Mountain Democrat., 1857-08-08
rBY AUTHORITY.
A N A CT

~ c~sseSSS O"N AS0eeNSVSWs 40 eNOct dS yONODe:
srcTSOH 1. For the purpose Of lISuIGAAing funding
and paying the claims against the state Of Caornis
hereinafter specified, the Treasurer Of stass shall
70 be prepared suitable bonds Of the State Of
California, not 70 exceed the sum Of three miIena
nine hundred thousand dollars, bearing interest 81
81 their issue, payah1s - the STATE TreasueFs oRce
on the AFst aay q Jays one tAoul8n4 a t hundred
and Oeventy-seven; the Interest aeoFuing - sald
Treasurer Of STATE, on tie rsl day Of JanuaEy and
July 81 each yeas: RU0tA1d, mat tie Ara pay.
@ent Of Interest shan noe BE made before the Fst
Synlne sad bonds han s SsS b. stsS he Govern
Or, and counteFdened hy the Comptv0lleV, and en-.
dOrSed by the Treasurer Of STATE and Sha have the
seal Of the etate affixed thereto.
6Bc. O. Coupons sOr the Interest shan BE- attached
to each bond, % that they may BE- removed without
injury OF mutilaaon 70 tbe bond. Bald coupons con.
Secutlxey numbered, shall be signed By The TFeasuT.
eE Of state.
esc 8. Il shGii Be the duty Of the Treasurer and
Controller Of State, each - keep separate record Of
date and amOunt Of each bond and 70 whom the same
was issued, and upon what claim and ts amount and
none OF the claims herein specified shall be l1uIda
ted or paid but In the manner herein provided
Sac. Z. The sum Of one thousand dollars is hereby
Appropriated out Of any money In the treasury not
Otherwise appropriated 70 pay the expense that may
Be Incurred By 6e Treasurer n having said bonGS
prepared, but the Controller shall not draw his war
money therein to pay the same.
Ggc 8. An persons having any Of the claims against
the 6tats Of California entitled TO be funded here
mater Pec0ed, shall, upon the presentation Of the
same 70 the Treasurer Of State receive in exchange
therefor bond bonds Of the State Of California,
provided Tor In the hFSt section Of this Act but NO
bond shall be issued for leas sum than 1--WE hundred
but the Treasurer may issue certificates OF such frac
tl0nal parts not bonded which said certificates shall
be transferable and entitled to be funded a. before
Of each claim received and quidated the date on
which he received the same, andfrOm whom, and the
number Of the bond Issued In exchange therefor and
such claim shall be Aed In the Office Of the Secretary
Of State.
snc 8. For the payment within twenty years Of the
principal and interest OF the bonds issued under this
Act, there shall be levied annually, until the bonds
are paid, and promptly cOIlectedn the same manner
~ or may be provided by law for ordinary State
taxes, tax Of thirty cents on each one hundred d0
lars Of the assessed value of real and personal prop
erty In the State and the fund derived from this tax
shall be set apart and applied exclusively 70 the pay
the final redemption Of the principal Of said bonds
and the faith Of the State Of California hereby pleg
ed for the payment % herein provided OF the bonds
Issued by virtue Of this Act and the interest thereon
and ali moneys that may be received by the State Of
California from the United States Government on &C.
count Of the Civil Fund.- called are hereby rrevo-
caby pledged to the payment Of the principal and In
terest on the bonds Issued under this act wilful
refusal or neglect BY Supervisors any other OioeF
TO levy or collect the taxes imposed by this Ae0
be Inisdemeanor and the person persons cOnvic.
ted thereof shall be removed from office and punish
ed BY fine not exceeding thousand dollars or by
imprisonment in the county fail not exceeding six
months, or by both such fine and Imprisonment.
eec. 7. Whenever on the first day Of January or Ju.
interest," as herenbefore provided a surplus OF ten
thousand dollars mOre Il shall be the duty Of the
Treasurer to advertise for the space Of one week. In
one daily newspaper published in English, In the city
fnr 0nn In nRn dat
paper published in English at the State Capital for
sealed proposals. to be opened one month after the
expiration Of such publications by the Treasurer, In
presence Of the Governor Controller at the State
Capital for the surrender of bonds issued under this
Act, which advertisement shall state the amount Of
hbney he has on hand for the purpose of redemption,
not exceeding par value, may redeem the greatest
amount ofbonds until the amount Of cash on hand
for redemption Is exhausted; prOrided, hOsCerer, In
case a Efficient amount Of such bonds shall not Re
offered, aforesaid TO exhaust the sinking fond TO
less amount than ten thousand dollars then here
by made the duty ofthe Treasurer to advertise In two
newspapers, one In New York and one at the Capital
OF this State, for three MONTHS which advertisements
shall state the amount in the sinking fund, and the
number Of bonds, numbering them In the order Of
their Issuance, which such fund u Sst apAFt to-ay
and discharge, and II such bonds, numbered in
such advertisements, shall not he presented for pay.
