The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1851-04-17
iMPORTAN STATE LAWS.
The %, 900 900 Canal Hill.

~ Al ~ PROVIDE fOR THE COMPLETION OF IHE
ERIE CANAL ENLARGEMENT, AND THE GgxgsEE
VALLEY AND BLACK RIVER CANALS.
The People 81 he State # Nw Fork represented in Senate
and .fsseSiIy. do enact as foilows
xseon l. The remainder Of the revenues Of the Ssts
canals after defrayiDg the expenses collection supe
intsndenec rnd ordinary repairs and after paying
piled to the ~xpxuishment OF the canal debt AMI ~.
general fund debt and for the expenses of
vernment shall h. applied In each cnl year the
peton Of the Erie canal enlargement and Of the
Valley and Black River canals, in the herein
after directed until the sad enlargement and the said
caDals-hsll be- completed
SEE The Comptroller shall to be prepared GER
tihcates to be denomit at,d Canal Revenue CertiH
cste in tbs manner specified in the second section Of
chspter three hundred and twenty Of the laws Of
thousand eight hundred and and Of the demo-
limitations therein specified except that the may be
in sums not LEES than fifty dollars which shall pur
port he.r face to b, issued by virtue OF this act
without any ether liability obi CATION pledge the
part Of thAs state than such IL contained in this
the surplus revenues Of the canals redeemed
and the interest thereon to he satisfied provided in
this act. Such certificates shall be made payable at
such time, not exceeding twenty years from the
time OF their issue the Comptroller shall designate
being the period when in his judgment the revenues
provided by this act will be sufficient for their rcdemp
ton and the payment of the interest thereon and they
sha bear interest Of not exceeding six per cent
payable semi annually. such days such
places the Comptroller shall direct All the existing
provisions OF law in relation to certificates Of stock issued
10y or under the authority Of the commissioners Of the
canal fund so far as they applicable, shall extend
and be applied to the said canal certificates and
all the powers and duties Of the commissioners of the
by the state under their direction shall dev upon
and be performed by the Comptroller in relation to the
canal certificates authorised by this act The
said certificates shall be in the following form
CANAL RE,rsur CERTIFICATE
This certificate is il sued under the authority of an act
of the Legislature the State of New York entitled
AN act to provide for the completion OF the Erie
enlargement and the Genesee Valley and Black River
canals" passed the day of 1851; and
entities assigns, to receive dol
lars, on the day OF Is and the in
tercst thereon, at the rate Of per cent per annum
day of " in each year, until the he'i time me
when the principal sum will be receivable at
provided in the said act without any other obligation
liability pledge the of the state of New York
than such j. contained in the said act Dated this
Is And they shall be signed by the Comp
troler officially anu countersigned by any transfer agent
appointed by him
Sec B. The surplus specified in the first sec
ton of this act which have and may accrue in the wears
lS5 1892 1898 and 1854 shall be applied to the compile
ton of the Erie canal enlargement AMI the Genesee VAL
ley and Black River canals until the shall be
pleted After the close of the fiscal year in eighteen
handred and lift flour such earlier period a. the
said enlargement and canals shall be declared by the
canal board to be completed the whole Of the said
plus revenue specified in the first section Of this
the shall be aseertaned a the end of each fiscal
year shall constitute separate fund for and be applied
TO- the payment Of interest on the said canal
certificates issued BY the Comptroller. the
shall fall due and to the redemption Of the said certih
Gates they shall become redecmabe the purchase
OF such certificates hereinafter provided and soon
the amount Of such surplus shall be asccrained in
every fiscal year the Auditor the Canal Department
shall by his warrant the Treasurer transfer the
to the credit Of the said fund until sufficient shall
have been thus transferred and safely inves led to redeem
all the canal revenue certificates issued under this
and to pay the interest thereon such sufeiency and
safety to b. certified by the commissioners of the canal
fund
Sec L. The Comp roller and Treasurer shall keep pro
per accounts Of the said fund separate and distinct from
all other funds and shall annually report to the Legis
laturc the condition thereof The Comp shall from
time to time draw his warrant the Treasurer payable
out Of the said fund only for the payment
the said canal revenue certificates the same shall be-
O he dcer-
tifcates they shall redeemabe, and for the
purchase of such certificates as herein and for
the investment of part OF the said fund and for the
payment Of the expenses OF preparing issuing and trans
ierrng such certificates.
