Mountain Democrat., 1857-08-22
IDY AUTHORITY.
A N A CT

]. VWTTOSt
and paying the claims against the State Of California,
hereinafter specified, the Treasurer Of State shall
cause To he prepared suitable bonds Of the State OF
California, not to exceed the Of three millions
nine hundred thousand dollars, Tearing interest at
the rate Of seven Irr cent per annun from the date
Of their issue, payable at the State TreasurerS Office
the first day Of July, one thousand eight hundred
and seventy-seven; the interest accruing Oh said
bonls shall be due and payable Mt the office Of the
Treasurer Of etate, the first day Of January and
July Of each year FTOrided, That the first pay
mcnt Of interest shall not he made before the first
day Of January, onc thousand eight hundred and
tiftynine Said bonds shall be signed by the Govern
or, AMI cOuntersgned by the Comptroller, and en-
dOrscd by the Treasurer 0f State, aud shall have the
seal Of the State affixed thereto.
SIC g. Coupons for the interest shall he attached
to each bOnd so that they may be removed without
injury or muatiOn 10 the bond. Said coupons, com
secutvely numbered, shall be signed by the TrcaSur-
or Of State.
SEC. 3. 1t shall he the duty Of the Treasurer nnd
Controller Of State each 10 keep separate record 0f
all such bonds may he issued, showing the number,
date and amount of each bond, and tn whom the same
issued, and upon what claim, and It's amount; and
Of the claims herein specified shall he luida
ted or paid but in the manner herein provided.
SIC. I. Tie sum Of one thousand dollars Is 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 but the Controller shall not draw his Mar
rant the treasury for this amount until there Is
money therein to pay the same.
ch. D. All persons having any OF the Claims against
the State Of California, entitled to he funded aS,herc
matter specified, SHALL upon the presentation Of tr
TO the Treasurer Of State. receive ia exchange
therefor bond bonds Of the State Of California,
provided for In the first section of this Act hut
bond shall be issued for less sum than five hundred
dollars, nor for fractional parts Of hundred dollars,
but the Treasurer may issue certificates of such frac
tiona parts not bonded. which said certificates shall
bc transferable and entitled to be funded before
provided. The Treasurer sall endorse on the back
Of each claim received aud liquiatc the date on
which he received ilc same and from whom, aud the
number of the bond SSlir,l in exchange therefor aud
such claim shall be filed in the Office Of the Secretary
of State
SIC 6. For the payment within twenty years oi 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
as il may be provided by awfnT ordinary State
taxes Il tax Of thirty cents Gn each one hundred dol
lars Of the assessed value of real and personal prop
ery in the State, and the fnd derived from this
shall BIZ set apart and applied Exclusively 10 ihc pay
ent OF the interest on the hons herein prov idr ad
the final redemption "f the principal of sail bonds.
and the faith of the state ~ California is hereby rds
cl for the payment as herein pr"vil,l uf thu bond,
issued hy virtue Of this Act and the interest hrrcnn
and all moneys that may he received by thu State NJ
California from the United States Government ON uc-
count Of the Civil Fund, called, hereby rrcvo.
cahy pledged to the payment "f the principal aud n
tercSt the bonds issued under this act. 4 Wilnl
refusal or neglect by Supervisors or any other officer
10 levy collect the taxes imposed by this Act shall
be mislemeanur, and the person persons c"IlVc.
ted Thereon shaH ht removed rom uI lC" aii lni>
I'd by fine not exceeding one Thousand dollars. hv
Imprisonment In the county Jail not exceeding stN
months, or by both such fine and Imprisonment.
Sec. 7. Whenever on the first day of January nr Ju
" in any year, there remains after the payment the
interest as hereinhciurc provided surplus of ten
thousand dollars shall he the duty nf the
Treasurer to advertise, for the space If week, IN
one daily newspaper published in English. III the city
OF New York, aud for one month in one daily news.
paper published In English ut the State Capital for
sealed proposals, to he opened month after thu
expiration Of such publications by the Treasurer, in
presence Of the Governor or Cuntroltr ut thu State
Capital for the surrender of bonds issued under this
Act, which advertisement shall state the amount Of
money ne has on hand for the rurp"nr uf rcdcution
and they shall accept the lowest rr"Pn>alS NJ rates
not exceeding par vnlue, may redeem the greatest
amount ofbondS until the amount "f cash on hand
for redemption is exhausted I''1ri'rf, h'"srtf Ia
"A sufficient amount of such bonds ,lil rot be-
offered, as aforesaid I" exhaust the sinking lnd tu
less ainurnt than thousand dollars tr'i Il j. here.
by made the duty oftl Treasurer t. advertise
newspapers, one in New York and Ht tl' Capital
Of this State, for three months, which adv Vr>ruits
shall state the amount in the sinking fund, and the
number OF bonds, numbering them in the order uf
their issuance which such fund is set apart Ia pay
and discharge, and II such bonds, so numbered IN
such advertisements shall not be presented for pay
Hlcnt and cancellation within three months from the
expiration Of such publication, then such fund shall
remain In the Treasury to discharge such houls
whenever presented, hut they shall draw interest
after such publication rs last aforesaid.
