Oroville daily Butte record., 1857-08-04
LEGAL NOTICES.
GBY AUTHORITY.l
Vote on the state Deb {.
0FFicE or SECRETARY OF STATE.

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tiy that the annexed is true and correct copy o
the original Act now on file in my Office
Witness my hand, and the great seal of State, n
off ce in Sacramento, California the twenty da,
of May, A. d. 1857. DAVID F. DOUGLAS.
[sEALl Secretary of State.
CHAPTER CCxLIy.
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 state Of California represented
Sepate and .4ssembty do enact as toliosos:
SECTION l. For the purpose of qudating, fund
ing, and paying the claims against the State of Cali.
ornn, here enafter 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 annum from the date
of their Issue. payable at the state Treasnrers Office
on 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 State on the first day OF January and of
July of each year: PrOuided That the first payment
ofntrrest shall not be made before the first dGy of
Ja~ uary, one thousand eight hundred and fifty nine.
Said bonds shall be signed by the Governor, and
countersgnrd bS the Comptroller. and endorsed bv
the Secretary of State, and shall have the seal OF the
State affixed thereto
Sec 2. Coupons for III g interest shall be attached
10 each bond So that they may be removed without
injury or mutation TO the bond Said coupons, con-
secntvely 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 nll snch bonds as may be issued, showing the
number date and amount of each bond, and tn
whom The same issued. and upon what claim,
and its amount and none Of the claims herein spe.
Gifted shall be liqu.dated paid but in the manner
herein provided.
Sec. !. The sum of one thousand dollars ia hereby
appropriated out Of any money in the Treasury not
otherwise appropriated 10 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 to pay the same.
Sec. All persons having any of the claims against
the State of California, entitled TO be funded as here
inaer specified, SHALL upon the presentation sf 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 bond shall be ssutd for less sum than
five hundred dollars, nor for fractional parts of a
hundred dollars, but The Treasurer may issue GER
tifcates OF such fractional parts not bonded, which
said certificates shall be transferable and entitled to
be funded rs before provided. The Treasurer shall
endorse, on the back OF each claim 80 received and
iqnidated, the date on which he received the same
and from whom. and the number Ct the bond issued
in exchange therefor aid such claim shall filed in
the Office OF the Secretary of State
Sec o. For the payment within twenty years of the
prncpa and interest of the bonds issued under this
Act, there shall be levied annually, until the bonds
paid, and promptly collected in the sam, manner
as 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
lax shall be set apart an1 applied exclusively TO the
payment of the interest on the bonds herein provid
ed, aud the final redemption of The principal of said
bonds and the faith of the State of Califor ia 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, so called
are hereby irrevocably pledged to the payment of
the principal and interest on the bonds issued under
this Act wiIful refusal or neglect by Supervisors
any other officer To levy collect the tax imposed
10y this Act shall be n 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 Jenuary or
July in any year, there remains after the payment of
the interest hereinafter provided, surplus of ten
thousand deilars ore, Il shall be the duty of the
Treasurer to advertise for the space of week In
one daily paper published in English, in the city of
New York, and for one month in one duly newspa-
per published in English at the State Capital, for
sealed proposals. to be opened one month after The
ex piration 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 on hand for the purpose of redemption,
and they shall accept the lowest proposals, at rates
not exceeding par valne may redeem the greatest
amount OF bonds until the amount OF cash on hand
for redemption is exhausted TroUided, hoWerer, in
case a sufficient amount OF such bonds shall not be
offered as 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, in New York and one at the
Capital 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 fund IS set apart
To pay and discharge: and if sdch bonds, so num-
bered in such advertiser ents shall not be presented
for Dayment and cancellation within three months
from ihe expiration of such publication, then such
fund shall remain i'm the Treasury to discharge such
bonds whenever presented-but they shall draw no
interest after such publication as last aforesaid.
Sec &. The Treasurer oI state shall Keep iull ana
particular 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 uhuer TINS ACT, WIN
his annual report, 30 be by The Governor aid before
the Leg stature and all books and papers pertain
ing to the matters provided tor in this Act shall at all
nes he open 10 the inspection OF any pa ty interest
Ell or The Govcinor, or the Attorney General, or a
committee of either branch ot the Legislature, or
joint committee OF both.
Sec O. II shall be tho duty OF the Treasurer tn pay
he interest on said bonds when iie salne t'lls due
out Of said interest fund, il sufficient, and il sa'd FUND
be not sufficient. then TO pay the deficiency out OF
the General Fund proriifd that the Comptroller Oh
State shall first draw his warrant on the treasurer,
payHbe 10 the order Of said Treasurer for the amount
of interest money about ia become Jae, which said
Interes, warran. shall be drawn at eas! one month
previous 10 the maturing of The interest .
See 10 Il shall be he duty OF the Governor ana
Comptroller 10 attend, a. least olco IN cach nonh'
at the Treasurer Office while said bonds are being
issued. to examine ~ claims received by She Trea-
surer as aforesaid and cause the same To be regis
tered and cancelled in such manner as To- prevent