Mariposa Democrat., 1857-07-02
CHAPTER CCXLIV.

Office in SACRAMENTO California the twentysixth day Of
May, A. D. 1851. DAVID +. DOUGLASS,
[sKAIl Secretary OF State
CHAPTER CCXLIv.
An Act TO PROVIDE FOR PAYING CERTAIN EQUITABLE
CLAIMS AGAINST THE STATE or CALIFORNIA, AND
TO CONTRACT A FUNDED DEBT FOR THAT PURPOSE.
The People of the State Of California represented in
Senate and assembly, do enact as tolo,os.
SECTION l. For the purpose of quidating funding,
and paying the claims against the State of California
hereinafter specified the Treasurer Of State shall cause
to be prepared suitable bonds of the State of Cafor-
mia, not to exceed the sum of three millions nine
hundred thousand dollars, bearing interest at the rate
of seven per cent. per from the date OF their
ISSUE payable at the State Treasurer's office, the
first day OF July, one thousand eight hundred and
seventyseven; the interest accrung on said bonds
shall be due and payable at the office of the Treasurer
of State, the first day of January and Of July of
each year Prorided, That the first payment Of in
teres shall not be made before the first day of January
one thousand eight hundred and ffty-nine Said
bonds shall be signed by the Governor, and counter
signed by the Comptroller and endorsed by the Treas
ufer of State, and shall have the seal of the State
affixed thereto.
SEC. O. Coupons for the interest shall be attached to
each bond, that they may he removed without in
jury or mutation to the bond. Said coupons, con-
secuvely numbered shall be signed by the Treasurer
of State.
SEC. 8. 1t shall be the duty of the Treasurer and
Comptroller of State each to keep separate record of
all such bonds as may be issued showing the number
was issued, and upon what claim and its amount and
none Of the claims herein specified shall be liqudated
or paid but in the manner herein provided.
SEC. 4. The sum Of one thousand dollars is hereby
appropriated out Of any money in the Treasury not
otherwise appropriated to pay the expense that may
be incurred by the Treasurer in having said bonds
prepared, but the Comptroller shall not draw his
rant the Treasury for this amount until there is
money therein to pay the same
SEC. 5. All persons having any Of the claims against
the State of California, entitled TO be funded herein
alter specified SHALL upon the presentation Of the
10 the Treasurer OF State receive in exchange there
for bond bonds Of the State Of California provided
for in the first section Of this Act but bond shall
be issued for less than five hundred dollars nor
for fractional parts Of hundred dollars, but the
Treasurer may issue certificates Of such fractional
parts not bonded which said certificates shall be trans
ferahe and entitled to be funded as before provided
The Treasurer shall endorse the back of each claim
received and lquidated, the date on which he re-
ceived the same, and from whom and the number Of
the bond issued in exchange therefor and such claim
shall be 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 same is
or may be provided by law for ordinary State taxes
tax Of thirty cents each one hundred dollars of the
assessed value of real and personal property in the
State and the fund derived from this tax shall be set
apart and applied exclusively TO the payment of the
interest on the bonds herein provided and the final
VI tne oi ana tne 11ltn
of the State of California is hereby pledged for the
payment as herein provided Of the bonds issued by
virtue of this Act, and the interest thereon and all
moneys that may be received by the State Of Califor
MIA from the United States Government account Of
the Civil Fund, called, are hereby irrcvOcably
pledged to the payment of the principal and interest
the bonds issued under this Act. willful refusal
neglect by Supervisors any other officer to levy
collect the tax imposed by this Act, shall be mis-
demeanOr and the person persons convicted there
shall he rpfnovql office and puuished bv "A
not exceeding one thousand dollars, or by imprson-
ment in the county Jail not exceeding six months or
by both such fine and imprisonment
SEC. 7. Whenever, on the first day Of January or
July in any year. there remains, after the payment Of
the interest as herenbeore provided surplus Of ten
thousand dollars more, II shall he the duty Of the
Treasurer to advertise for the space Of week in
one daily newspaper published in English in the city
Of New York and for one month In daily news
paper published in English at the State Capital, for
sealed proposals. 10 lie opened month after the ex
pa0n Of such publications by the Treasurer, in the
presence Of the Governor Comptroller at the State
Capital for the surrender Of bonds issued under this
Act, which advertisement shall state the amount Of
money he has hand for the purpose Of redemption,
and they shall accept the lowest proposals. at rates not
exceeding par value, as may redeem the greatest
amount Of bonds until the amount Of cash hand for
redemption Is exhausted prOrided. hoireUfr in
sufficient amount Of such bonds shall not be offered
10 exhaust the sinking fund 20 less amount than ten
thousand dollars, then it il hereby made the duty Of
the Treasurer to advertise in two newspapers 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 is set apart to pay and discharge and II
such bonds 50 numbered In such advertisements shall
not be presented for payment and cancellation within
three months from the expiration Of such publication,
then such fund shall remain in the Treasury 10 dis
charge such bonds whenever presented-but they shall
draw no interest after such publication last aore
said
SEC. s. 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 sur
rendered, and he shall transmit 10 the Goyernoran alb
stract Of all his proceedings under this Act with his
annual report, 70 be by the Governor laid before the
Legislature and all books and papers pertaining to
the matters provided for in this Act shall at all times
be open TO the inspection of any party interested, or
the Governor or the Attorney General or a committee
Of either branch Of the Legislature a joint com
mitiee OF both.
SEC o. It shall be the duty of the Treasurer to pay
the interest said bonds when the falls due out
of said interest fund if sufficient, and If said fund he
not sufficient then 20 pay the deficiency out Of the
General Fund Prorided, that the Comptroller of
State shall first draw his warrant the Treasurer,
payable TO the order Of said Treasurer for the amount
of interest money about to become due, which said
interest warrant shall be drawn at least one month
previous 10 the maturing Of the interest
SEC. 10. II shall be the dnty Of the Governor and
Comptroller to attend, at least in each month, at
the Treasurers Office while said bonds are being Is
sued, to examine all claims received by the Treasurer
aforesaid aud cause the same to be registered and
cancelled in such manner as TO prevent them from
being reissued or put in circulation
SEC. ii. The following are specified as the claims
which are entitled TO be received and funded under
this Act First Civil bonds of the State issued under
the funding Acts passed in the years 1851 1852 1853,
1856 and 1856, which are now outstanding, with in
terest due the same when presented appears by
the coupons. Second, Comptroller's warrants drawn
under sanction of law, for civil expenses prior to Jan
uary lst A. d. 1857, and now outstanding and un.
paid but the provisions of this Act shall not authorize
the funding Of any of those warrants, the registration
and endorsement Of which were cancelled or required
to be cancelled by the provisions ola An Act to cancel
the registration and endorsement Of certain warrants,
and prohibiting the payment of the same" approved
January 30th, A. D. 1906 or warrants which have
been specifically adjudged Illegal by any Court, and
all said warrants specified in the last mentioned Act
hereby expressly excluded from all the benefits
and provisions of this Act Third just orlega claims
against the State accrue prior 10 January lst, 1851
and which may be allowed and audited BY Act of the
Legislature. And If the Treasurer of State shall will
fully issue bonds upon claims not herein specified as
receivable it shall be deemed misdemeanor and he
shall be punished as provided in section of this Act
and such bond shall be void.
SEC IL. The claims specified in this Act may he re-
ceived for funding and bonds therefor may be issued
prior to the first day Of January, 1859 but not after
wards; and all claims not presented for funding prior
to that time excluded from the provisions Of this
Act and such blank bonds prepared under the provis
ions of this Act shall then remain on hand shall be