Oroville daily Butte record., 1857-07-31
LEGAL NOTICES.
tBY AUTHORITY.l
' Ote on the State Deb {.
OFFICE OF SECRETARY OF STATE.
nolfo.ufo Ao, le IoE-

tiy that the annexed is true and correct copy
the original Act now on he in my Office.
Witness my hand, and the great seal of State, a
Of ca In Sacramento, California the twenty sixth da
of May, A. D. 1887. DAVID F. 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 Funded Debt fo,
that purpose.
The People Of the State of California represented i,
Senate and Assembly. do enact as JoHoDs
SECTION For the purpose of liqudating, fund
ing, and paying the claims against the State of Cali
forna, hereinafter specified. the Treasurer of State
shall canse 10 be prepared suitable bonds of the State
of California, not to exceed the Of three millions
nine hundred thousand dollars. bearing interest nj
the rate Of seven per cent per annum from the dae
OF their issue payable at the State Treasurers office
on the first day Of July. one thousand eight hundred
and seyenty-seven: the interest accruin9 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. Prouided. That the first payment
ofnterest shall not be made before the first day of
Ja- unry, one thousand eight hundred and fifty nine.
Said bonds shall be signed by the Governor. and
connersigned by the Comptroller and endorsed by
the Secretary of State and shall have the seal of the
State affixed thereto.
Sec 2 Coupons for the interest shall be attached
to each bond so that they may be removed without
injury or mutilaon TO the bond. Said coupons con-
secutivey numbered. shall be signed by the Treas
urer Of State
Sec g. 1t shall be the 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 same was issued and upon what claim,
and its amount: and none of the claims herein spe
Gifted shall be hquidated or paid but in the manner
herein provided.
Sec. 4. The sum of one thousand dollars il 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 10 pay the same.
Sec. s. All persons having any of the claims against
the State of California. entitled to be funded here
matter specified, shall, upon the presentation of the
same to the Treasurer of the State, receive In
change therefor bond or bonds of the State of
California provided for in the first session of this
Ac 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
ticaies 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 claim received and
hqnidated, the date on which he received the same
and from whom. and the number OF the bond issued
in exchange therefor, aid such claim shall Oe filed in
the Office Of the Secretary of State.
Sec 6. For The payment within twenty years Of the
principal and interest Of the bonds issued under This
paid and promptly collected in the same manner
az is 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-
pertv in the State. and the fund derived from this
tax shall be set apart AMI 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 California is
hereby pledged for the payment as herein provided
of the bonds issued by virtue of this Act and the in
teres 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
are hereby irrevocably pledged TO the payment of
the principal and interest on the bonds issued under
this Act wilful refusal or neglect by Supervisors
any other officer TO levy or 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. 7. Whenever. on the first day of Jenuary or
July in any year. there remains, after 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 week in
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 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 REDEEM ption
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; pTopided ho,cerer, In
case a sufficient amount o such bonds shall not be
offered, aforesaid, to exhaust the sinking fund to
less amount than ten thousand dollars then IL is
hereby made the duty OF the Treasurer to advertise
in two newspapers, one in New York and one IA, the
Capital of the State for three months, which adver-
tisements shall state the amount the sinking fund
and the number of bonds numbering them in tho
order of their issuance, which such fund Is set apart
10 pay and discharge and if such bonds, so num-
bered In such 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 10 discharge such
bonds whenever presented-but they shall draw no
interest after such publication last aforesaid.
Sec. 3. The Treasurer State shall keep full and
particular account and record of all his proceedings
under this Act, and of the bonds redeemed and sur
rendered, and he shall transmit to the Governor an
abstract of all his proceedings unuer this Act, with
his annual report, TO be by the Governor hid before
the Legislature and all hooks and papers pertain
ing to the matters provided for in this Act shall at all
times be open to the inspection of any party interest.
ed. or the Governor or the Attorney General or n
committee of either branch of the Legislature, or
joint committee of both.
Sec g. 1t shall be the duty of the Treasurer To nav
The interest said bonds when the same falls due
oui OF said interest fund ii sufficient and if said fund
be not sufficient then TO pay the deficiency out of
he General Fund; prorided, that the Comptroller of
state shall first draw his warrant on the Treasurer
payable the order Of said Treasurer for the amou
OF interest money about to become due, which said
interest warrant shall be drawn at least one month
previous TO the maturing of the interest
Sec TO- II shall be lhe duty of the Governor and
Comptroller to attend, at least once In each month
al the Treasurers Office, while said bonds are being
issued TO examine all claims received by the Trea.
as aforesaid, and cause the same 10 be regis
tered and cancelled in such manner as to prevent
hem from being re-issued or put la circulation.
N f,ll1
which are entitled 10 be received and funded under
this Act: First Civil bonds of the State issued under