Mountain Democrat., 1857-06-06
Icy AUTHORITY. I
A n A G. T

IN SeHute and -fSvCUtbty, ITO cH0rt az foiiO,rs.
SECTION l.. For the purpose Of lqtridating funding
and paying the claims against the state Of CALIFORNIA;
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 raic oil seven per cent per annun from the date
Of their issue, payable ut the State Treasurer office
on the first day Of July, ono thousand eight hundred
and seventy seven; the Interest accruinR oil said
bonds shall he due and payable at the Office Of the
Treasurer Of State, on the first day Of January and
July Of each year: ETOeidelSSI'hat the first uay-
nent OF Interest shall not he made before the first
day OF january, one thousand eight hundred and
iy-nile Said bonds shall be signed by the Govern
Or, and counttrsigncd by the Comptroller, and en-
dOrsed by the Treasurer Of State, and shall have the
seal Of the State affixed thereto
cEc. z. coupons Tor the interest shall he attached
to each bond, 10 that they may be removed without
secutvely numbered, shall bc signed by the Treaslr
cr Of State.
SEc. .. It shall be the duty Of the Treasurer and
Controller Of Sate, 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 same
WAS Issued, and upon what claim and its amount and
none0I the claims herein specified shall be liuudl-
IctI or paid but In the manner herein provided.
SEC T. The sum OF one thousand dollars Is hereby
appropriated oct OF any money in the treasury not
otherwise appropriated to pay the expense that may
De incurred ny the Treasurer in having said bonds
prepared but the Controller shall not draw his war
money therein TO pay the same.
NC SaAi PeTsOns having any Of the claims against
the state OF California entitled to be funded as here
nafter specified SHALL upon the presentation of the
same TO the Treasurer OF State receive in exchange
therefor bond or bonds Of the State Of California
provided Tor In the first section Of this Act but no
Donu sha De issued Tor less sum than five lundrc
dollars nor Tor fractional parts OF hundred dollars
the Treasurer may issue certificates of such frac-
tOnal parts not bonded which said certificates shall
De- transferable and entitled to be funded as before
provided The Treasurer Shall endorse on the back
OF each claim so received and liqu1ated the date ON
which he received the san'c and from whom, and the
number Of the bond issued in exchange therefor and
such claim shall be filed in the Office VI the Secretary
of State.
eM. s. For the payment within twenty years Of t.e
principal and interest Of the bonds issued under this
Act, there shall be levied annually, until the bonds
are paid, and promptly cOllcctcdn the same manner
aS IL or may he 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 prom
erty i'll the State, nnd the fund derived from this ix
shall be set apart and applied exclusively to the pay.
nIen Ot the interest on the bonds herein provided and
the final redemption Of the principal Of said bonds
and tie faith OF the State Of California is hereby pl,g.
Ell Tor the payment as herein provided Of the bonds
issued by virtue Of this Act and the interest thcrcon
and all moneys that may be received by the State OF
California from the United States Government on ne.
count OF the Civu Fund.- so called, hereby Irrevo-
cay pledged to the payment 0f the principal an IN.
terest on the bombs issued unde. this act vIfl
resalor neglect by Supervisors or any other of iccr
to levyOr collect the taxes imposed by this Act shall
be niHdemeanor and the person or persons conylc.
ted thereof shall be removed from Office and punis
cd ny hne not exceeding one thousand dollars, or hy
imprisonment IN the county jail not exceeding six
months or by both such fne and imprisonment.
Sec 7. Whenever on the first day Of january or Ju-
IN any year. there remains after the payment 81 the
Interest. as hcreDbefore provided, n surplus Of ten
thousand dollars or more, it shall be the duty Of the
Treasurer TO advertise for the space Of one week. In
one daily newspaper published in English In the city
N..Sk n.KIf
paper published In English at the State Capital for
sealed proposals, to he opened one month after the
expiration Of such publications by the Treasurer in
presence Of the Governor Controller ut the State
Capital, for the surrender of bones issued under this
ACt, which advertisement shall state the amount OF
money he has oil hand for the purpose Of redemptio
and they shall accept the lowest proposals. at rates
not exceeding par value as may redeem the greatest
amount Ofbonds until the amount Of cash on hard
for redemption Is exhausted; JIroriPpd, kO,rtrer in
case sufficient amount Of such bonds shall not be
Oicred as aforesaid, to exhaust the sinking fund to
less amount than ten thousand dollars then IL Is here
by made the duty ofthe Treasurer to advertise In two
newspapers, one In New York and one ut the Captal
OF this State for three months Which advertisements
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 II such bonds so numbered in
such ADVERTISEMENTS Shal not be presented for pay
ncnt and cancellation within three months from the
expiration Of such publications then such fund shall
reiHain III the Treasury to discharge such bouis
whenever presented, but they shall draw no interest
after such publication as last aforesaid
SEc s. The Treasurer Of State shall keen full and
particular account and record Of all his proceedings
under this Act and Of the bonds redeemed and surrcn-
dcred, and he shall transmit TO the Iovcrnor an alb
stract OF all his proceedings under this Act with his
annual report to b0 by the Governor laid before the
Legislature and all books and papers pertaining to
the matters provided for in this Act shall at all times
be open to the inspection Of any party interested, or
the Governor, or the Attorney General, or commit.