ment and cancellation within three months from the
expiration Of such publication, then such fund shall
remain in the Treasury 20 discharge such bOuds
whenever presented but they shall draw no interest
after such publication as last Aforesaid.
ssC. 8. The Treasurer Of State shall keep full and
particular account and record Of all his proceedings
under this Act and Of the bonds redeemed and srre.
derei and he shall transmit 70 the Governor an al.
stract Of all his proceedngO under this Act With his
annual report TO be by the Governor laid before the
legislature and al books and papers pertaining to
be open 10 the inspection Of any party interested or
the Governor, the Attorney General, or . commit
tee Of either branch Of the Legislature, or aoint com.
mlttee Of both.
SEC Q. Il shall he the duty Ofthe Treasurer 10 nav
the interest on said bonds when the same falls due,
out Of said interest fund.- II SuMslent and II said fund
he not sufficient then 70 pay the deficiency out Of the
General Fund Provided, that the Controller OfState
shall rst draw his warrant the Treasurer payable
70 the order ofaad Treasurer for the amount o. Inter.
est money about 70 become due, which said interest
warrant shall be drawn as least one month previous
70 the maturing ofthe interest
Sc. 10. II shall be the duty Of the Governor and
Controller to attend ct least in each month"; at
the TreasuSers ONCE, while said bonds being Is
sued 70 examine all claims received BY the Treasur
er % Aforesaid and cause the TO be registered
and cancelled In such manner 10 prevent them from
being reissued or put In circulation.
cDc. II. The following are specified ~ the claims
which are entitled 70 be received and fundeP under
this Act First Civil bonds Of the State Issued under
the funding Acts passed in the years 1884, 1882 1885,
1855 and 1855, which now outstanding, with inter-
est due on the same when presented, rs appears by
under sanction Ofsw Tor civil expenses prior to jan
uaTy hFSt, A. D. 1851, and now outstanding and un-
paid but the provisions Of this Act shall not author
i1e the funding Of any Of thOse warrants the regra-
ton and endorsement Of which were cancelled or re-
Qured 70 be cancelled BY the provisions Of" An Act
70 cancel the registration and Endorsement Of certain
warrants and prohibiting the payment Of the same"
have been specifically adjudged illegal by any Court,
and a said warrants specified In the last mentioned
Act are hereby expressly excluded from all the bene
ts and provislons Of this Act Third, Just or legal
claims against the State accrued prior 70 January st
1851, and which may be allowed and audited by Act
Of the Legislature. And II the Treasurer Of State
Cined receivable, It shall be deemed miSdemeanor
and he shall be punished provided In section OF
this Act, and such bond shall be void.
SEC. 10. The claims specified In this Act may be re.
Ceved for funding and bonds therefor may be issued
wards; and al claims not presented for funding prior
to that time, excluded from the provisions of this
Act, and such blank bonds prepared under the pro-
visions OF this Act, as shall then remain on hand,
shall be destroyed In the presence Of the Governor,
Controller, and Treasurer.
eRc. 18. This Act shall take effect on the FIRST day
Of November A. D. 1857, as to all Its provisions
lon to the people, end for returning, canvassng and
proclaiming the votes-which will take eject imme-
dlately.
HHc. IA. This Act shall be submitted to the people
Ofthe State for their At the next general
election, 70 be holden on the rst Wednesday Of Sep
ember, A. ID. 1851 and the qualified electors Of this
Sate SHALL at said election, their ballots for State
officers, vote for against this Act those voting for
the same, shall have written printed on their bal
lots, thewOrds "Pay the Debit" and those voting
against thesame shall write or have printed on their
ballots, thewOrds Repudiate the Debt"
sRc. IS. The votes cast for and against this Act,
shall be counted, returned and canVassed, and de.
clAred, In the manner and subject to the same
rules votes cast for the Treasurer Of State, and n
appear that majority Of all the votes cast for
against this law as aforesaid In favor Of this Act,
then the same shall have effect hereinbefore prov