Oroville daily Butte record., 1857-07-30
LEGAL NOTICES.
FBY AUTHORITY.l
Vote on the State Deb {.
OFFICE OF SECRETARY OF STATE.
cn..nr.o,.c California Nav 0f 1897

the original Act now on file In my Office.
Witness my hand, and the great seal of State, at
of CO In Sacramento, California. the tweny-sxh day
of May, A. D. 1857. DAVID +. DOUGLAS.
[srALl 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 People of the StGte Of California represented IN
Senate and .4SsembIv, do enact as foHopS:
SECTION l. For the purpose of iqudating, fund
ing and paying the claims against the State OF Cai,
fornia, hereinafter specified the Treasurer of Stale
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 ann1m from the date
of their issue, payable at the state Treasurers ONCE,
the first day of july one thousand eight hundred
and seventyseven the interest accruin2 on said
bonds shall be due and payable at the office of the
Treasurer Of Slate the first day OF January and OF
July of each year: PrOrided That the first payment
ofinterest shall not be made before the first day of
Ja- uary one thousand eight hundred and fifty nine.
Said bonds shall he 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 or mutilatOn TO the bond. Said coupons. con-
N-'
urer of State.
Sec. g. It shall be the duty of the Treasurer and
Comptroller OF state each to keep separate record
of all such bonds as may be issued, showing the
number date and amount of each bond, and to
whom the snme issued and upon what claim,
and its amount: and none of the claims herein spe'
Gifted shall be iquldued or paid but iii the manner
herein provided
Sec g. 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
4 hx,t tt,.aT Trau in hnyin
prepared. but the Comptroller shall not draw his
warrant the Treasury for this amount until there
is money therein to pay the same.
Sec. All persons having any of the claims against
the State of California. entitled 10 be funded as here
naer 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
Act; but no bond shall be issued for less sum Than
five hundred dollars. nor for fractional parts of n
hundred dollars, but the Treasurer may issue GER
tificaies OF such fractional parts not bonded which
said certificates shall be transferable and entitled to
be funded before provided The Treasurer shall
endorse on the hack of each claim so received and
liquidated, the date which he received the same
and from whom. and the number ct the bond issued
in exchange therefar. aid such claim shall pc filed in
! the Office of the Secretary of State.
| Sec q. For the paymentwthin 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 same manner
az 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-
perty in the State. and the fund derived from this
lax shall be set apart AMI applied exclusively to 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 California 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, called
| Iora bprpb rrpy0Cnbly plpuQpd
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, ana 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 fine and
imprisonment.
Sec. 7. Whenever, on the first day of Jenuary or
July i'm any year, there remains, after the payment of
the interest hereinafter provided, surplus of ten
thousand dellars ore, il shall be the duty 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 ut 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. 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 valne as may redeem The greatest
amount of bonds until the amount OF cash ON hand
for redemption is exhausted; fropided ho,oerer, In
case sufficient amount oi such bonds snail not be
offered, aforesaid, to exhaust the sinking fund to
less amount than ten thousand dollars. then 1t is
hereby made the duty OF the Treasurer to advertise
i'm two newspapers. one in New York and one at the
Capjtal 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 innd Is SET apart
to pay and discharge; and if such bonds, so 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 TO discharge such
bonds whenever presented-but they shall draw no
interest after such publication rs last aforesaid.
Sec. g. The Treasurer State shall keep full and
particular account and record OF all MS proceedings
under this Act and of the bonds redeemed and sur
rendered. snd he shall transmit to the Governor an
abstract of all his proceedings under this Act, with
his annual report. to be by the Governor laid before
the Legislature and all books and papers pertain
ing 10 The matters provided for in this Act, shall at all
times be open the inspection of any patty interest
ed. or the Governor, or the Attorney General, or
committee of either branch of the Legislature, or
Joint committee 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 ii sufficient. and If said fund
be not sufficient. then TO pay the deficiency out or
the General Fund ProUided, 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 jue, which said
interest warrant shall be drawn at least one moath
previous to the maturing of the interest.
Sec. TO- 1t shall be lhe duty of the Governor and
Comptroller to attend, at least once In each month
at the Treasurers Office while said bonds are being
issued, to examine all claims received by the Trea
surer aforesaid, aud the same to be regis
tered and cancelled in such manner as 10 prevent
them from being re-issued or put in circulation.
Sec. IL. The following specified as the Claims
which entitled TO be received and funded under
this Act First Civil bonds of the State issued under
the funding Acts passed in the years 1851 1882 1858
1855, and 1856. which are now outstanding, with In