The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1854-06-23
AN ACT

May lst, 1854.
AN ACT
Supplementary to,and umcDdalory OF San
act 10 crsale Sinking Fund for the
payment Of the 'piiucipal end interest
= of the Public Debt Of Ohlo," passed
March IA, 1853, and to repeal certain
sections Of said act, and TO amend The
eighth section Of the act entitled can
uclsto define tho dulies'of the Commis-
sioners Of the Sinking Fund.-" pissed
; April 18Th, 1859.
Sic. l. BE it enacted BY the General
Assembly Of the Stale Of Ohio, That
the Commissioners Of The Sinking Fund
are hereby autho,ized, and when an OPP
porlunity occurs, they are directed to ex-
change for certificates Of the six per cent,
stock of the funded debt Of This State, OF
10 sell, or otherwise dispose of, for mon
ey,any and all Of the shares oi stock held
by the State, in any Of the rail road com
panies, canal companies, and tnrnpike
companies of this State: Provided, that
such shares Of stock shall in no case be
sold, or otherwise disposed Of, except up
on cash payment therefor, and in no case
shall any such shares be sold,exchanged,
Or otherwise disposed Of, al less Than the
actual cash value Of the same. Should
such commissioners be unable 10 ex-
change said stocks for certificates of the
funded debt Of the Slate, they may, al
such TINES as they may deem proper, ad-
veriise thai proposals Will be received by
them, al their office, in Columbus, for The
purchase Of any or all Of said stocks, such
notice shall be published in such news
papers as they may direct, and shall be
given at leas, ninety days before the time
fixed for opening said proposals. Propo-
sails shall be consideved without respect
10 the number OF shares bid for, and the
sale sliaIl be awarded to the highest bid-
der: Pfovided, that nothing in, tliis sec
contained shall be so construed 10 com>
pei the Sinking Fund Commissioners to
exchange, sell, or otherwise dispose of
any of said stocks, al less than the par
value thereof, unless, in their opinipn,th
interest Of the State will be promoted
thereby. i
SEC. 2. The Commissioners Of the
Sinking Fund arc hereby further directs
ed, in case such a share Of stocks are
sold, or otherwise disposed Of for money,
10 amply the money thus received. to the
Sinking Fund, 10 be disposed Of in The
Of outstanding bonds Of the
State, or The purchase of United States
Stocks, as prescribed in section six Of
'an act to create sinking fund for the
Of the principal and interest of
he public debt Of Ohio" passed March
eighteen hundred and ffty>
hree, for The application OF other mon
.ys belonging TO The Sinking Fund.
! SEQ. 3. That section six Of san ACT
o create a sinking fund for the payment
u The principal and interest of the pub
ic deb, Of Ohio, ,"ppssed March Ia, 1853,
,e soamended as to read as follows:-
sectioa 6. That whenever an amount
of mnnsy, applicable 10 The payment Of
he principal Of the public debt Of the
Slate, shal3 have accumulated in the
Treasury, equal 10, or exceeding the
Ium OF ten thousand dollars, in addition
o the amount necessary TO pay the ac>
,ruing interest for the year, it shall be
he duly of the Commissioners of The
sinking Fund to Immediately apply such
TO the redemption Of so muchof
he outstanding bonds ofthe State: Pro,
ided, they can be obtaieed at their par
alue, and If not, tlen said Commission.
RS shall, (os in their opinion will bos
observe the interest Of the SIate) ap
'ly them TO !he purchasing Of outstanding
ouis ofahe State of Ohio, at The market
rice therefore. OF invest said moneys in
locks Of the United States, bearing a
ate OF interest not less than five per cent. !
er annnm, and III case they invest said
moneys, OF any par, thereof, in stocks Of
he United States, said stocks shall be
eposi'ed with the Auditor Of State, and
y him safely kept until outstanding
onds of the State shall become due, or
an be purchased upon such terms as IL
,ill be the interest Of the State 10 con-.
ert snid United States stocks into mo
ey, for the purpose Of purchasing or,re>
eeming outstanding bonds Of the State,
I which time said United States stocks