Oroville daily Butte record., 1857-07-24
LEGAL NOTICES.
IBY AUTHORITY.l
Vote on the State Debt.
OFyrcE OF SECRETARY or STATE.
An..

OF ce in Sacramento, California the tweny-sixh da,
of May, A. d. 1857. DAVID T. 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
Senate and assembly, do enact as foloUs:
SECTION l. For the purpose of liquidating. fund
ing, and paving the 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 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 first day Of July, thousand eight hundred
and seventyseven: the interest accruin2 on siid
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: ProUided That the first payment
ofinterest shall not be made before the first day of
ia nary. one thousand eight hundred and fifty nine.
Said bonds shall be signed by the Governor and
countersigned by the Comptroller and endorsed by
the Secretary of State and shall have the seal Of the
State affixed thereto
Sec 2 Coupons for III interest shall he attached
TO each bond so that they may be removed without
injury or mUtation to the bond. said coupons, con-
secutively numbered. shall be signed by the Treas
urer of State
Sec 8. 1t shall be tie 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 snme was 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.
1 see. 4. The sum Of one thousand dollars i 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 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 he funded here
inafter specified, shall upon the presentation Of the
same to the Treasurer of the STATE, receive in eX>
! change therefor bond 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
tidcates OF such fractional parts not bonded which
said certificates shall be transferable aud entitled to
! be funded before provided The Treasurer shall
endorse, on the huck of each claim received and
hquidated, the date which he received the same.
and from whom. and the number ct the bond issued
in exchange thereof and such claim shall ue fled in
/ the Office Of the Secretary of State.
! Sec 6. For the payment within twenty years of the
principal and interest OF the honds issued under this
Act, there shall be levied annually until the bonds
are paid, and promptly collected in the same manner
as 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
lax shall be set apart ant applied exclusively to the
payment of the interest on the bonds herein proyid
ed, and the final redemption OF the principal of said
bonds and the faith of the State of Caorpia Is
hereby pledged for the payment as herein provided
of the bonds issued by virtue Of this Ac and the in
teres thereon and all moneys that may be received
hy the State of California from the United States
Government on account Of the Civil Fund, so called
are hereby irrevocaby pledged to the payment of
the principal and interest on the bonds issued under
this Act wilful refusal or neglect by Supervisors
or any other officer 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 mouths, or by both such fine and
Imprisonment.
! Sec. T. whenever, on the first day of Jfnuary or
July in any year, there remains after the payment of
the interest as hereinafter provided. surplus OF ten
thousand dollars ore, it shall be the duty of the
Treasurer advertise for the space Of week in
one daily paper published in English, in the city of
New York. and for one month in one daily newspa-
per published in English at 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 Comptroller, a the State
Capital for the surrender of bonds issued under this
Act, which advertisement shall state the amount of
money he has on 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 1ToUided, hoperer. in
case sufficient amount of such bonds shall not be
! 4
less amount than ten thousand dollars then it is
hereby made the duty OF the Treasurer to advertise
! in two newspapers one in New York and one at the
Capital of the state, for three 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 set apart
to pay and discharge: and il shch bonds, 80 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 Discharge such
bonds whenever presentcd-but they shall draw no
interest after such publication as last aforesaid.
Sec. g. The Treasurer oi S,ate shall keep full and
particular account and record OF all his proceedings
under this Act, and of the bonds redee taed aud sur
rendered, ind he shall transmit to the Governor an
abstract Of all his proceedings unuer this Act, with
his annual report to he by the Governor laid before
the Legislature and all books and papers pertain
ing TO The matters provided for in this Act shan Mt all
Zines be open to the inspection Of anv party interest
ed. ar the Governor, the Attorney General or y
committee of either trauch of the las stature OF n
joint committee OF both.
Sec O. 1t shall be the duty of the Treasurer 10 nav
he interest on said bonas when the sane tlls dna
out of said interest fund, it sufficient and II said fund
be not sufficient then 10 pay the 1"9ccncy out of
the General Fund; pr0eidsd that If Comptroller OF
State shall frst draw his warrant 3tc Treasurer
payable to the order of said Trea.Ii rtaa ain0a-f
OF interest money about to becut ,t1a. which said
interes: warrant shall be drawn unc month
previous TO the maturing OF the 10
sec. 10. IL shall be Ihe duty OF Governor and
Comptrolle to attend, ut least Pa each month
at the Treasurer's Office white pnsls are being
issued, to examine an claims r4:eivr1 by the rre-
strer as aforesaid. aud cause The sne So he regis
tered and cancelled IN such n8ab~s al to prevent
them from being re-issued or pa "a circulation.
Sec. II The following are spcided as the claims
which entitled to be received ana funded under
this Acl First, Cici bonds of ihe ~ihe isSed under
the lnding Acts passed in the years 1851 1852 1853
1855 and 1885, which outstan ing, with in
terest due On the same when presented. rs appears