Mountain Democrat., 1857-08-01
fBY AUTHORITY.
A n A G. T

asAin.i the STA, Of California, and to contract
Funded D,ht for that puIl"'r.
Tbs Pant" ftfr .Tutc Oft niEUp;.i rCn", stnfcd
in Senufe AMI .1AscmbiH, de oan"t "S .io'io'rS:
SECTION l. For the purpose Of quidatlnr finding
and paving The claims against the State Of California,
hereinafter specified, the Treasurer ot Stat1 shall
cause to he prepared suitable bonds OF the State Of
California not TO exceed the sum Of three millions
lundrri thousand dollar. bearing interest at
th" rate nf srvrn per cent. per annum from the 'a'c
OF their issue payable ut the State TrrasurcrS ice,
the first dly OF July, one thousand eight hundred
aud seventy the interest accTuing on said
bonds ,ial he due and payable at tl" office "f tie
Trrn- -urcr Of State, on the first day of Jnnury and
July Of each year: Ir0ridci, That the FIRST pay
mcnt Of interest shall not be made before the first
day of January. one thousani eight hundred and
fliy mine" sail bonds shall lie signed by the Govern
og, and counter. sn"d hy the Comptroller. and en-
dorsrd by III" Treasurer nf State, and shall have the
seal Of the State all lXCd thereto.
SIC. y Coupons for the interest shall he attached
to each bond, so that they may be removed without
injury mutiai"n I" H." bond. sud c"upnnS, con-
srciiv"ly numbered, shall bc signed BY tle Trcasur
cr OF state.
Srr. 3. II shall he tho duty Of the Treasurer and
Controller of state. each to keep separate record of
all such bonds may he itsucd showing the number,
date aud amount of each bond, and to whom the
wis issued, and upon what claim, aud IT. amounts aud
none 0f ia" claims herein specified shall be lquida
ted or paid but in the IAanner herein provided
SEl' T. The sum Of one thousand dollars Is hereby
appropriated uutOf any money in the treasury not
otherwise appropriated to pay the expense that may
be 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
nnnry therein to pay the sitnc.
SfC. g. All persons having any Of the claims against
the State Of California; entitled to he funded here
matter specified, shall, upon the presentation Of the
same tn the Treasurer of State receive in exchange
therefor bond bonds of the State of CaliiOrnia,
provided Tor Ia the first section of this Act but
bond shall be issued for less sum than five hundrt II
dollars, for fractional parts OF hundred dollars,
but the Treasurer may issue certificates OF such frac
tional parts1lot bonded, which said certificates shall
b. transferable and entitled I" be funded as before
provided. The Treasurer Shall endorse on the back
Of each claim 50 received and lquidated, the date
which he received the same. aud from whom and the
number ~ tlic bond issued in exchange therefor. and
snr claim shall be filed in the Office Of the secretary
Of State.
SIC. G. For the payment within twenty wears nf 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 manner
ns is mny be provided ny law for ordinary St1te
taxes II tax of thirty cents on each one hundred dol
lars Of the assessed vane of real and personal prop
crty in the State, and the fund derived from this
shall nc set apart and applied exclusively 10 the pay
cut Of the interest OH III" bonds herein provided and
III" final redemption Of the principal of said bonds.
and the faith Of the State Of California hereby plcdr
ed for the payment as herein provided Of the bonds
issued by virtue uf this Act and the interest crcnn
and all moneys that may be received by the state Of
California from the United States Government on ac
count of the Civil Fund.- called are hereby rrcvc
cably pie gcd to the payment "f the principal aud u
tcrcst OH the bonds issued undc- this act willfu
refusal neglect by Supervisors any othr officer
10 levy collect the taxes imposed by this Act shall
be misdemcanor, and the person or persons cnnvic
ted thereof shall he removed from Uf ice and punish
ed by fine not exceeding thousand dollars. or by
Imprisonment In the county inil not exceeding six
months, or by both such fine and Imprisonment.
