Mariposa Democrat., 1857-07-30

after specified SHALL upon the presentation Of the same
to the Treasurer of State receive in exchange there
for bond bonds of the State of California provided
for in the first section of this Act but bond shall
be issued for less sum than five hundred dollars, nor
for fractional parts of q hundred dollars, but the
Treasurer NAV issue certificates of such fractional
parts not bonded which said certificates shall be trans
erabe and entitled to be funded as before provided
The Treasurer shall endorse the back of each claim
so received and lquidated the date on which he re-
ceiyvd the same, and from whom, aud the number of
the bond issued in exchange therefor and such claim
shall be 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 same manner is
or may be provided by law for ordinary State taxes,
tax of thirty cents each hundred dollars of the
assessed value Of real and personal property in the
State and the fund derived from this tax shall be set
apart and applied exclusively to the payment Of the
interest on the bonds herein provided, and the final
redemption of the principal Of said bonds and the faith
of the State of California Is hereby pledged for the
payment as 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 Cafor
mia from the United States Government on account of
] the Civil Fund, so called, are hereby uevocably
pledged to the payment of the principal and interest
on the bonds issued under this Act. wilfu refusal
or neglect by Supervisors any other officer to levy
or collect the tax imposed by this Act shall be mis-
demeanor and the person persons convicted there
Of shall be removed from Office and punished by fine
lul exceeding one lllpu~dlu uOldl- OF IN lnlflsDi
ment in the county Jail not exceeding six months
| by both such fine and imprisonment
! SEC 7. Whenever, on the first day Of January or
July in any year. there remains, after the payment of
the interest herenbeore provided surplus Of ten
thousand dollars or more IL shall be the duty Of the
Treasurer 10 advertise for the space Of week. in
one daily newspaper published in English, In the city
| of New York. and for one month In one daily news
paper published in English at the State Capital, for
sealed proposals. 70 be opened one month after the
pimtion of snch publications by the Treasurer In the
presence Of the Governor Comptroller at 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 at rates not
exceeding par value as may redeem the greatest
amount of bonds until the amount Of cash on hand for
redemption is exhausted prorided, hoirouer in case
a sufficient amount Of such bonds shall not be offered
to exhaust the sinking fund to less amount than ten
thousand dollars, then it is hereby made the duty Of
the Treasurer 10 advertise in two newspapers In
New York and one at the Capital Of this State, for
three months, which Advertisements shalt state the
amount in the sinking fund, and the number Of bonds
numbering them in the order Of their issuance, which
such fund is set apart to pay and dscharge and II
such bonds, numbered in such advertisements shall
not be presented for payment and canccllatun within
three months from the expiration Of such publication
then such fund shall remain In the Treasury 10 dis
charge such bonds whenever presented they shall
draw no interest after such publication last afore
said
SEC. 8. The Treasurer of state shall keep full and
particular account and record Of all his proceedings
under this Act and Of the bonds redeemed and sur
rendered. and he shall transmit to the Goyernoran alb
stract OF all his proceedings under this Act with his
annual report to be by the Governor laid before the
Legislature and all books aud papers pertaining TO
the matters provided for in this Act shall at all times
be open to the inspection of any party interested
the Governor the Attorney General, or n committee
Of either branch Of the Legislature, joint com
mttee Of both.
SEC. o. 1t shall be the duty of the Treasurer to pay
the interest on said bonds when the same falls due out
Of said interest fund il sufficient and il said fund he
not sufficient then to pay the deficiency out Of the
General Fund; Prorided, that the Comptroller Of
State shall first draw his warrant the Treasurer,
payable to 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. 1t shall be the duty Of the Governor and
Comptroller to attend at least in each month at
the Treasurers Office while said bonds are being Is
sued. to examine all claims received by the Treasurer
aforesaid and cause the same 10 be registered and
cancelled in such manner as to prevent them from
being reissued or put in circulation.
| SEC. II. The following are specified as the claims
which are entitled to he received and funded under
this Act First Civil bonds Of the State issued under
the funding Acts passed in the years 1851 1852 1858,
1855, and 1856 which are now outstanding. with in
teres due on the same when presented as aUpears by
the coupons. Second, Comptroers warmnts drawn
under sanction Of law for civil expenses prior 10 Jan
uary lst, a. D. 1851 and now outstanding and un-
paid, but the provisions OF this Act shall not authorize
the funding of any Of those warrants, the registration
and endorsement Of which were cancelled or required
TO be cancelled by the provisions Of" An Actto cancel
the registration and endorsement Of certain warrants,
and prohibiting the payment Of the sameh approved
January 30th. A. ID. 1856, or warrants which have
been specifically adudged illegal by any Court and
all said warrants specified in the last mentioned Act
are hereby expressly excluded from all the benefits
and provisions Of this Act. Third Just or legal claims
against the State accrue prior 20 January It, 1851
and which m he allowed and audited Inv Act pl tho
Legislature And if the Treasurer Of state shall will
fully issue bonds upon claims not herein specified as
receivable, it shall be deemed .msdemeanor, aud he
shall be punished provided In section Of this Act
and such bond shall I've void
SEC. T. The claims specified in this Act may be re-
ceived for funding, and bonds therefor be issued
prior TO the first day of January 1859 but not after
wards and all claims not presented for funding nri0r
10 that time excluded from the provisions of this
Act and such blank bonds prepared under the proyis
ions Of this Act shall then remain on hand shall be
destroyed in the presence Of the Governor Comptroller
and Treasurer.
SEC. 49, This Act shall take effect on the first day
of November. A. d. 1851 to all its provisions,
cep those relating TO- and necessary for its submis-
sion TO the people, and for returning canvassng and
proclaiming the votes-which shall take effect i'm
medately
SEC. a. This Act shall be submitted to the people
Of the State for their ratification, at the next general
election to he holden the first Wednesday of Sep
tcmber A. d. 1857 and the qualified electors of this
officers vote for against this Act those voting for
the same, shall write have printed their ballots
the words Pay the Debt and those voting against
the same, shall write have printed their ballots
the words " Repudiate the DEBIT
SEC. Is. The votes cast for and against this Act
shall be counted returned and canvassed and declared
in the same manner and subject 10 the same rules
votes east for the Treasurer Of State and il II appear
that majority of all the votes cast for or against
this law, aforesaid, or in favor o this Act then the
same shall have effect herenbelore provided, and
shall be rTepeaabe until the principal and interest of
the liabilities herein created shall be paid and dis
charged, and the Governor shall make proclamation
thereof; but if majority of the votes cast are
against this Act then the same shall become void
SEC. l6. II shall be the duty Of the Secretary of
State TO have this Act published in one newspaper in
each Judicial District ofths State II one be published
therein for three months next preceding the general
election to be holden upon the first Wednesday of Sep
tember next for which publication no greater allow
ance shall be made than the rates allowed by law to
the State Printer.
Approved April 2sth, 1857. iell 3m
.