Oroville daily Butte record., 1857-09-12
CHAPTER CCXLIV.

CHAPTER CCXLIV.
An Act to provide for Paying certain Equit-
able Claims against the State Of Califor-
MIA, and to contract Funded DeSt for
that purpose.
The People of the state Of California, represented in
Seaqte and .1ssemilg. do meet as toioos:
SECTION | For the purpose of quidating. fund
ing and paying the claims against the state Of Cali
forna, hereinafter specified, The Treasurer Of state
shall cause to be prepared suitable bonds OF the State
Of California, not to exceed the sum Of three millions
nine hundred thousand dollars, bearing interest at
the rate of seven per cent per annlm from the Gate
Of their issue payable 40 the state Treasurcrs Office,
on the first day of July. one thousand eight hundred
and se' enty-seYen: The interest accruin2 on said
bonds shall be due and payable at The ONCE OF the
Treasurer Of State CD the first day of january and OF
July Of each YEAR PrOcjdCH. Ihai the first pay ment
ofinterest shall not be made before the first day of
la uary. one thousand eight hundred and fifty nine.
Said bonds shall he signed 10y the Governor. and
coun,ersigned by the Compiroler, and endorsed by
the Secretary Of state and shall have the seal OF the
StHte affixed thereto.
sec. 3 Coupons for the interest shall he atached
TO each bond. 81 that they may be removed without
injury or mutilation to the bond. said coupons.
secutively numbered. shall be signed by the Treas
urer Of state.
Sec. 3. 10 shall ho the duty Of the Treasurer aud
Comptroller OF State each 20 keep q separate record
OF all sHch bonds as may be Issued. showing the
number date and amount ut each boAd, and 20
whom the snme "as issued. and upon What claim,
and its amount: ard mono az the Claims herein spe-
Gifted shall be h4u!uated or paid but ~ the manner
herein provided.
Sec J. The sum or one thousand dollars il hereby
appropriated ont III any money in the Treasury not
otherwise npnropri'' io pay The expense that may
be incurred by 'He treasurer IN having sand bonds
prepared, but the Comptroller stall not draw his
warrant he Treasury for this amount until there
is money therein to pay lhc same.
Sec. An persons having any ol the claims against
the state Of California. entitled 10 be funded a. here
naler specified, shall rpon the presentation ot The
same to the Treasurer OF the STATE, receive IN PX>
change therefor a bOHd or bonds of the State of
California provided for In the first session Of this
Act: hut no bond shall he ISSUED ioT less sun han
live hundred dollars, nor for fractional parts of
hundred dollars. bat the Treasurer may Issue GER
titCateS Of such fractional parts not bonded, which
said certic los SHAH be transferable and entitled 10
be funded as before provided The Treasurer shail
endorse, on the hack Of each claim so received and
liquidatcd, the date on which lie received the same
and from whom. and the number ct the bond issued
in eX change thereto and such claim shall DC hled 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
Aci. there shall he levied annually UuIil The bonds
are paid, and promptly collected n the sam manner
a. is or mHy be provided by law for ordinary state
taxes tax Of thirty cents Un each one hundred dol
lars Of the assessed value Ci real and personal pro-
pcrtN IN the state, anl the innd derived from ths
tax shall be set apaT AMI applied exclusively 10 the
payment Of the Interest ON me bonds herein proyid-
ed and The inal redemption OF 'he principal o said
/ bonds. and the futth OI me Silte Ot HhiOf ld j
hereby pledged for the payment as herein provided
of the b0uHs issued by viUc Oi This Ac' and the in
teresi thereon and all moneys that may he received
bV the State Of CaliOrnm t'om the United States
Government on account oi the Civil Fund. 50 called.
nre hereby rrevocaby pledged 10 the payment Of
the principal and interest on the bonds issued under
this Act a wilful refusal or neglect by Supervisors
or any other officer 10 hwy or c0lecthe tax imposed
by this Act. shah be a misdemeHnur and the person
or persons convicted thereof shah be removed from
Office and punished by hne not exceeding one thuu-
sand dollars or by imprisonment IN the county ali
not exceeding six months or by both such hne and
imprisonment.
Sec. : Whenever. on the first day Of Januarv o.
Juy in any year. there remains, after the payment of
the interest hereinafter provided, surplus OF ten
thousand dollars or ore, t shall be the duy OF the
Treasurer TO advertise for the spucc OF one week in
one daily paper published in En2lsh, ia the city uf
New York and Tor one month IN one daily news pa
per published in English at the state Capital. tor
| seaed proposals. to be opened one month after The
piralion ot such publications by the Tren~urr in
presence uf The Governor or Comp roller at the state
Capital for the surrender Of bonds issued under this
Act, which advertisement shall state the amount of
money he has on had the purpose OF rrdcu puOn,
ana they shall accept the iowes proposals, at rates
not exceeding par value az may redeem The greatest
amount OF bonds until the amount OF cash ON baud
for redemption is exhausted; TTop{de8, hoirer9. in
case II sufficient amount al such bonds shall not be
offered, aforesaid to exhaust The sinking fund to
less amount than ten thousand dollars. then il is
hereby made the duty OF the Treasurer 10 advertise
in two newspapers. one in New YORK and one nj the
Capital Of the state. for ;hTee months, which advcr
tisements shall state the AMOUNT in the sinking fund
and the number OF bonds numbering them in tho
order of their issuance, which such fund Is set apart
to nav and discharge: and ii such bonds, num-
bered in such advertiser ents, shall NOT be presented
! for payment and cancellation within three months
frOg the expiration OF such publication, then such
fund shall remain in the Treasury 10 discharge such
/ bonds whenever presentpd-bui they shHl! draw no
interest after such publication las last aforesaid.
Sec g. The Treasurer oi state shall Keep full and
particular account and record OF ali his proceedings
under this Act. and of the bonds redeemed and sur
rendered, ind be shall transmit to the t'overnor un
abstract of all his proceedings uruer This Act with
his annual report, to be 10y the Governor laid before
the Legislature and all books and papers pertain
ing to The matters provided tor in this Acl, shall ali
times be open to the inspection OF any pa y interest
ed, or the Governor. or the Attorney General,
committee of either branch OF the Legislature, or
joint committee OF both.
Sec 9. 1t shall be the duty Of the Treasurer to pay
The interest on said b0nns hen the same fals due.
out OF said interest fund it sufficient aud if sad fund
be not sufficient, then 10 pay the deficiency cut Of
the General Fund proUi3ed. that the Comptroller Of
State shall first draw his warrant on the Treasurer,
payable the order OF said Treasurer for the amount
! OF interest money about to become due, which said
interest warrant shall be drawn at least one month
previous to the maturing of the interest.
| Sec 10. Ii shall be lhe duty OF the Governor and
Comptroller TO attend, al least once In each month.
al the Treasurers Office, while said bonds are being
issued to examine all claims received by the Trel-
surer aforesaid, and cause the same IT, be regis
tered and cancelled in such manner as 10 prevent
them from being re-issued or put la circulation.
! Sec. IL. The following are specified as The claims
which are entitled 10 be received and landed under
this Act: First CIVIL bonds OF the State issued under
the funding Acts passed in the years 1851, sj2l So
1855, and 1856. which are now outstanding, with
terest due on the same when presented, as appears
by the coupons. Second, Comptroler's warrants