Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1856-05-07
April s, 5
No. 89.1 AN ACT

To provide Tor the payment OF the Public Debt Of the
State, due January l, lS57. and for the payment OF
the interest on the Public Debt.
SECTION l.. Be II enacted by the General assembly Of
the State Of Ohio, That the commissioners Of. the
sinking fund he, and they are hereby authorized. to
issue in accordance with the provisions and conditions
of the act Of February, 4, lS25. creating the State debt.
and Of the several acts amendatory thereof, transfera-
BILE certificates Of stock bearing interest at n rate not
exceeding six per centum per annum. payable semi
annually at the transfer agency in the city OF New
York. the principal to be r~edeemahle At the pleasure OF
the State. at such time between the year 1875 and the
wear 1856, as the commissioners Of the sinking fund
may determine; the certificates to be transferable at
said agency in the manner prescribed by law, or cou-
pom certificates as the said commissioners may deem
most advisable to he registered at said agency.
SECTION ?. Tn. said Commissioners shall not. by au-
thority OF this act. issue certificates to an amount
greater than tie principal Of the furded debt of III.
State, made payable at the pleasure Of the State after
the year 1856, after the application o. the sinking fund
available for that purpose. to the pay ment thereof; nor
shall they sell any certificate Of stock al a rate less
than the par value thereof.
sErrIoS 2. The moneys arising from the sale Of the
certificates authorized ty this act. shall be applied by
the commissioners o. the sinking fund, to the redemp-
ton Of the certificates Of the funded debt Of the State,
made payable as stated in the second section Of this
act. and to no other purpose.
SECTION 4. The following sums are hereby aPpronri-
ated Of any moneys in the treasury belonging to the
sinking fund including the amount shat may lie raised
by the sale of certificates as provided in the first sec
ton Of this act for the year ls56. viz: For the payment
ofthe semi annual interest to become cue on the foreign
debt of the State, on the fret day Of July, 1856, and the
first day OfJanuary, 1857, and the semi-annual inter
est TO become due en- the domestic debt ofthe State on
the first day Of May, and the first day Of November,
1856, the sum Of eight hundred and thirty thousand dol
lars. For the payment OF interest on school and trust
funds, held by the State, one hundred and thirty three
thousand eight hundred and thirty dollars. For the
payment Of the foreign debt Ofthe State. payable at the
pleasure OF the State. after the year lS56. two millions
Eve hundred and nine thousand dollars. For the pay
ment Of the debt Of the State past due. the certificates
Of which have not been presented for payment, and not
bearing interest, two thousand three hundred and fifty
dollars.
For the payment Of the salaries Of the transfer agent
and registrar in New York City and contingent eXpen-
ses Of their offices for the year 1856. a sum not exceed
ing eight hundred thousand dollars.
SECTION S. This act shall be in force from and after
its passage.
". VAN WORRIES,
Speaker ofthe House of Representatives.
THOMAS II. FORD.
President OF the Senate.