Oroville daily Butte record., 1857-09-17

4
able Claims against the State of Calfor
MIA, and to contract Funded Debt for
that purpose.
The People Of the state Of California, rSpreseBted an
Senate and .4ssembIy do enact as toLO1s:
SECTION For the purpose of hqudating, fund
in q and paying the claims against the state of Cali
fornin, hereinafter specified the Treasurer of State
shall cause 20 be prepared suitable bonds OF the state
Of California, not o exceed the sum of three millions
nine hundred thousand dollars, bearing interest at
the rate of seven per cent per annum from the 1aie
of their ISSUE payable ut the state Treasurers office,
on the fr-t day of July. one thousand eight hundred
! and Sc enty seven: the interest accruine on said
bonds shall he due and PAYABLE at the offce of the
Treasurer Of State the first day of January and of
July Of each year Propided. That the first payment
of Interest shall not be made before the first day of
ia nary. one thousand eight hundred and fifty nine.
Said bonds shall he signed 10y the Governor. and
countersigned by the Comptroller, and endorsed by
the Secretary Of State and shall have the seal OF the
State affixed thereto.
| sec 3 Coupons for the interest shall be attached
10 each bond. that they may be removed without
Injury or mutilatiun to the bond. Said coupons,
secutively numbered. shall be signed by the Treas
urer Of state.
Sec 3. 1t shall be the duty of the Treasurer and
Comptroller OF State each 10 Keep a separate record
of all such bonds rs may bc issued. showing the
number. date and amount of each bond, ana 10
whom The same issued and upon what claim,
and its amount: and none of the claims herein spe-
Gifted shall he liquidated or paid but in the manner
herein provided.
Sec J. The sum Of one thousand dollars il 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, hut the tomptrnller shall not draw his
warrant on the Treasury for this amount until there
is money therein to pay the same.
Sec. Al persons having any of the claims against
The State of California. entitled To be funded rs here
inafer specified, shall upon the presentation at the
same to ;he Treasurer of the STATE receive in eX>
change therefor bond bouds OF the state of
California. provided for in The ilrst session OF this
Act: but no bond shall be isSutd for less sum than
five hundred dollars, nor fdr fractional parts of
hundred dollars. but the Treasurer may issue GER
tidcales oi such fractional parts not bonded, which
said certificates shall be transferable aud entitled to
be funded as before provided. The Treasurer shall
endorse, ON the back of each claim 50 received and
hquidated, the date on which he received the same,
and from whom, and the number ot the bond issued
in exchange therefor aid such claim shall De 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
paid, and promptly collected IN the sam manner
~ i, or may be provided by law for ordinary state
taxes tax of thirty cents on each one hundred dol
lars of the assessed value Of real and personal pro-
pertv in the State, and the fund derived from this
lax 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 Calilor la IL
hereby pledged for the payment rs herein provided
of The bonds issued by virtue of this Act and The in.
trrest thereon and all moneys that may be received
hy ihp state of California from the United States
Government account OF the civil Fund, - called.
are hereby irrevOcaby pledged 10 the payment of
the principal and interest the bonds issued under
this ACT A wilfui refusal or neglect 10y Supervisors
or any other officer TO levy or collect the tax imposed
by this Act, shall be d msdemeanor, and the person
ar persons convicted thereof shah be removed from
office and punished by fine not exceeding one thoi-
sand dollars, by mprisOnment ia the county Jail
not exceeding six months. or by both such fine and
imprisonme Mt.
Sec. Whenever, on the first day of January or
Juy in any year. there remains after the payment uf
The interest a. hereinafter providcd surplus of ten
thousand dollars ore, i shall be The duty of the
Treasurer To advertise for the space of one week IN
one daily paper pub shed in English. ia the city of
New York, and for one mCnth ~ one dauy n"wspa-
per published in fngfsh at the state Capital. Tor
sealed proposals. to b.. opened one month after !he
exratiun ot such publications by the Treasurer, in
prrspuce If The Govern or Comp roller at the State
Capital for the surrender Of bonds issued under this
Act. which advertsr rmeut shall state the amount OF
money he has on hand iorthe purpose ot redempuon
and they shall accept the loves proposals, at rates
not exceeding par value 81 may redeem me greatest
amount OF bonds until the amouh ol ca'h on hAnd
for redemption is exhausted: Ir'cded' hower@'' IN
case sufficient amount nl such bonds >lhll not be
offered, as aforesaid to exhaust The sinking iund To
lcss amount than ten thousand dollars. then 1t is
hereby made The duty OF TIVE Treasurer to advertise
i'm Two news paper8 one IN New Ofk ana nh' NJ lhe
Capital OF the State, for ;hree months, whch adVer-
tisemens shah stale III" amount IN the sinking iund
and the number of bonds numbering them IN tho
order of their issuance winch such iuhd ls sci apart
/ to pay and discharge: ana II Shch bonds so mum
her,d In such advertiser enis shall not be presented
for paymeut and cancellation within three months
iron, the expiration oi such puncatloh' then Such
fund shall remain in the Treasury To discharge such
bonds whenever prespncd-but they Shali draw no
interest after such publication na last aforesaid
! Soc q The Treasurer Oh state shall keep fun and
particular account and record of all his proceedings
nud.r this Act and of the bonds redeemed aud sur
rendered aud he shall transmit To the Governor an
abstract Of all his proceedings uuuer TINS Act' WIN
his annual rpport. 10 be hy the Governor laid before
the Iep,slattire and MI books and papers pertain
ing olhe matters provided for in this Act shall at all
times be open lie inspection ui any pa ~ interest
Ell, or the Governor, or the Attorney Teberal' or
committee Of either branch of the Legislature, or u
joint committee ol both.
sec o. IL shall be the duty Of the Treasurer to nay
he interest On said bonds when the same ins due.
ont of said interest fund, il sufficient and Il sad idnd
be rot sufficient then to pay the deficiency ONT OF
The General Fund gyoUded that the ComplFoHtro OF
State shall first draw his warrant ON me Iret7ufr
pnvabe 90 the order Of said Treasurer TOR ue unON
OF interest money about to become due whlch et!d
interest warrant shall be drawn az least one month
! previous TO the maturing Of the Interest.
Sec 10. II shall be he duty OF the Governor anu
Comptroller 10 attend, mt least once IN each hohth'
~ the Treasurers Office. while sid bonds are hebg
issued. Ia examine all claims received by the Ifel-
surer as aforesaid aud cause the same to be regis
/ tered and cancelled in such manner as 10 prevent
them from being re-issued or put IA circulatioh
Sec H. The following are specihed rs lhe ciaIihs
which are entitled to be received ana iuhueu uluer
this Act First Civil bonds of the State issued under
the funding Acts passed in the years loJl lcoZ, %
1855 and 1856. which now outstanulhg' WIN IN
ierest due on the same when presented: as appears
7 hx,t IN annA