Resolved, That the propositions made by Messrs. Penett and Company, are of great importance to this Commonwealth, and deserve the attention and utmost encouragement of the Legislature.
Resolved, That it will be the interest of this Commonwealth to convey to the said Messrs. Penett and Company, the interest of this Commonwealth in the canal, foundery, and other works, belonging to the public, at the falls of James river: the said Messrs. Penett and Company, securing to the public the full consideration money to be paid by them for the public interest in the canal, foundery, and other works, as aforesaid.
Resolved, That the Governor, with the advice of the Council, be empowered to purchase and convey to Messrs. Penett and Company, three thousand acres of land, as convenient as may be to the place where they shall erect their foundery; and also some place, on or near James river, proper for erecting a furnace, whereon ore, wood and water, may be found convenient for carrying on the works, together with a coal mine, as convenient to the foundery as possible: taking from the said Penett and Company, sufficient security for their reimbursing to the public, all monies advanced for the said purchases.
Resolved, That the Governor, with the advice of the Council, be empowered to appoint proper persons, who shall, in conjunction with Messrs. Penett and Company, or persons appointed by them, examine the places on both sides of James river, which may be proper for erecting such works as are proposed to be established by the said Company; who, if they shall find any such convenient place, other than Mr. Ballendine's, to be approved of by Messrs. Penett and Company, shall report the same to the Governor, who is hereby required to purchase from the proprietor of such place so much ground as may be necessary for erecting said works; and also that he purchase from all persons holding lands, through which it may be requisite to cut a canal or open road to Richmond or Manchester, as the case may be, as much land as will be necessary for that purpose, and convey the same to Messrs. Penett and Company, taking sufficient security for the same, as required in the foregoing resolution.
Resolved, That the Governor, with the advice of the Council, be empowered to contract with Messrs. Penett and Company, that they shall reimburse to this Commonwealth such part of the money advanced in the purchases before directed, as they shall think proper, by the most speedy importation of arms and military stores; and that they farther contract with Messrs. Penett and Company, for an annual supply of cannon and small arms after the completion of their works, in such numbers, on such terms, and for so long a time, as they shall think proper.