Oroville daily Butte record., 1857-08-24

State of the State Of California, do hereby GER
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 wentysixth day
of May, A. D. 1851. DAVID r. DOUGLAS.
| (sEAL.l Secretary OF State.
CHAPTER CCxLIV.
An Act to provide for Paying certain Equit-
able Claims against the State of Califor-
MIA, 9Qd to contract Funded Debt for
that purpose.
The People Of the State Of California represented
Senate and .4ssembly. DO enact as tolors:
SECTION For the purpose of iqudating, fund
q, and paying the claims against the State OF Cali
fornia hereinafter specified, the Treasurer OF state
shall 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 annnm from the Date
of their issue, payable at the State Treasners office,
the first day Of July, thousand eight hundred
and se' enty seven the interest accruin2 said
bonds shall be due and PAYABLE at the Office of the
Treasurer Of State the first day Of January and of
July of each YEAR PrOrided. That the first payment
Interest shall not be made before the first day Of
ia unry, 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 q Coupons for the interest shall be attached
to each bond so that they may be removed without
injury mulilation to the bond. said coupons. con-
sec uvely numbered. shall be signed by the Treas
urer of State.
Sec. 8. 1t shall be the duty of the Treasurer and
Comptroller OF State each TO keep n separate record
of all such bonds as 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 liqudated 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 to pay the expense that may
be incurred by the Treasurer in having said bonds
prepared, but the ComplrlIer shall not draw his
warrant on the Treasury for this amount until there
is money therein 10 pay the same.
Sec. All persons having any of the claims against
The State of California. entitled to be funded as here
inafer specified, shall, upon the presentation of the
same to the Treasurer of the State. receive In ex>
change therefor n bond or bonds Of the State of
California provided for in the first session Of this
Act but no bond shall be ssutd for less sum than
five hundred dollars nor for fractional parts of
hundred dollars, but the Treasurer may issue GER
tiicntes OF such fractional parts not bonded, which
said certificates shall be transferable and entitled To
be funded as before provided The Treasurer shall
endorse, on the hack of each claa received and
hquidaed. the date on which he received the same.
! and from whom. and the number Ct the bond issued
in exchange thereto ard such claim shall De led III
! the Office the Secretary OF State.
Sec 6. 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
are paid. and promptly collected in the sam 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 0 real and personal pro-
pertv in the State, and the fund derived from this
tax shall be set apart AMI applied exclusively 10 Inc
pavment of the interest on the bonds herein provid.
ed. and the final redemption Of The principal of said
bonds aud the faith of the State of Callior IA IL
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
nre bereby irrevocably pledged 10 the payment o!
the principal and interest on the bonds issued under
this Act wilful refusal neglect by Supervisors
or anv olher 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 months, or by both such hne aid
! imprisonme
| Sec 7 whenever, on the first day of Jenuary or
July in any year, there remains, after the payment of
the interest hereinafter provided, surplus OF ten
thousand dollars or ore, II shalt be the duly 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 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 uf the Governor Comp roller. nj the State
apiial for The surrender of bonds issued under this
| Act which advertisement shall state the amount of
money he has on hahd for the purpose OF redemption,
and they shall nccept the loves 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; 5Torided, ho,cece', in
| case a sufficient amount of such bonds shall not be
offered, as aforesaid to exhaust the sinking fund tn
less amount than ten thousand dollars. then 1t is
hereby made the duty OF the Treasurer to advertise
in two newspapers, one in New YORK and one at The
CaDital of the state, for :hree months which adver-
tsemen,s shall state the amount IN the sinking fund
and the number Of bonds numbering them IN the
order OF their issuance, which such fdd is set apart
to nav and discharge: and if sdch bonds, so num-
bered in such advertiser ens, shall not be presented
for Dayment and cancellation within three months
from The expiration OF such publications, tAen such
fund shall remain in the Treasury to discbLrge such
bonds whenever presenied--but they sha draw no
interest after such publication us last aforesaid.
Sec. g. The Treasurer oi state shall Keep tul ana
nortcuar account and record OF al his proceedings
under this Act, and Of the bonds redeemed ana sur
rendered md he shall transmit TO the Govern0r an
abstract of all his proceedings ui'aer This Act WIN
his annual report, be by the Governor lad before
The Legislature and all books and papers pertain
i" IN Ibe matters provided for in .hs Ac shall MT all
times be open the inspection OF any pa iy interest
OF or the Governor or the Attorney General or
committee of either branch Of the Legielature, or
Joint committee OF both
Sec O. Il shall be the duty of the Treasure. to pay
he interest on said bonds when the same faIn Que
o Of said interest fund il sufficient, and II sara thhi
no n,i sufficient then to pay the deficiency ont o!
,h ~ moral Fund: prOUided. that the Comptroller OF
State shall first draw his warrant on me lreasur'r,
navahla To the order Of said Treasurer for the amot
Of interest money about to become Jue, which said
interest warrant shall be drawn al least one hohih
previous to the maturing OF the interest,
sec TO- II shall be lhe duty OF the GoVerhor ana
Comptroller to attend, at least once IN each nohih
at the Treasurer's Office while said ponds are nens
issued 10 examine all claims received by the Trea-