Oroville daily Butte record., 1857-07-13

Witness my hand and the great seal of State, at
OF ce in Sacramento, California. the twenty-sixh day
of May, A. d. 1887. 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.
Tie People Of the state of California represented in
Senate and Assembly, do enact as folotos;
SECTION l For the purpose of lquidating. fund
/ ing, and paying the claims against the State of Cali.
fornia. hereinafter specified, the Treasurer of State
shall TO be prepared suitable bonds OF the state
of California, not 10 exceed the sum OF three millions
nine hundred thousand dollars, bearing interest at
the rate of per cent. per annnm from the dale
of their issue payable at the State 1reasurers Office
on the frat day of Jnly one thousand eight hundred
and se"enty-seven: the interest accruina 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
ofintrrest shall not be made before the first day of
Ja- uary, thousand eight hundred and fifty nine.
Said bonds shall be signed 10y the Governor and
countersgned by the Comptroller, aud endorsed by
the Secretary of State and shall have the seal Of the
State affixed theseto.
Sec 2. Coupons for the interest shall be attached
to each bond so that they may be removed without
injury mulation TO the bond. Said coupons. con-
secutively numbered shall be signed 10y the Treas
urer 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 may be Issued, showing the
number. date and amount of each bOnd, and To
whom the sume issued and upon what claim.
and its amount and none of the Claims herein spe-
Gifted shall be liqu.dated or paid but in the manner
herein provided.
Sec. !. The sum of thousand dollars ia 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
warrant on the Treasury for this amount until there
! is money therein 10 pay the same
Sec. All persons having any of the claims against
the state of California. entitled to be funded rs here
matter specified shall, upon the presentation of the
same to the Treasurer OF The state, receive in eX>
change therefor n bond or bonds of the state of
California provided for in the first session of this
Act; but no bond shall be issurd for less sum than
1--WE hundred dollars, nor 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 before provided The Treasurer shall
endorse, on the hack of each claim so received ana
hquidaed, the date on which he received t'e same,
and IRON whom. and the number OF the bond issued
in exchange thereto, aid such claim shall DC filed IN
the Office OF the Secretary OF State.
Sec q. For the payment within twenty years oft
principal and interest of the bonds issued under this
Act there shall be levied annuuy, until the bonds
are paid, and promptly collected IN the SAM manner
AZ is or may be provided by law for ordinary state
taxes, tax of thirty cents each one hundred dol
lars of the assessed value Of real and personal pro-
pertv in the State and the fund derived from this
tax shall be set apart AMI applied exclusively to the
payment of the interest on the bonds herein proVid
ed and the final redemption of the principal of said
bonds. and the Faith of the state of Vaiior IA is
hereby pledged for the payment as herein provided
of the bonds issued by virtue of this Act and The in
terest thereon ard all moneys that may be received
by the State Of California from tie United Sates
Government account OF the Civil Fund.- so called
are hereby irrevocably pledged 10 the payment OF
the principal and interest on the bonds issued under
this Act wilfu refusal or neglect by Supervisors
or any olher officer 10 levy or collect the tax imposed
by this Act, shall be misdomeanor, 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 all
not exceeding six months, or by both such line and
imprisonment.
Sec 7. Whenever on the first day of Jtnuary or
July in any year, there remains. after the payment OF
the Isterest hereinafter provided surplus OF ten
thousand dollars ore, 1t shall be the 'iuy of the
Treasurer advertise for the space of one week in
one daily paper published in English in 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 month after The
pralion OF such publications by the Treasurer, in
presence of the Governor or Comptroller at 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 OF redemption,
and they shall accept the loves. proposals. ut rates
not exceeding par value as may redeem the greatest
amount OF bonds until the amount OF cash ON hand
for redemption is exhausted pTopided, ho,ceroy, IN
case sufficient amount nj such bonds shall not be
offered aforesaid to exhaust the sinking fund to
less amount than thousand dollars. then il is
hereby made the duty ol the Treasurer TO advertise
in two news papers. in New York and one at the
Capital of the state for ;hree months which adver-
tisemens shall state the amount in Abe sinking fund
and the number of bonds numbering them III the
order of their issuance, which such fund Is set apart
TO pay and discharge; and If sdch bonds. so num-
bered in such advertiser ens. snail not be presented
for payment and cancellation within three months
rom The expiration OF sloh publication, then such
fund shah remain in the Treasury TO discharge such
bonds whenever presentcd-but they shall draw no
interest after such publication hS last aforesaid
Sec. g. The Treasurer OF State shall keep fnl and
particular account and record on all his proceedings
Iunder this Act. and OF the bonds redeemed aud sH
rendered, ind he shall transmit to the Governor an
abstract Of all his proceedings uuuer this Act with
his annual report, to be 10y the Governor laid before
the Legislature and al books and papers pertain
ling 10 The matters provided for in this Act. shall at all
times be open the inspection of any patty Interest
ed or the Governor, or tho Attorney General, or
commit.ee of either branch of the Leg stature, or
Joint committee OF both.
Sec o. II shall be the duty Of the Treasurer to pay
The interest ON said bonds when the same lis due.
odt oi said irerrsl fln ii t.isicnt, at it ,a ilh4
be not s5fi.iet4t tleH Eg ..te deficiency out co.
the Genera kuui; iaeess a' tba Comptroller oi
State shall Brsl drss fi rrH 10. thc IrcasIrtr.
Davable to The o-drr oi s,ii trYftf 'or be muon'i
Iyr interest money abu4s 81 iae ,iie' which saiG
mtereS. warrant sbaii ae i.tea 81 ie es ne month
preyious 20 The uatGTEE af iie ..i.es'-
See, 10 II >hall De lne ipfy ~ iee NpFef-.r a',t
Comptroller to atieud, l ie- tnc, in e'c inaiiit
at the Treasurer U5ec. F'i. si''i ia 7 aFt ii-
issued, in examine ga C'7ta- .'t' ~ tir g.
surer ms aforesaid ara Catt ti. ~'aa FOB d. 81 -
tered aud cancelled IA s-ii4. Hf..ttt a. tt b eit
them from being te-tssne- or Ht,' 'e-.HlltHt
sec. II Tie follow irg arc ate c'eiie
which are ented to ~ rtc<- Naj lNht tf .i.rlri
this Act: First, Civil bonis 81 =, tt3tt '-''il'
the funding Acts passed ~ lite '.r p, '-f 81
1855 and 1850. which are noa ni.; i%- '.'it tH