nj NtnV Lon fRt1la
mittee of both. =
SEC. Q. 1t shall he the duty ofhe Treasurer to nay
the interest on said bonds when the same falls due
out of said interest fInd II sufficient and II said nd
be not sufficient then to pay the deficiency ont Of the
General Fund; P'Oride, that the Controller Of State
shall first draw his warrant the Treasurer payable
to the order said Treasurer for the amount Of inter-
est money about t. become due, which said interest
warrant shall be drawn at least one month previous
to the maturing of The interest. 4.
SEC. IL. II shall III the duty of the Governor and
Colroller to attend, 1t least In each month"; at
the Treasuscrs Office while said bonds are being is
sue to examine all claims received by the Trensur-
er as aforesaid, and cause the to be registered
and Cancelled In such manner us to prevent them from
being reissued or put In circulation.
SIC. IL. The following are specified ms the clans
which are entitled TO be received and funcr under
this Act: First, Civil bons Of the State issued under
the funding Acts passed in the years 1Sl 1853 1853
1880 and 1896, which are now outstanding with inter.
est duo on the same when presented, as appears by
the coupons. Second, Controllers warrants drawn
under sanction Ofaw for civil expenses prior to Jan.
uary first, A. D. 1887, and now outstanding and un.
paid but the provisions OF this Act shall not author
Ze the funding Of any Of those warrants the Fe0isra.
lion and Endorsement Of which were cancelled or re-
lHircd to be cancelled by the provisions of" An Act
10 cancel the registration and inorsement Of
and prohibiting the payment Of the samc"
approved January seth, A. 1856, or warrants which
have been specifically adjugcd Illegal by any Court
md all said warrants specified in the last mentioned
Act hereby expressly excluded from all the bcnc-
Ats and provisions Of this Act Third Just or legal
claims against the State accrued prior to January ist
sol, and which may be allowed and audited by Act
u the IetiSlnture. And II the Treasurer Of State
hall Wully issue bonds upon claims not herein sne-
;ihcd as receivable, It shall be deemed msdemcanOr
md he shall be punished as provided in section 6 Of
his Act, and such bond shall be void.
SEC H. The claips specified In this Act may be re-
'eved for funding and bonds therefor may be issued
'ror to the first day OF January 1882 hut not ater-
wards; and all claims not presented FOR funding prior
o that time, arc excluded from the provisions Of this
Aet and such blank bonds prepared under the pro-
Iisons OF this Act, as shnll then remain OH hand,
!all be destroyed In the presence Of the Governor
and Treasurer.
SH0 Ii. TliS Act shall take effect on the first ,lay
u tNoyenber D. 1864, ns TO all its PROVISIONS, ex-
'cpt those relating to- and necessary fr Its suhnss-
On to the people, eRd iof returning cai1YassnH and
,rocIaming the yotes-+whicb viii take eject imme-
lately. F,-...
SIC a. This Act shall be submitted to tbe pcoplc
u The ate for their ratcation at thc next general
election, 70 be holden on tho Est Wednesday of Sep
ember. a. D. 1887, and the qualified electors Of this
state shan, at said election their ballots for State
% cers vote Tor Or against this Act those voting for
be same shall have written or printed on their bal
oA, thewOrds ~PNy the Debt;"' and thOpe voting
lgaMat ehesame, shall write o. have printed ON their
ballots thewords "Repudlats the Debt"
:, cEC To- Tne votes cast fct End ngainst this Act,
'hall be counted, returned and canvnssed, ana de-
clared, In the same manner and subject to the same
rules as vOteScas for the Treasurer or state and II II
appear that majority Of all the votes SO cast for or
en the eame shall have eject rs hereinbefOre provi.
led, aid shan be iTrepealabe untith principal aud
ntereet OF the liabilities keSe created shall be nai
and discas!ged md TIE 0everpof shall make rEccla-