Mountain Democrat., 1857-07-25
TBY AUTHORITY. |
A n A G. r

SEcrroS l. For the purpose of liIulntiic funding
nnl paying the elaims against The state Ell California,
hercinaftr specified, the Treasurer of state shall
cause to he prepared suitable bonds of the State Of
California. not To exceed the Of three millions
ninc hundred thousand dollars, bearing intercs ut
the rate Of seven per cent. per nunn FROM the date
Of their issue payable At the State TrrasurcrS office,
on the first day Of Jnly, thousand eight hundred
and srvcnty.scvcn; the interest accrung on said
bonds shall he due and payable at the office Of the
Treasurer Of State on the first day Of Janunry and
July uf each year: Pipridrd, That the first pay
mcnt of interest shall not be made before the first
day Of January, one thousand eight hundred and
hfty.nine. Said bonds shall he signed by the Govern
or, and countersignrl by the Comptroller, and en-
dorsc, hy the Treasurer nf state, and shall have the
seal OF the State affixed thereto.
SIC. 2 Coupons for the interest shall he attached
to each bond, so that they may he rcwovcd without
Injury or mutatiOn To the bond. Said coupons, con-
srcutivry numbered, shall BE- signed by the Trcasur
of State.
SEc. 3. 1t shall be the duty of the Treasurer and
Controller Of State each to Keep separate record OF
all such bonds may be issued, shaving the number,
date and amount of each bond, and to whom the same
was issued and upon what claim, and its amount; nnd
none of the claims herein specified shall be liuuila
ted or paid but In the manner herein provided.
SEC. 1. The sum Of one thousand dollars Is hereby
appropriated out Of any money In the treasury not
otherwise appropriated tn pay the expense that may
br incurred by the Treasurer IN having said bonds
prepared hut the Controller shall not draw his war.
rant the treasury for this amount until there Is
money therein 'n Pay the same.
SEC. ,. All persons having any " the claims against
the State of California, entitled to he funded here
matter specified, shall upon the presentation Of the
same to the Treasurer " state, receive in exchange
therefor bond or bonds of the State Of California;
provided fnr in the first section nf this Act, but
hond shall h. issued for less sum than five hundred
dollars for fractional parts of hundred dollars
hut the Treasurer may issue certificates of such frac
tunal parts mt bonded, which said certificates shall
br transferable and entitled to- be- funded MS before
| provided The Treasurer slall endorse on the back
of each claim 50 received and lin'ntci the date ON
which he received 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.
| Sic G. For the payment within twenty years Of the
principal and interest uf the hnndS issued under this
Act, there shall he levied annually, until the bonds
paid, and lr0mptly collcctcdn the same manner
is may be proVlctlhy law fur ordinary state
taxes tax Of thirty cents each one hundred dol.
lars of the assessed value Of real and personal prop
crty in IN" state, and the fund derived from this tax
shall br Set apart and applied exclusively to the pay
cnt of the interest OH the bonds herein provided and
| the final redemption Of the principal of said bonds
and the faith of the State Of California is hereby pie g
cd for the payment aS herein provided of the bonds
issued by Write Of this Act. and the interest hrrcnn
and NIL moneys that may h" received hy the State OF
California from the United States Government on ac-
count oi the Civil Fund, called, hereby rrcvo-
cahly pledged to the payment I" lhe principal and in
trrrSt the bonds issued untc- this act. Willfu
refusal neglect by Supervisors any other officer
to levy collect the taNs imposed by this Act shall
| he misdcmranor, and the person or persons convic
ed by fire not exceeding one thousand dollars, by
| imprisonment in the county Jail not exceeding six
months, or hy both such fine and Imprisonment.
Sec 7. Whenever the first day Of January or .u
y In there Remains after the payment Of the
interest, aS hcrCinhcnrc provided,a surplus of ten
thousand dollars II shall he the duty o the
Treasurer To advertise for the space nf one week, in
daily newspaper published in EurliSh IN the city
| Of New York, and for one month IN daily news
paper published in English ut the State Capital FIR
| sealed proposals, to I've opened month after the
expiration Of such publications by the Treasurer in
presence Of the Governor or Controller at the State
Capital for the surrender OF bonds issued under this
Act, which advertisement shall state the amount of
money he has OH hand for the purpose Of relcmpton
and they slall accept the lowest proposals, at rates
not exec, ding par value, a. may redeem the greatest
amount 0fbnndS until the Amount nf- caSh-an hand
Tor redemption Is exhaustetl Prorii'i, h0WFrcr, in
case sufficient amount OF such bonds shall not he
offered, aforesaid, to exhaust the sinking fund To
less amount than ten thousand dollars ;Ncn il is here
by made the duty ofthe Treasurer T." advertise In two
newspapers, Unr IN New York and M the Capital
Uf this state, for three months, which advertisements
shall state the amount in the sinking fund, aud the
| number of BOMBS, numbering them in the order of
their issuance, which such fund Is set apart 10 nny
| and discharge, and II such bonds, numbered N
such advertisements, shall not hr presented for pay
| mcIt and cancellation within three months from the
| expiration of such publication. then slc fund shall
| remain in the Treasury to discharge such houls
whenever presented, hut they shall draw no interest
| after such publication rs last aforesaid
SEC 5. The Treasurer Of State shall keep full and
under this Act, aud Of the bonds redeemed and srrrn.
