Mountain Democrat., 1857-06-20
tDY AUTHORITY. !
A n A G. r


IA NRdfe NM 4tSxrHUhtg, d0 pRdcf HA f0kiOtns =
Stt1n> /. For the purpose " liqulatng, 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
California; not to cScccd the sum Of three millions
nine hundred thousand dollars, bearing interest at
the rate Ui seven per cent. per ainm from the date
OF their issue payable ut the State Trensurers of Ice
on the first dny Of July, thousand eight hundred
and scventy-scven; the Interest accruing on said
bonds shall be due and payable mt the office Of the
Treasurer Of state OIL the first day Of January and
July Of each year: PyUri,Ied, That the first nav
nent Of interest shall not be made before the first
day Of January, one thousand eight hundred and
iifty-nine Said bonds shall be signed by the Govern
or, and countcrSigned by the Comptroller, and en-
dorSCd by the Treasurer of 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 be removed without
Injury or mulaion to the bond. Said coupOiIs con-
Sccuvtly numbered shall be signed by the Treasur-
or Of State.
sEc. 3. 1t shall be the duty of the Treasurer and
Controller of state, each to keep separate record Of
NIL such bonds ~ mny be Issued, showing the number
date and amount Of each bond and To whom the same
wad issued and upon what claim and It's anOuit and
none of IN" claims herein specified shall be- liluda-
ted or paid but In the manner herein provided.
Skc. !. 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
be incurred by the Treasurer In having said bonds
money therein To pay the same. .....
SH. D. All perr"s ha, ing any Of the claims against
the state Of California, entitled tU he funded here
matter specified. SHALL upon the presentation Of the
sam" to the Treasurer of State, receive In exchange
therefor bond bonds Of the State Of California,
provided fur In the first section OF this Act but no
bond shall he issued for less sum than five hundre 4
dollars, nor Tor ractisnni parts Of hundred dollars,
hut the Treasurer may issue certificates Of such rac
tional parts not bonded, which said certificates shall
bc transferable and entitled tO be funded as before
provided. The Treasurer sI.nl endorse on the buck
Of each claim received and liquacd, the date on
which he received the same. and from whom, and the
number If the bond issued in exchange therefor and
such claim shall be cd in the Office Of the Secretary
Of State
SIC. 4. For the payment within twenty years NJ the
principal and Interest of the bonds issued under this
Act, there shall he levied annually, until the bonds
are pad, and promptly collected In the same manner
as Is or may be provided by law for ordinary State
taxes tax Of thirty cents on each one hundred dol
lars Of the assessed value or al and personal prop
crty In the Statc and the fund derived from this tax
shall he set apart and applied exclusively to the pay
meht of the int rest the bonds herein provided and
the nnM redemption of the principal Of said bonds,
and the faith Of the State Of California il hereby pledg
ed for the payment MS 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
California from the United States Government OH nc
count of the Civil Fund.- aO called, are hereby irrevO-
cahy pledged To the payment Of the principal and in
tcrcst on the bonds issued under this act wIflI
Ia cvyor collect the taxes imposed nv this Act shall
hc hHdeIneanur and the person or persons convic-
ted thereof shal he removed from office and punish
cd ny hne not exceeding one thousand dollars, or by
imprisonment in the county Jail not exceeding six
months. or hy both such fine and imprisonment.
Sec. I. Whenever the first day " January or Ju-
" any year there remains ater the payment Of the
interest, as hcrrnbefore provided surplus Of ten
thousand dollars II shall be the duty OF the
Treasurer TO advertise, for the space Of one week. In
one daily newspaper published in English, In the city
e -, a.
paper published In English at the State Capital, for
sealed proposals, 10 he opened month after the
expiration Of such publications by the Treasurer, In
presence Of the Governor Controller Mt 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. ut rates
not exceeding par value, as may redeem the Rrcnteat
amount ofb0nds until the amount Of cash on hand
for redemption Is exhausted; I,TOrideI, hOrerer In
case sufficient amount Of such bonds shall not he
offered as aforesaid, Ia exhaust the sinking fund to
Less amount than ten Thousand dollars then II Ii here
by made the duty Ofthc Treasurer to advertise In two
newspapers, one IN New York aud one nt the Captal
uf this state for three montls which Rtvet
shall state the amount In the sinking fund, and the
number Of bonds, numbering them In the order Of
their issuance, which such fund Ia set apart to nay
and discharge, and II such bonds, so numbered In
such atVertiscmcntS shall not he presented for pay
mrnt and cancellation within three months from the
expiration tsuch publication, then such fund shall
remain In the Treasury to discharge such bouds
whenever presented, hut they shall draw no interest
after such publication as last aforesaid.
