Oroville daily Butte record., 1857-08-01
LEGAL NOTICES.
IBY AUTHORITY.l
: ote on the State Debt.
OFFfcE OF SECRETARY or STATE.
s ncrn Inantn Califnrnla May 0G 1sh-

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 sixth day
of May, A. d. 1887. DAVID F. DOUGLAS.
[sEAL.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.
The Peope of the State of California. represented
Senate and .9sSsmJlv. do enact as foiions
SECTION / For the purpose of liquidating. fund
ing. and paving he claims against the State of Cali.
fornia. 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 Date
Of their ISSUE payable at the State Treasurers Office
the fret day of July. thousand eight hundred
! and seventy-seven: the interest accruin2 on said
bonds shall be due and PAYABLE ut the office of the
Treasurer of State the first day of January and of
July of each year. Pyouided. That the first payment
ofinteres shall not be made before the first dny of
a-uary. one thousand eight hundred and fifty nine
Said bonds shall he signed by the Governor. and
counterslgned by the Comptroller, and endorsed by
the Secretary of State and shall have the seal Of the
State affixed thereto.
Sec 2 Coupons for the interest shall be attached
! to each bond. that they may be removed without
injury muistion to the bond. said coupons. con-
secuvely numbered. shall be signed by the Treas-
urer of state.
Sec g. 1t shall be The duty of the Treasurer and
Comptroller OF State each to keep separate record
! of all such bonds may be Issued showing the
number date and amount of each bond, and to
whom The same issued and upon what claim,
and its amount: and none of the claims herein spe-
Gifted shall be liquidated or paid but in the manner
/ herein provided.
Sec L. The sum Of one thousand dollars is hereby
appropriated ont Of any money in the Treasury not
otherwise appropriated 10 pay the expense that may
/ be incurred by the 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. s. All persons having any Of the claims against
/ the State of California, entitled to be funded as here
inalier specified, shall, upon the presentation of the
same TO the Treasurer of the state receive in eX>
change therefor bond or bonds of the State of
California provided for IN the first session of this
Ac hut no bond shall be issucd for n less sum than
five hundred dollars. nor for fractional parts of
hundred dOllars but The Treasurer may issue GER
tfcates ui such fractional parts not bonded, which
said certificates shall be transferable and entitled to
be funded rs before provided. The Treasurer shall
endorse, on the hack of each claim received and
hquidated, the date on which he received the same.
and from whom. and the number Ct the bond issued
in exchange thereto. and such claim shall DC filed IN
the Office of the Secretary of state.
Sec 8. 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
az is or may be provided by law for ordinary state
I
lars of the assessed value Of real and personal pro-
pexav in the State. and the fund derived from this
lax shall be set apart AMI applied exclusively tn 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 Califor IN Is
hereby pledged for the payment as 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 on account OF the Civil Fund. so called.
are hereby -revocably pledged TO the payment of
the principal and interest on the bonds issued under
this Act A wilfu refusal or neglect by Supervisors
or any oher officer TO levy or collect the tax imposed
by this Act, shall be misdemeanor, and the person
or persons convicted thereof shah be removed from
Office and punished by fine not exceeding one thou
sand dollars, by imprisonment in the county Jail
not exceeding six months, or by both such Enc and
imprisonment.
Sec. 7. Whenever. the first day of JsnuAry or
July in any year, there remains, after the payment of
the interest hereinafter provided, surplus OF ten
thousand dollars or ore II shall be the duty OF the
Treasurer to advertise for the space Of one week. in
daily paper published in English, in the city of
New York, and for one month IN one daily newspa
Der published in English mt the State Capital for
sealed proposals to be opened one month after the
expiration of such publications by the Treasurer, in
presence Of the Governor or Comptroller. nj 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 nccept the loves, proposals. at rates
not exceeding par value as may redeem The grealest
amount of bonds until the amount OF cash on hand
for redemption is exhausted: TTocided holcfro, in
case a sufficient amount vi such bonds shall not be
offered aforesaid. to exhaust the sink ing fund to
less amount ihan ten thousand dollars. then it is |
hereby made The duty oi the Treasurer to advertise
in two newspapers, one IN New YORK ana one al The
Capital of the state, for ;hree months which adver-
tisements shall 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 discharge; and If sdch bonds, so num-
bered in such advertiser ents shall not be presented
| f,y novnent and cancellation within three months !
from The expiration such publication, then such
fund shall remain in the Treasury TO discharge such
bonds whenever presened-but they shall draw no
interest after such publication ms 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, Ind he shall transmit to the Governor an
abstract Of all his proceedings uhuer this Act, with
his annual report, to he 10y the Governor laid before
the Legislature and all Dooks and papers pertain
ing 10 ,he matters provided for in this Act shall at all
es be open to The inspection of any pm ty interest
r,l or the Governor, or the Attorney General or a
committee of either branch of the Legislature,
ion committee OF both.
See O. II shall he the duty of the Treasurer to pay
he Interest on sad BOMBS when the same falls due.
tt o d interest fund, it sufficient, and if said fund
he not sufficient then to pay the deficiency out OF
hs CsDera Fund pr0rded. that the Comptroller of
state shall first draw his warrant ON the Treasurer,
ayable 10 fc ordero said Treasurer for the amou=t
M interest money about to become due. which said
r,erest warrant shall be drawn at least one month
praviaus 20 The maturing OF the interest
Scr TO- Il shall be he duty of the Governor and
Eouptroiler to attend at least once In each month.
Al inc Treusrers Office, while said bonds are being
s.,,asi - axauine a claims received By the Trea- |
.nrer "a aforesaid aud cause the to be regis
tered and cancelled in such manner as TO preyeni
hem from being re-issued or put Ia circulation.
See. y. The follo@ing are specified as the claims
which are entitled 10 be received and funded under
his Ac;: First CIvi bonds of the State issued under
m funding Acts passed in the years 1851, 1852, 1853