SIC c. The Treasurer OF State shall keep full and
particular account and record Of his proceedings
under this Act, and " the bonds redeemed and
dcred, and he shall transmit tn the Governor alb
stract Of all his proceedings under this Act. with his
annual report tU he by the Govcrnor laid before the
Legislature and all hooks and papers prrtainingt"
the matters provided for In this Act shall at all times
he open to the inspection of any party Interested "r
the Governor. ar the Attorney t-nrral, r',ntit.
tee of either branch VI the legislature joint
mittee of both.
SEC O. 1t shall he the duty ofthc Treasurer to pay
flp int ms sal uII flllS
out Of said interest fund, II sufficient and il said fund
he not sufficient, then t. pay the deficiency ont oNthe
General Fund PIOriiSd that the Controller Of State
shall first draw his warrant on the Treasurer payable
to the order Of said Treasurer for the amount nf inter-
est money about tn become due, which said interest
warrant shall he drawn at least month previous
to the maturing ofthe interest.
SEC. 10. II shall he the duty Of the Governor and
Controller to attend at least once IN each mcnh AT
the Trcasuser's office, while said bonds being is
sued, to examine all claims received hy the Trrasur-
aforesaid, and cause the I" he registered
Rnd Cancelled In such manner as prevent them from
being reissued or put In circulation.
SIC. II. The following are specified the claims
which entitled TO he received and fundrr under
this Act First, Civil bonds Of the State issued under
the funding Acts passed In the years ISL S2 l>S,
1873 and 1885, which are now outstanding, with inter-
est due the same when presented, as appears by
the coupons. Second, Controllers warrants drawn
under sanction oflaw for civil expenses prior tn Jam
uary first, A. D. 1851, and now outstanding and uII
paid, but the provisions Of this Act shall not author
ize the funding Of any Of those warrants the rrgsra
tion and Endorsement Of which were cancelled or re-
qured to he cancelled by the provisions of" An Act
to cancel the registration and Endorsement Of certain
warrants and prohibiting the payment Of the same
approved January 30h, u. lN6. or warrants which
have been specifically adjudgcd illegal by any Court
and all said warrants specified in the last mentioned
Act, hereby expressly excluded from all the ene.
fits and provisions OF this Act. Third, just or legal
claims against the State accrued prior to January lS
1851, and which may be allowed and audited by Act
Of the Legislature. And II the Treasurer Of State
shall willfuy issue bonds upon claims otherrn sPe
Gifted receivable II shall be deemed miS,leeanOr
and he shall he punished as provided In section Of
this Act, and such bond shall bevoid.
SIC. ~. The claims specified in this Act may be re-
Ceved for funding and bonds therefor may be issued
prior to the first day Of january, 1859, but not after
wards and all claims not presented for funding prior
to that time excluded from the provisions Of this
Act, and such blank bonds prepared under the pro-
visions Of this Act IA shall then remain on hand,
shall he destroyed In the presence of the Governor
Controller, and Treasurer.
SIC. 13. This Act shall take effect the first day
Of November, A. D. 1871, as to al its provisions,
ccpt those relating to, and necessary for, Its SuhnsS
Ion to the people, and for returning, eanVasSng and
proclaning the VOtes-which will take effect nme-
diately.
SIC. II. This Act shall he submitted to the people
Othe State for their ratification, at the general
election, to be holden the first Wednesday of Sep
tember A. D. 1851 and the qualified electors Of this
State, shall ut said election, their ballots for State
fFcers vote for against this Act those voting for
the same, shall have written printed on their bal.
lots, thewOrds PAY the Debit" and those voting
against thesame shall write have printed on their
ballots, thewords "Repudiate the Debit"
SIC. IS. The votes cast for and against this Act,
shall be counted, returned and canvasscd, and de-
clared In the same manner and subject to the same
rules as votes cast for the Treasurer Of State and
appear that majority Of all the votes 80 cast for or
against this law aforesaid, in favor Of this Act
then the shall have effect hereinbeiore provi
ded and shall be irrepeaable until the principal and