Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1847-02-04
THE NEW BUTLER BILL.
Am Acf

SECTION Be enacted By the General Assembly ofths
State Of Indiana Aud 1t hereby declared in virtue aud
Of The option reserved the Stale by the 81
lion Of the said that the outstanding bonds OF the State
shall be surrendered by the holders thereof, and new
issue made IA exchanges therefor, of two certificates TO be
respectively signed aud sealed, aud otherwise verified by
behalf Of the ate provided for IN the second
section Of the said Each such certificate To be Tor
equal m0iey Of the principal money secured by the bond
bonds which the shall be exchanged, and to
bear interest and after the of five per per
annum provided by the thirysecond section Of said
such be computed from the hrst day OF
January, 1917 that of such ces with interest
eeo Aforesaid shall be paid by the State, out OF the
thereof provided the said thirty second sec
ton Of the said act aud shall be redeema5e at the pleas
ure OF te State alter twenty years. as provided IN The
first section of the ac--and the other of such
Ihcales with interest thereon aforesaid, shall be paid
of e canal lands and the tolls aud OF the
said canal also provided by the thirty section
of the said and that such certificates in the form
mentioned in the schedule this act, shall be ssuabe
provided in tho second section OF said act, as modified by
this.
SEC. ?. That rthcates for interest the form
toned in the schedule TO this act computed from the hrs
day Of January, 1871 the first day Of January, lc41
the respective Of the outstanding debt OF the
State hereInbeore mentioned referred to, shall be ssu
Ell al The time above IN this mentioned, and shall
constitute special stock that the amount OF such OF said
certificates FOR interest shall be chargsabe taxation
as herelnbeore mentioned shall be funded as Of the first
Of January 1853 and shall bear interest from that day.
but not before, and after the Of ad hall per
cent per annum, payable semi-annuay the first day
OF July and tine first day Of January every year, aud
the first half yearly payment of such interest shall become
due and be paid the first day Of July 1858 That ;he
amount OF such OF the said certificates for interest shall
cbargeabe the canal lands and the tolls aud
of the said canal shall likewise be funded and
from the said first day of January 1885, aud shall bear
interest as aud from that day, but not before, at and
after the of five per per aBnun which interest
shall also be paid semi-annuay the first day of July
and the fist day Of January in every year. and The first
half yearly payment thereof shall become due aRd be
paid the first day of july 1883 and certificates
bearing interest after the rate and payable at the times
lastly mentioned, shall be issued and delivered out by the
said trustees to the parties respectively entitled thereto,
when the certificates for the principal shall be issued aud
delivered to such parties, specified IN the hrst section
Of tins act.
the st of January, lo47 10 the first of January 1905
Inclusive that moiey OF the principal SUN secured by
each bond surrendered and exchanged Aforesaid and
which be paid of the of the State alone
aud being the rate of five per cent per annum on such
nOety shall be paid by the State in the provided
IN the first section of the said act that is to say on the
principal specified ia such last mentioned certificates the
State shall and will pay interest and alter the rate OF
four per per from the first day of January,
lo47 which interest shall be paid seml-annualy, namely
the first day of July and the tTs day OF January IN
every year, the first of such interest TO be made
the first day Of July S47 up and inclusive of the
first day Of January, 1853; and the remaining one per
shall be added and form part of the special stock
called; and be put upon the footing; aud at the
time OF the said seni-anDua payment oil The lour pei
cent, and up the first day Of January, 1885, Inclusive
separate certificate shall be given for the said
cenf (to make up the five per aforesad), which
eefcate shall may be- conform TO that which
~ the second section OF this required to be issued
fer the of interest accrung between first January
l34l and frs; January 1917 aud made payable in the
manner, and shall bear the ra.e Of INTEREST,"
from and after first January, 1885, or, the aggregate
of said per from lo4I To 1903, IN
the first be added and included in the certf
be issued for the of interest aecruns prior
first January, lSi7 as aud when the said certificates
shall be suable according the second section Of this
act: PrOUided That if The of the State to be
derived from the property and poll tax in the said first
section of the said act mentioned, shall not be sufficient
by reason of the in the section mentioned
10 paw full said interest of four per per annum
then and 10 that the State shall only be required 10
pay up the said first day of January, 1883 such of
interest the par funds in her treasury derived from the
taxation aforesaid; shall enable her do which shall be
paid and distributed rata the principal specified in
such last mentioned certificates of stock issued for the
principal and the deficit with per cent per annum from
the it became due the State shall make up and pay
the holders of such last mentioned certificates by
the first day Of January 1853 and from time TO tme at
each semiannual payment up 1888 shall give TO the
holders Of said certificates separate certificate for the
amount of said deficit: Pr0rided, That no money shall
be actually paid any holder Of said certificate IN
Ill bonds TO the amount of four millions of dollars exclu-
of interest," shall be surrendered for canceIaion
provided in SAID original act, modified by lhs
SIC. A. That the amount of interest to accrue from
the first of January Si7 the first of January, 1883,
Inclusive on that moey Of the principal sum secured by
sach bond surrendered and exchanged Aforesaid and
which be paid by the trustees out Of the canal lands
and the tolls and revenues Of the canal only and being at
be paid by the said the provided
The tenth section of this present PTODided, That
If the proceeds OF the said canal lands and the tolls and
of the said canal shall (ater deiraying all
needl expenditures and Outlays for repairs, attendance
and other necessary things apPertainng thereto in the
thirteenth section of the said act mentioned be sufficient
pay in full the said which shall from
the said hrs day OF January 1c1 to the said hst day OF
January 1883 inclusive, provided in the said tenth
section of this the deficiencies Of any of said canal
lands and tolls and discharge such interest
last aforesaid, shall the said first day of January, 1883,
be also converted into special stock bearing interest
the of five per per annum, but shall only be
payable of the said canal lands and tolls and
of the said canal and for which proper certificates Of
stock shall be issued from time the deficiencies
accrue.
SEC s. That payment of interest upon certificates
chargeable upon the Sate whether original certificates
special stock, shall be made from time to time such
certificates only shall have been registered with the
Agent of the State New York. directed by said ac
during the half year prior such interest becoming due
SEC 6. That bondhoders who shall not subscribe be-
fore the first day of November lS47, TO the completion
of said canal hereinafter mentioned and shall not
render their bonds in exchange for certificates before the
excluded from the light become subscribers the COM
pleon of said canal and works. shall nevertheless be
titled TO receive certificate for such amount OF interest
shall have accrued, payable of the State
such bondhoders under the provisions of said
ard Of this from the first day OF January lo47 to the
half yearly day Of interest happening Immediately before
the day when they shall register their bonds aforesaid
but not TO any money payment IN respect theeo and the
amount Of Interest represented by such last mentioned
certificate, shall be funded together with the special stock
the first January, 1853.
SEC Z. That instead Of the previous surrender and
cancellation Of the amount of bonds specified IN the thirty
third Of the said act, the bondhoIders shall be-
they hereby required to surrender for cancellation
bonds the amount of not less than four millions of dol
lars Of principal exclusive of interest thereon and that
the subscription for the completion of the said canal,
stead Of that required by the sixth section of the