Oroville daily Butte record., 1857-07-11
LEGAL NOTICES.
tBY AUTHORITY.l
vote on the state Debt.
OrrIcE OF SECRETARY OF STATE.
Sacramento, California, May 26, 1857.

- DAVID F. DOUGLASS SECRETARY OF
State Of the State OF California, do hereby GER
lily 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 twenyslxth day
of May, A. D. 1857. DAVID T. 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 a Funded Debt for
that purpose.
The People Of the State Of California; represented in
Senate and assembly do enact as touors:
SECTION l. For the purpose Of lqudating, fund
ing, and paying the claims against the State of Cali.
ornia, hereinafter specified the Treasurer of State
shall cause 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 Ireasuers Office,
the frat day of July, one thousand eight hundred
and sey yentyseven: the interest accruin2 on said
bonds shall be due and payable Mt the Office OF the
Treasurer of State the first day of January and of
July OF each year: Propided That the fret payment
ofintprest shall not be made before the first day Of
January, one thousand eight hundred and fifty nine.
Said bonds shall be signed by the Governor, and
countersgned by the Comptroller, and endorsed by
the Secretary of State, and shall have the seal of the
State affixed thereto.
Sec z. Coupons Tor Inc interest snail De h'thcneQ
TO each bond so that they may be removed without
injury mutation TO the bond. Said coupons. con-
secutively numbered shall be signed by the Treas
urer of State
Sec. 8. 1t shall be the duty Of the Treasurer aud
Comptroller OF State each TO keep n separate record
of all such bonds rs 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 liqu.dated or paid but in the manner
herein provided.
Sec. q. The sum Of one thousand dollars is hereby
appropriated ont 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 Comptrller shall not draw his
warrant on the Treasury for this amount until there
is money therein TO pay the same.
Sec. g. All persons having any ofthe claims against
the State of California entitled to be funded as here
matter specified, shall, upon the presentation Of the
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
hundred dollars but the Treasurer may issue GER
ti1cates OF such fractional parts not bonded which
said certificates shall be transferable and entitled to
be funded as before provided The Treasurer shall
endorse, the back of each claim so received and
lianidated the date on which he received the same
and from whom. and the number CT the bond issued
in exchange herefa- ard such claim shall De filed IN
the office Of the Secretary of state.
Sec g. For the paymeutwthin 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
a. Is or m8y be provided by law for ordinary state
taxes tax Of thirty cents on each one hundred dot
lars of the assessed value OF real and personal pro-
perty the State. and the fund derived from this
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
al oil
by the State of California from the United States
Government on account of the Civil Fund, so called
are hereby rrevocaby pledged 10 the payment of
the principal and interest on the bonds issued under
this Act A wilful refusal neglect by Supervisors
or any other officer to levy collect the tax imposed
by this Act, shall be msdemeanor, 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 fine and
imprisonment.
Sec. 7. Whenever, on the first day of Jfnuary or
July in any year, there remains, alter the payment OF
the interest as hereinafter provided, surplus OF ten
thousand dollars 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 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 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 habd 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; proUided hotgeuer, IN |
case "A sufficient amount oi such bonds shall not be
offered aforesaid to exhaust the SINK ng und To
less amount than ten thousand dollars. then II is
hereby made the duty of the Treasurer to advertise
in two newspapers. one in New York and one at the
Capilal of the Stae for three months which acver-
tisemens 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 nav and discharge: and if sdch bonds, SO nun.
bered in such dvertisen ents shalt not be presented
for payment and cancellation within three monlhs
from the expiration OF such puohcailoh, tnen such
fupd shall remain in the Treasury to discharge such
bonds whenever presened-but they shall draw no
interest after such publication as last aforesaid
Sec g. The Treasurer OI State shall Keep ful ana
naricuar account and record OF all his proceedings
under this Act and of the bonds redeemed and sur
rendered md he shall transmit to the Governor an
abstract of all his proceedings under this Act wh
his annual report to he by the Governor lad before
the Legislature and all books and papers pertain
ing to the matters provided for in this Act shall ut all
times be open to the inspection of any party interest
eJ or the Governor, or the Attorney General, or a
committee of either branch of the Legislature, or
Joint committee OF both.
Sec O. Ii shall be the duty Of the Treasurer :" pay
me interest On said bonds when the same fais Que
nnt Of said Interest fund il sdcien and If sad tdnt
he not sufficient, then pay the deficiency out OF
The General Fund: DrODided- thnt The Comptroller Oh
state shall first draw his warrant On the Treasurer,
nayable to the order of said Treasurer for the hInoul
of interest money about 30 bec9me lue, which sald
interest warrant shall be drawn $40 least one hOh'h
preyious TO The maturing of the Interest
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