SIC. 5. The Treasurer OF State shall keep full and
particular account and record of all his proceedings
under this Act, and II the bonds redeemed and srrcn
dcrCd, and he shall transmit 20 the Governor an alb
stract of all ia cedngs under this Act with his
annual report 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
he open to the inspection Of any party Interested,
the Governor or the Attorney General, or 4 commit
tee of either branch of the CHislaturc or ionk
mittec Of both.
SEc 0. 1t shall he the duty the Treasurer to pay
the interest ON sad bonds when the same falls due,
out Of said interest fund.- II sufficient and II said fund
he not sufficient then 10 pay the deficiency ont Of the
General Fund; PtOride, that the Controller Of State
shnl first draw his warrant on the Treasurer payable
to the order Of said Treasurer for the amount Of inter-
est money about to become due, which said interest
warrant shall be drawn at least one month previous
to the maturing ofthc interest.
SIC. 10. 1t shall he the duty of the Governor and
Controller to attend, ut least once In each month, at
the Trcasusers Office while said bonds being Is
sucd to examine all claims received by the Trcasur-
cr rs aforesaid, and cause the same to he registered
and cancelled In such manner to prevent them from
being rcissued or put In circulation.
SIC. II. The following are specified ns the claims
which are entitled to be received and funder under
this Act First, Civil bonds ofthe State issued under
the funding Acts passed IN the years 1851 1852 1SA
1855 and 1885, which are now outstanding with inter.
est due on the same when presented, as appears hy
the coupons Second, Controllers warrants drawn
uncr sanction oflaw for civil expenses prior to JAN
uAry first, A. ID. 1881, and now outstanding and un-
paid but the provisions Of this Act shall not author
Ee the funding Of any Of those warrants the rerstrA-
ton and Endorsement OF which were cancelled or re-
quired TO he cancelled by the provisions Of" An Act
to cancel the registration and Endorsement Of certain
Hhd prohibiting the payment Of the sane"
approved january 30th A. D. 1855, or warrants which
have been specifically adulgcd illegal by any Court
and all said warrants specified In the last mentioned
Act are hereby expressly excluded from all the bene-
Hts and provisions Of this Act Third, Just or legal
,ams against the State accrued prior to january ist
NJ, and which may be allowed and audited by Act
" the Legislature. And II the Treasurer OF State
hall willhy issue bonds upon claims not herein spe.
'ed as receivable, II shdl be deemed amor
IND lac shall be punished as provided In section Of
his Act and such bond shall be void.
SEr. IL. The claims specified In this Act may be re-
eived for funding, and bonds therefor may be issued
'rIor to the first day of January 1852 but not after
Yards and all claims not presented for funding prior
that time, excluded from the provisions OF this
Vet, and such blank bonds prepared under the pro
,islons OF this Act, as shall then remain on hand,
hail he destroyed In the presence Of the Governor
and Treasurer.
SHc H. This Act shall take effect on the first day
II Novemhcr A. ID. 1881, MS TO all It's provisions ex-
cN those relating to, and necessary for Its suhuss
on to the people, and for returning cAnvaseInR and
'rocIaiming the votes-which will take effect imme-
lately.
SIC. II. This Act shall be submitted to the pcople
4 the State for their ratification at the next general
lection, to be holden on the first Wednesday Of Sep
a, ~ loOtl anu tne quAIlneO electors OF this
tate SHALL at said election, their ballots for State
III cers, vote for or against this Act those voting for
he same, shall have written or printed on their bal.
DTS, thewOrds "ray the Debit" and those voting
gainst ihcsae, shall write or have printed ON theiP
allots, thewords " "Repudate the Debt"
SEc 10. The votes cast for and against thia Act.
nAn , De counted, returned and canvassed, and de.
Jared, In the same manner and subject 10 the same
ues rs votes cast for the Treasurer Of State and n II
ppear that majority Of all the votes 40 cast for or
gainet this law Rs Aforesaid are In favor OF thIa Act
hen the same AhAll have effect as heranbeforc nrovi
ed and shall he irrepeaable until the nrincinal and
interest OF the liabilities herein created shall be paid
nd discharged, and the Governor shall make nrocIa.
nation thereof hut ifa majority Of the votes AZ east
re against this Act then the same shall become void
SkC III. IL shnll he the dukv ~ thn c-.--s..N-s