Oroville daily Butte record., 1857-08-08
LEGAL NOTICES.
tBY AUTHORITY.l
Vote on the State Debt.
OFFIcg OF SECRETARY OF STATE.
Sacramento, California, MAY %, 1887. I

Ely that the annexed is true and correct copy OF
the original Act now on file in my once.
Witness my hand, and the great seal of State at
OF CO In Sacramento, California. the twenty sixth day
of May, A. D. 1887. DAVID F. DOUGLAS.
[sEALl Secretary of State.
CHAPTER CCxLTV.
An Act to provide for Paying certain Equt-
able Claims against the State of Califor.
MIA, and to contract a Funded Debt for
that purpose.
The Peole of the State of California represented in
Senate and .Assrmbty. do enact as foito~s:
SECTION For the purpose of liquidaiing, fund
in g, and paying the claims against the State Of Cali
fornia, hereinafter specified the Treasurer of State
shall cause to 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 per cent. per annum from the date
of their ISSUE payable at the State Treasurers Office.
on the first day OF july thousand eight hundred
and seyenty-seven: the interest accruina 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, ProDided. That the frst payment
OF interest shall not be made before the first day OF
ia uary one thOusand eight hundred and htiy nine.
Said bonds shall be signed 10y the Governor, and
countersigned by the Comptroller. and endorsed by
the Secretary of state and shall nave the seal OF the
State affixed thereto.
Sec @ Coupons for the interest shall he attached
to each bond, so that they may be removed without
injury or mutilaion 10 the bond Sald coupons, con-
secutively 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 snch bonds as may be issued showing the.
number date and amount of each bond, and to
W HON The same was ssned and upon what claim,
and its amount: and none of the Claims herein spe-
Gifted shall be iquldaed or paid but in she manner
herein provided
Sec L. 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 Comptroller shall not draw his
warrant on the Treasury for this amount until there
is money therein to pay the same.
Sec. 5 All persons having any OF the claims against
the State of California. entitled 10 be funded as here
in after specified, shall upon the presentation ef the
same to the Treasurer OF the State, receive in ex>
change therefor bond or bonds of the State OF
California, provided for III the Drst sestlon oi this
Act but no bond shall be issutd for less sum Than
five hundred dollars, nor for fractional parts of
hu ndred dollars, but the Treasurer may issue GER
tncates OF such fractional parts not bonded. which
said ceric ties shall be TRANSFERABLE and entitled to
be funded as before provided The Treasurer shall
endorse, on the hack OF each claim so received ana
hquidaed the date on which he received the same,
and from whom. and the number ot the bond issued
in exchange theref"-. ahd such claim shall DC filed IN
the Office Of the Secretary of state.
Sec g. For the payment within twenty years Of the
principal and interest of the bonds issued under this
CT there shall be levied annually. until the bonds
pad, ana prOmptil COlltCltu III tbo
as is or may be provided by law for ordinary State
taxes ajax of thirty cents each one hundred dol
lars of the assessed value OF real and personal pro-
pertv in the state. and the fund derived from TINS
lax shall be set apart AMI applied exclusively to the
payment of the interest the bonds herein prOvid.
ed and the final redemption OF ihe principal of said
bonds and The faith of the State of Califor IA ia
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, so called
are hereby rrevocaby pledged 10 the payment oi
the princpa and interest the bonds issued under
this Act wlful refusal or neglect by Supervisors
or any olher officer levy 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 JAN
not exceeding six months, or by both such hne and
Imprisonment.
sec 7 Whenever, on the first day of Jenuary
July in any wear, there remains after the payment of
the interest as hereinafter provided, surplus of ten
thousand dollars or ore, 1t shall be the duty of the
Treasurer to advertise for the space Of one week IN
one daily paper published III English, In the city 0i
New York, and for one month in one daily newspa-
per published In English at the state Capital. Tor
sealed proposals, to be opened one monh alter the
ex praon of such publications by the Treasurer, IN
presence Of The Governor Comprol 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 iorlhe purpose OF redemption,
and they shall nccept the loves proposals, at rates
not exceeding par value as may redeem Inc greatest
amount of bonds until the amount OF cash on hand
for redemption is exhausted: JTOrided hocerer, in
case "A sufficient amount oi such bonds shai not be
offered. aforesaid, to exhaust the sinking nd 10
less amount than ten thousand dollars, then IL is
hereby made the duty OF the Treasurer 70 advertise
in two newspapers. one in New York and one az the
Capital of the State, for three months, which adver
tsemenis shall state the amount IN the sinking fund
and the number of bonds numbering them IN the
order of their issuance which SUCH fnnd Is set apart
TO nav and discharge and f sdch bonds, SO num-
bered i'm such advertiser ents. shall not be presented
for payment and cancellation within three months
from, lhe 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 as last aforesaid.
Sec. g. 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 md he shall transmit to the Governor an
abstract Of all his proceedings unuer this Act, with
his annual re port be by the Governor laid before
the Legislature and all books and papers pertain
ing TO The matters provided for in this Act shall at all
times be open to The inspection OF any pa ~ interest
e, or the Governor, or the Attorney General II
com mitee of either branch OF the Leg gsiature or
Joint committee OF both.
Sec o. II shall be the duty of the Treasurer 10 pay
the interest on said bonds when the falls due.
uut OF said interest fund ii sufficient and if said fund
the General Fund pr0eded that the Comptroller of
State shall first draw his warrant ON the Treasurer
payable to the order of said Treasurer for the amount
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. 10. II shall be lhe duty OF the Governor and
Comptroller TO attend at least once In each month
at the TTeasurers Office. while said bonds are being
issued, 10 examine all claims received by the Trea-
as aforesaid, aud Cause the to be regis