia, one thousand nine hundred and sixteen, be amended and re-enacted so as to read as follows:

Section 81-a-12. For making such examinations and for pre2 paring and preserving all records and reports contemplated in this 3 act, the said commissioner of banking shall be paid the sum of 4 five thousand dollars per annum salary, and necessary expenses 5 out of the state treasury by proper warrant drawn by the auditor 6 upon the treasurer, and the three assistant commissioners of bank7 ing shall each receive the sum of thirty-five hundred dollars per 8 annum salary, and necessary expenses payable upon like warrants. 9 There shall be paid by each of said banks, savings banks, banking 10 associations, trust companies and other institutions operating un11 der the banking laws of this state, in payment for examination 12 made by said commissioner of banking or his assistants, to the state 13 as follows: For the first twenty-five thousand dollars of assets, as 14 shown by the books thereof on the day of examination, forty dol15-16 lars, and two cents for each additional one thousand dollars of 17 assets. There shall be paid by each of said building and loan as18 sociations and other institutions operating under the building 19 and loan laws of this state, in payment for examinations made 20 by the commissioner of banking or his assistants to the state as fol21 lows: For the first one hundred thousand dollars of assets, as 22 shown by the books thereof on the day of examination, twenty23 five dollars, and two cents for each additional one thousand dol24 lars of assets; and said commissioner of banking shall collect all 25 such fees and pay the same into the state treasury. Provided,

26 that the state banking commissioner is hereby given authority to ap27 point one additional assistant commissioner to those provided for 28 in section eighty-one-a-one, chapter fifty-four of Barnes' code of 29 West Virginia, whose qualifications shall be the same as prescribed 30 for the other assistant commissioners, whose specific duty shall be 31 to examine, under the supervision of the commissioner of banking 32 at least twice in each year all building and loan associations doing 33 business in this state, in addition to such other duties as may be 34 assigned him by the said banking commissioner. The salary of 35 such commissioner shall be the same as provided for assistant com36 missioners in another part of this section.

CHAPTER 160

(Committee Substitute for House Bill No. 375.)
(By the Committee on Taxation and Finance.)

AN ACT providing for the payment to the county commissioners for services performed, other than for services in court, in counties having a population of twenty-five thousand or more inhabitants. [Passed April 12, 1921. In effect ninety days from passage. Became a law without the approval of the Governor.]

SEC.

1.

Compensation for county commis-
sioners for services other than in
court; mount, how determined.

I SEC.

Additional duties of commissioners. 3. Inconsistent acts repealed.

Be it enacted by the Legislature of West Virginia:

Section 1. There shall be allowed and paid out of the county 2 treasury, as other salaries are paid, beginning on the first day 3 of January, 1921, to each county commissioner in each county, 4 which has now or may have at any decennial census of the United 5 States at least the number of twenty-five thousand inhab5-a itants or more, for services performed for such coun6 ty, concerning roads, bridges and other county busi

7ness

ness by said commissioners (other than services in court) 8 the following sums of money, to-wit: For each county 9 having one hundred thousand inhabitants or more the 10 sum of two hundred and fifty dollars per month for each month 11 of their term of service, respectively, and for each county which 12 has more than fifty thousand and less than one hundred thousand 13 inhabitants at such census, the sum of two hundred dollars per 14 month for each month of their term of service, respectively, and