Iowa capitol reporter. [volume] (Iowa City, Iowa) 1841-1855, 1847-01-13

An'IAct

To proside for q loan for tie ps,poss Of e
frying Ae e1peases and Psyiag ths orsds-
dora ~ Tie Nsls.
6EcrloH I. Do i enacted 81 he Genesal A.
sen.hly ~ The State Of lDws, That there shall be
borrowed, for the purpose u paying the current
lc,c. III the State Government. aud 10 pay certain
ciasses Of debts the sum VI Fifiy.6ve thousand
DuIlars, ior term mol exceeding ten years, at rae
III interest nos exceeJus seven per ceutum per an.
mum. pay able annually. The payment II the utter
est aud the reimbursement vi the principal 10 be
made ut such place within the United States as
may be agreed on.
SEC. 2. The Goyernor of the State is auihoriz-
ed and required 10 execute bonds Tor aud III behalf
Of the ssis,e, for any sum or sums Of money which
may he borrowed under the PROVISIONS Of this act,
which bonds shall b. signed by the Governor,
counter signed by the Auditor of Public Accounts
aud for want Of seal OF The ta,c) tie inpess 81
.I,e seal Of the Territory Of iowa shall be affixed
thereon by the Secretary of State.
Sec 3. |, shall lie DEEMED good execution Of
the powers and duties gwen aud prescribed by this
act fr an agent agents Of this Stale TO cell The
bonds herein authorized 10 be made. provided that
in no instance shall said bonds be sold for less than
their nominal par value, which bonds when made As
aforesaid shall he called the Iowa state Stock.
SEC. !. The Stale dtl, hereby irrevocably pledge
lis faiD, 10 provide adequate eans 10 pay The, inter
est due on saiL bolds NJ the same may become
due. and 10 Tcin,bUrsc the principal when the same
bccOn,cs due and Tor these purposes the revenue
arising from s the taxable lau,ls in this State OF
much thereof as muy he necessary, shalt be
and The il, hereby set apart and pledged fos
that purpose. which revenue shall in no year he
less then the amount payable tar the Interest OF
the principal, the may be. after the payment
Uf al expenses OF collection, and M tax siia even
he levied by legislative authority # Iowa on tn,
stock heahy created nor the interests which
may be pa. abie thereon. aud further that the vaiue
of stock sil,! be IN aowsc impaired Ivy the au.
lhor.ty vi the state.
Sec S. That Vim. r. Coolbaugh be, and he i.
he eby constituted aud appointed AL agent OH the
parl aud in behalf Of the Stale 10 negotiate said
loan To sci and transfer the bonds and 10 do aud
pc.f,rm all things necessary and proper Er fulfill
m.s the purposes Of this Act; aud all money o.
funds arising from the loan shall be Iad into The
rcasury Of State subject TO be disposed of as the
Legislature may hereafter direct.
SEC 6. SAID agent shall give security 10 the
Treasurer u State Tor the f,iinful performance OF
the services aid duties requIndhy this Act, in the
sun, Of seventy five thousand dollars said sacuriy
to be approved by The Governor Of this State.
Sec T. The right is reserved I" the State Ia
pay nlf aud reimburse the principal or any par
thereof Ut any time after the expiration Of five
years, on notice heng given by Legislative au,hori
" TO the holders Of bonds six months before The
attended payment.
Sec g. This act shall take effect and be in
force from, and after its publication in the weekly
newspapers in Iowa City.
]. i. BROWNE,
spcake, House Representatives,.
THOMAS BAKER,
President Vi The Senate.
Approved, Dec. 10. l546.
mas ANSEl. BRIGGS.