Oroville daily Butte record., 1857-07-02
LEGAL NOTICES.
[BY AUTHORITY.l
pote on the State Debt.
OFFICE or SECRETARY or STATE.
Sacramento, California, MAY %, 1851.

Stde Oi the State OF Caiilornia. 40 hereDy cer-
tiy that the annexed is true and correct copy OF
the original Act now on file in my office.
Witness my hand, and the great seal of State, at
OF ce in Sacramento, California the twenty day
of May, A. D. 1857. DAVID F. DOUGLAS,
| LsEAL.l Secretary Of State.
CHAPTER CCXLIV.
An Act to provide for Paying certain Equit-
able Claims against the State of Califor-
MIA, and to contract Funded Debt for
that purpose.
TIE People of the State Of California, represented
Sefaate and assembly. DO enact as foRoars
SECTION For the purpose of liquidatng, 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 annum from the date
of their issue, payable at the State Treasurers Office
on the fret day of July, thousand eight hundred
| and seventy seven: the interest accrun2 on shid
bonds shall be due and payable at the Office of the
Treasurer Of Slate the first day of January and of
July of each year: PrOridcd That the first payment
ofintrrest shall not be made before the first day of
January, one thousand eight hundred and fifty nine
Said bonds shall he signed by the Governor. and
counersigned by the Comptroller, and endorsed by
the Secretary of State, and shall have the seal of the
State affixed thereto
Sec. >. Coupons for the interest shall be attached
to each bond, so that they may be removed without
injury mutilat0n 10 the bond Said coupons. con-
seculivcly 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 to keep separate record
of all such bonds as may be issued, showing The
number. date and amount of each bond, and Ia
whom the same was issued, and upon what claim,
and its amount: and none Of the claims herein spe-
Gifted shalt he quidated or paid but in the manner
herein provided
Sec. 4. The sum Of one thousand dollars is hereby
appropriated out of any money in the Treasury not
Otherwise appropriated pay the expense that may
| be incurred by me Treasurer in having said bonds
prepared but the Comptroller shall not draw his
warrant on the Treasury for this amount until there
| is money therein to pay the same.
Sec 5. All persons having any the claims against
the State Of California entitled to be funded here
inaler specified, shall, upon the presentation ef the
same to the Treasurer of the State. receive in ex>
change therefor IL bond or bonds Of the State Of
| California. provided for in the first session Of this
Act; but no bond shall be issued for less sum than
five hundred dollars. nor for fractional parts of
hundred dollars. but the Treasurer may issue GER
ticaes OF such fractional parts not bonded, which
said certificates shall be transferable and entitled to
be funded before provided The Treasurer shall
endorse. ON the back OF each clara received and
lquidaIed the date on which he received the same.
and from whom. and the number oi the bond issued
in exchange therenr aud such claim shall De filed in
the office Of the Secretary of state.
Sec q. For the payment within twenty years of the
principal and interest Of the bonds Issued under this
Act, there shall be eNleG annually, until the bonds
are paid, and promptly collected in the sam manner
rs 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 OF real and personal pro-
perry in the State. and the fund derived from this
tax shall be set apart an1 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 Caifor ia is
hereby pledged for the payment hs herein provided
of the bonds issued by virtue Of this Act and the in
terest thereon and all moneys that may be received
by the State of California from the United States
Government account OF the civil Fund, called
are hereby irrevocably pledged TO the payment of
the principal and interest on the bonds Issued under
this Act wful refusal or neglect by Supervisors
any Other officer to levy collect the tax imposed
by this Act, shall be misdemeanor, and the person
or persons convicted thereof shall be removed from
Office and punished by fine not exceeding one thou
sand dollars, or by Imprisonment in the county jail
not exceeding six months, or by both such fine and
imprisonment.
! Sec. T. Whenever on the first day of Jenuary or
July in any year, there remains, after the payment of
the interest as hereinafter provided, surplus of ten
thousand dollars ore, il shall be the duty OF the
Treasurer to advertise for The space Of one week, in
one daily paper published in English, in the city of
New York, and for one month in one daily ncWspa-
per published in English at The state Capital for
sealed proposals. to be opened one month after he
expiration of such publications by the Treasurer, in
presence Of the Governor Comptroller. at the SIae
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 loves. proposals. Mt rates
amount of bonds until the amount OF cash on hand
for redemption is eXhausted; yTaDided h0lcerer, in
case a sufficient amount of s!ch 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 at the
capital oi the State, for hree months, which atver
isements 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 pay and discharges and II such bonds, so num-
bered in such advertiser ents, shall not be presented
for payment and cancellation within three months
from the expiration OF such publication, then such
fund shall remain in the Treasury to discharge such
bonds whenever presentcd-but they shall draw no
interest after such publication as last aforesaid
Sec. 3. The Treasurer OI State shall Keep full and
particular account and record of all his proceedings
under this Act. and of the bonds redeemed and sur
rendered md he shall transmit to the Governor an
abstract of all his proceedings unuer this Act. with
his annual report, to be by the Governor laid before
the Legislature and all books and papers pertain
times be open TO the inspection of any patty interest
ed, or the Governor. the Attorney General or Il
committee of either branch of the Legislature, or a
joint committee OF both.
Sec o. 1t shall be the duty Of the Treasurer to pay
The interest on said bonds when the falls due
out OF said interest fund.- ii sufficient and If said fund
be not sufficient, then to pay the deficiency out of
the General Fund: pT0Ui9ed, 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 month
previous to the maturing of the interest.
See. 10. II shall be Ihe duty of the Governor and
Comptroller to attend, at least once In each month
at the Treasurers Office, while said bonds being
issued, to examine all claims received by the Trea
surer as aforesaid and cuuse the to be regis
tered and cancelled in such manner 10 prevent
| them from being re-iSsted nut In circulation.