dcrcd, and he Shall transmit to the Governor mn nh.
straci Of all his proceedings under this Act, with his
annual report, tn hc by the Governor laid before the
Legislature and all books and papers pertaining to
the matters provided for in this Act, shal h all times
he open t" the inspection of any party Interested nr
the Governor, OF the Attorney General, or N colulnt
tee OF either branch of the Legislature ajcnt COM
| mttce ufboth.
SIC Q. II shall Nc the duty ofthe Treasurer To pay
the interest ON said bonds when the same falls due
out of said interest fund.- II sufficient and IL s1d fund
hr not sufficient, then to pay the deficiency out of the
General Fund FyOrjPr that the Controller NJ State
shall first draw his warrant the Treasurer, pay able
to the order Of said Treasurer for the amount " inter-
est money about to become due. which said interest
warrant shall he drawn nj least one month previous
| to the maturing ofthe interest.
SIC IL. II shall he the duty of the Governor and
Controller to attend ut least once IN each month"; at
the TrcasuScrS office. while said bonds are being is
sued to examine all claims received by the Trrasur.
er as aforesaid and cause the same to h. registered
AMI cancelled In Sucl manner tO prevent them from
being rciSsued or put In circulation.
Sw. II. The following are specified as the claims
which are entitled 10 hr received and funder under
this Act First, Civil bonds of the State issued under
the funding Acts passed in the years ISL 1S, lN,
1Sla and $40, which outstanding, with inter.
est due on the same when presented, "a appears hy
the coupons Second Controllers warrants drawn
under sanction oflaw for civil expenses prior tn Jan.
uary first, A. u. 1851, and now outstanding aud un-
paid, hut the provisions of this Act shall author.
iZc the funding of any nf those warrants the rrgisra
tion and Endorsement Of which were cancrcd ar re-
quired to hc cancelled by tie provisions of" An Act
to cancel the registration and Endorsement Of certain
warrants, nnd prohibiting the payment of the same"
approved January Hth, A. u. 1S6, or warrants which
have hcrn specifically aijulged Illegal by any Court
and all said warrants specified In the last mentioned
Act hereby expressly excluded from all the henr
fits aud provisions Of this Act. Third, Just or legal
claims against the State accrued prior January LIST
1871, and which may he allowed and audited hy Act
Of the Legislature. And II the Treasurer nf State
shall wlfully issue bonds upon claims not herein spc.
.I lS MI. n SlAll lNr.
and he shall he punished as provided in section Of
this Act, and such bond shall be void,
SIC 12. The claims specified in this Act may be re-.
ccivcd for funding and bonds therefor may he issued
prior to the first day Of January 1S9 hut not after
wards; and all claims not presented for funding prior
tu 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.
Skc 13. This Act shall take effect on the first lay
Of November, A. u. l>3I, as to all its provisions eX.
cc thnse relating " and necessary for, Its suhmiss
ion to the people, and for returning canvassng and
proclamiug the VutcS-whch will take effect immc.
datey.
SIC. Il. This Act shall be submitted to the people
ot the state for their ratification the next general
election, to hc holden the first Wednesday Of Sep
trmhcr A. II. l>i, and the qualified electors Of this
State, shall, a said election their ballots for State
lIcers vote for or against this Act those voting for
the same, shall have written Or printed ON their hal
lots thewords PAY the Debit" and those voting
against thesAmc, shall write or have printed Oh their
ballots, thcworls "Rcpudiate the Debt"
SIC. II, The votes cast for and against this Act
shall he counted, returned and canvassrd, and dc.
clnrrd in the same manner and subject to the same
rules votes for the Treasurer uf State and II IL
appear that majority of all the votes Su cast for or
against this law Hs aforesaid are in favor of this Act
then the same shall have effect hCrtnhcfurc rroy.
dcd and shall H. rrepcalahe until the principnl and
interest of the liabilities herein created shnl br nniJ
ana discharged ana the Governor shall make prota-
Inn hptff ffuN N,nt.,a Df H..