Oroville daily Butte record., 1857-08-19

tiy that the annexed is true and correct copy OF
the original Act now on file in my office.
Witness my hand, and the great seal of State, at
of ce in sacramento California the twenty day
of May, A. D. 1857. DAVID F. DOUGLAS.
[sEAL.l Secretary Of State.
CHAPTER CCxLIV.
An Act to provide for Paying certain Equit-
able Claims against the State of Califor-
MIA. and to contract Funded Debt for
that purpose.
The Peorle Of the State Of California represented in
Senate and .9ssembly. do enact as foRous:
SEcTIoN1 For the purpose of liquidating, fund
ing. and paying the claims against the Stale Of Cali.
fornia, hereinafter specified. the Treasurer of State
shall cause TO be prepared suitable bonds Of the State
Of California. not tO exceed the sum OF three millions
nine hundred thousand dollars. bearing interest at
the rate Of per cent per annuin from the date
of their issue, payable at the Stne Treasurers office,
on the frst day Of July. one thousand eight hundred
and se'eny-seven: the interest accruin2 on said
bonds shall be due and PAYABLE at the Office of the
Treasurer of State on the first day of January and of
July of each wear: Proridcd That the first payment
ofnterest shall not be made before the first day of
ia uary. one thousand eight hundred and fifty nine.
Said bonds shall he signed bv the Governor, and
countersgned by the Comptroller. and endorsed 10y
the Secretary of State, and shall have the seal of the
State affixed thereto
Sec 2. Coupons for the interest shall be attached
to each bond SO that they may be removed without
injury or mutatiOn to the bond. said coupons. con
secuvely numbered. shall be signed by the Treas
urer Of state.
Sec. 8. 1t shall be the duty of the Treasurer and
Comptroller of State each 10 keep separate record
Of all such bonds may be issued. showing the
number. date and amount of each bond, and to
WHOM ihe same was issued. and upon what claim,
and its amount and none Of the claims herein spe-
Gifted shall be liquldated or paid but in the manner
herein provided.
Sec J. The sum Of one thousand dollars "a hereby
appropriated ont of any money in the Treasury not
Otherwise appropriated to pay the expense that may
be incurred by Inc Treasurer in having said bonds
prepared, but the Comptroller shall not draw his
warrant on the Treasury for this amount until there
is money therein TO pay The same.
Sec 8 All persons having any Of the claims against
the State of California entitled TO be funded rs here
inafer specified, shall, upon the presentation et the
same 10 the Treasurer OF the state receive IN eX>
change therefor bond or bonds of the State Of
California provided for In The first session of this
Act; hnt no bond shall he issuCd for less sum Than
five hundred dollars. for fractional parts of
hundred dollars but the Treasurer may issue GER
tihCates oi such fractional parts not bonded. which
said certificates shall be transferable and entitled 10
be funded as before provided The Treasurer snail
endorse on the back of each claim received and
Iquidaed, the date on which he received the same.
and from whom. and The number ct the bond issued
IN exchange therefn aud such claim shall Oe filed IN
the Office Of The Secretary Of state.
Sec g. 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 collected in the sam manner
as is or may he provided by law for ordinary state
taxes tnx of thirty cents each one hundred dol
lars of the assessed value C real and personal pro-
pertv in the State. and the fund derived from this
lax shall be set apart AMI applied exclusively to me
payment OF the interest on the bonds herein provid.
ed. and the final redemption of the principal of said
bonds and the faith ot the state uf CalliOr N IL
hereby pledged for the payment rs herein provided
of the bonds issued by virtue Of this Act and the in
,har,, md ni mi ed
bv the state of California from the United States
Government account OF the Civil Fund. so called.
nre herrhy irreyorably pledged to the payment Of
the principal and interest on the bonds issued under
this Act wilful refusal ur neglect by Supervisors
or any oiher officer to levy collect the tax imposed
by this Act shall be misdemeanOr, and the person
or persons convicted thereof shall be removed from
Office and punished by fine not exceeding one thou-
sand dollars. or by imprisonment in the county jail
not exceeding six months, or by both such fine and
imprisonment.
Sec. whenever, on the first day Of Jenuary or
July in any year, there remains, after the payment of
the interest hereinafter provided, surplus of ten
thousand dollars ore, Il shall be the 'lu'y OF the
Treasurer to advertise for the space of one week in
one daily paper published in English liz the city of
New York. and for one month in one daily newspa-
per 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 uf he Governor Comp roller. ut the state
Capital for the surrender OF bonds issued under this
Act. which advertisement shall state the amount of
money he has on hand for the purpose ofredemption
and they shall accept the loves proposals. mt rates
not exec eding par value may redeem The greatest
amount OF bonds until the amount OF cash on hand
for redemption Is exhausted TToDidrd ho,rcrer III
case n sufficient amount at such bonds shall not be
offered as aforesaid, to exhaust the sinking mud tn
less amount than ten thousand dollars. then II is
hereby made the duty OF the Treasurer To advertise
in two newspapers. one in New YORK and on" nj the
Capita of the State, for three months which ndver-
tisements shall state the amount in the sinking fund
and the number of bonds numbering them in the |
order of their issuance which such fund Is set apart
10 nav and discharge and if such bonds, so num-
bered in such advertiser ents shall not be presented
for payment and cancellation within three mohlhs
from ihe expraon of such publication, then such
fund shall remain in the Treasury TO discharge such
bonds whenever presented-but they shall draw no
interest after such publication "S last atoresad.
Sec g. The Treasurer oI State shall Keep full and
narcular account and record of ali his proceedings
under this Act, and OF the bonds redeemed aud sur
rendered md he shall transmit to the GoVerhOr an
ahstrnct of nil his proceedings unuer this Act, win
his annual report, to be by the Governor iad before
the Legislature and all books mud papers pertain
ing to the matters provided ior IN IRIS Hc'' sha ~ AZ
lines be open to the inspection Of any pa ~ interest
ed or the Governor, the Attorney General, or u
committee of either branch OF the Leg stature, or
Joint committee oil both.
Sec o. 1t shall be the duty Of the Treasurer to- pay
;he interest ON said bonds when the same lis Que
ont of said interest fund.- 1t sufficient, ana sad idh
he mt suficien then TO pay the deficiency OUT 81
The General Fund prorsded. that the COmptroef ~
State shall first draw his warrant on the ircas"F' l.
payabe TO the order Of said Treasurer Tor The aoh
of interest money about to become Jue, which said
interest warrant shall be drawn at least one noh'n
previous TO he maturing OF the interest.
Sec 10. II shall be ihe duty of the Governor and
Comntroler to attend, at least once tn each month
at the Treasurers Office, while said bonds are Deng
issued. TO examine all claims received by the Irel