Sec. T. Whenever on the first day nf January or Iu-
lvin any year, there remains after the payment uf the
H.. na ,d of trn
thousand dollars or more 1t shall be the duty Of the
Treasurer to advertise, for the space OF week, in
one daily newspaper published in English in the city
oil New Y Ork, and for one month in one daily news.
paper published in English ut the State Capital for
scaled proposals to bc opened one mCnth after the
expiration nf 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 on hand for the purpose Of redempton
and they shall accept the lowest proposals, at rates
not exceeding par value may redeem the greatest
amount ufboittls until the amount uf cash on hand
for redemption Is exhausted; IrOri'iPd hO,rfrer in
case II sufficient amount Of such bonds shall not be
offered, as aforesaid to exhaust the sinking fund to
less amount than ten thousand dollars then il Is here.
hy made the duty ofthr Treasurer IL advertise 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 IL set apart to pay
and discharge, md II snch bonds SO numbered in
such advertisements, shall not he presented for pay
mcnt and cancellation within three months from the
expiration of such publication, then such fund shall
remain in the Treasury discharge such bouls
Whenever presented but they shall draw no interest
after such publication as last aforesaid
SEC. s. The Treasurer Of State shall keen fll ord
particular account and record OF all his proceedings
undcrthi Act, and of the bonds redeem, and srrr
dercd and he shall transmit to the nvrruor an nh,
stract OF all his proceedings under this Act with his
annual report to he by the Governor laid before the
Legislature and all hooks and papers pertaining to
the matters provided for In this Act shall Mt all times
he open TO the inspection Of any pnrty interested,
the Governor, the Attorney t.enera or ~ commit.
tee of either branch Of the Legislature, joint com.
mittce Of both.
SIC. .. 1t shall he the duty ofthc Treasurer to pay
the interest on said bonds when the same falls due.
out of said interest fund if sufficient and if lid fund
be not sufficient, then to pay the deficiency Of the
General Fund Prorided that the Controller of State
shall first draw his warrant on the Treasurer, pa yahe
to the order OF sad Treasurer for the amount Of inter
est money about tn become due, which said interest
warrant shall he drawn AT least one month previous
to the maturing ofthe interest.
SEC. 10. II shall he the duty ofthc Governor and
Controller to attend at least once in each month,
the TrcasuScrS Office while said bonds are being is
sued to examine all claims received ny the Treasur-
cr as aforesaid. and cause the To he registered
and canrclcd In such manner to prevent them from
being rcissucd or put in circulation.
SIC, II. The following are specified ms the claims
which are entitled to he received and funder under
this Act FIRST Civil bonds Of the State issued under
the funding Acts passed in the years ISL 1879, Si
lS5o and 1906, which are outstanding with Inter-
est due on the same when presented, as appears by
the coupons. Second Controllers warrants drawn
under sanction Oflaw, for civil expenses prior 10 Jan
nary first, 4. d. lS5i, and now outstanding and un.
paid, but the provisions of this Act shall not author
ze the funding Of any Of those warrants the regstra
tiOn and Endorsement Of which cancelled or re-
quired to be cancelled hy the provisions Of An Act
TO cancel the registration and Endorsement Of certain
warrants, and prohibiting the payment of the same"
approved january 3th, A. ID. 1856 or warrants which
have been specifically adjuiged illegal by any Court,
and all said warrants specified in the last mentioned
Act are hereby expressly excluded from all the brne-
fits and provisions Of this Act. Third, Just or legal
claims against the State accrued prior January st
1881, and which may be allowed and audited by Act
of the Legislature. And il the Treasurer of State
shall wully issue bonds upon claims not herein spe.
cncd as receivable, II shalt be deemed misdcmeancr,
and he shall he punished as provided In section Of
this Act, and such bond shall be void
SEC. ~. The claims specified in this Act may be re.
ceived for funding and bonds therefor may be issued
prior to the first day Of january, S9 hut 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 pro-
visions OF this Act, as shall then remain on hand
shall he destroyed In the presence of the Governor
Controller, and Treasurer.
SEC, 49, This Act shall take effect on the first day
Of November A. u. 1851 to nll Its provisions eX-
Cept those relating to- and necessary for its submss
ion to the people, and for returning canvnssing and
procaiming the vOtes-which will take effect imme-
diatcly.
SIC. II. This Act shall be submitted to the people
OF the State for their ratcaOn at the next general
election, O he holden the first Wednesday Of Sep.
tenber, d. 1884, and the qualified electors Of this
state SHALL Rt said election OH their ballots for State
Officers, vote for against this Act those voting for
the same, shall have written or printed on their bal
lots, thewords PAY the Debt;" and those voting
against thcsamc, shall write have printed on their
ballots, thrwords "Rcpudate the Debt"
II The votps cost fur and oo,iOst 1h;. Aot