Sec 5. The Comptroller shall from time time invest
any part of he said fund which may b. required
immediate application, to the inter 1T principal sum Of
payment Of which the faith Of this State is may
pledged in the manner provided by Law. for the in
yestment o the capital Of the school fund and
he from time to time purchase any canal
certificates issued under this act, such the
commissioners Of the canal fund shall judge to be most
to the fund hereby created and he shall
in like manner invest any income interest arising
{. ON any investment so made by him.
Sec g. The certificates Mel according
to the provisions II this act shall be received from
association Of persons formed for the purpose
OF banking and intending to condaet banking opera
tons under the laws Of this State for circulating notes.
TO be delivered to such person association in the
upon the terms and to the same ex-
stocks sued 10y this state the said certificates may
also be received from insurance company organized
in any other State in compliance with any law requiring
the deposit Of certificates Of stock security for the
performance Of the undertakings Of such company
Sec T. The Comptroller shall sell canal ccrtf-
cat issued herein provided to the amount three
millions Of dollars within one year after the passage of this
act and within the second year after the passage Of
his act to the further amount Of three millions of dol
lars and within three years after the passage Of this
act TO such further amount not exceeding three mil
lions Of dollars shall be certified by the canal
board to BE- necessary for the final completion of tn.
Erie canal enlargement and the Genesee Valley and
Black River canals, II such sales be made for the
full amount Of the principal sum for which the said
uheacs shall bc issued respect lively The notice
Of all such sales shall be given by the Comptroller is
now prescribed 10y law in relation to notices Of loans
be made by the commissioners of the canal fund.
Sec The avails Of all sales Of the said certificates
together with all premiums received thereon shall be
,datcly paid into the treasury this State amt
the together with all interest that shall accrue on
the deposit Of such ayas shall be applied exclusively
the completion Of the Erie canal enlargement and the
Genceec Valley and Black River canals In the sam,man-
ncr a. u or may be provided by law In respect to the
canal revenues and to the pay ment II interest the
certificates aforesaid as herein provided and the
d three millions five hundred thousa nd dollars Ia hereby
appropriated 10 be paid out Of such avail premiums
and interest and the surplus Of the State
canals herein before provided the Of the
auditor of the canal department, during the next year
after the passage OF this act and the like II three
millions five hun trcd thousand dollars IT. hereby appro-
pratcd TO be paid cut Of uch avals premiums interest
ard surplus revenues and on the like warrant. during
the year next after the passage Of this act 10 he
applied to the completion u the said enlargement aud
canals and to be paid as the may be required from
time to time.
1pl
dollars hereby appropriated for the payment Of The
hrt year interest ON the canal cates L.
sued under ths ac and the sum Of three hundred and
sixty thousand dollers is hereby pror,tcd for Tire
y ment 81 the second years intecst on the said Ger.
heaes to be paid by the trceurcr on the warrant Of
:" IN. caha' apartment out Of the avails Of
the aid certificates authorized by this act ANA the nre
lums thereon and the interest that shall
tie' on ne deposit Of such avsils.
cec 10. II at any time after the year eighteen hun
drcd and eft -four the Legislature shall direct the
q three hundred and fifty thousand dollars any part
thereof out OF the surplus o the canals 20 be
applied 10 the necessary expenses q the government
authorized by the third section &C the seventh article of
the constitution. the directed TO be applied shalt
from thcncefvth to constitute the fund
hereby created FOR the payment q the interest and
dempton Of the principal Of the canal revenue cerh
Gates Issued under this act and such amount shall not
be transferred to the credit Of the said fund long
such direction shall continue
Fee IL In each year after the present one the canal
board shall regulate and the tolls the canals
81 this State in reference To the amount Of articles trans
ported thereon during the preceding year that the
snm Of articles TRANSPORTED succeeding