Mountain Democrat., 1857-09-05
IBY AUTHORITY.
A N A c. r

SECTION L. Forthe purpose Of liquitating, funding
and paying the claims against the state of California;
hereinafter specified the Treasurer ni state Shall
cause 10 he prepared suitable bonds of the state 0f
California, not to exceed the sum Of three millions
nine hundred thousand dollars. bearing interest ut
the rate OF seven per cent per ahnm from the date
Of their issue, payable 1t the state Trrasr"rS Office
on the frs, day Of July, thousand eigl; hundrcd
and seventy y-Seven tho interest nccruihg on said
bonds shall he due and payable at the office Of the
Treasurer Of State, ON the first day Of january ana
July Of each year ITOriJef, That the first pay
nlent OF Interest shall not he made before the first
day Of January, one thousand eight hundred and
nine. Sai bonds shall he signed by the GOvern
or, and countersigned by the Comptroller, and en-
d0rsed by the Treasurer Of State, and shall have the
seal Of the State affixed thereto.
SIC. q Coupons for the interest shall he attached
to each bond, 20 that they may be removed without
injury mutilatiOn to the bond Sad coupons, con-
secutvcly numbered, Shall be signed ny the Jreasur-
of State
SIC. g. II shall he the duty Of the Treasurer and
Controller Of state each to keep separate record Of
all such bonds may be lssuc'i, showing the number
date and amount OF each bond and to whom the same
issued, and upon what claim, ami Its amount; anu
Of the claims herein specified shall he liquda-
ted ur paid but In the manner herein provided.
SBr. !. The sum Of one thousand dollars II 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 hut the Controller shall not draw his war
rant tn the treasury for this amount until there Is
money tI'eFe'n 60 pay the nN'ne. --'---"-
sEr 3 All persons having any of the claims against
the State of California, entitled tn he funded as here
naffer specified, shall, upon the presentation Of the
same to the Treasurer of State, receive in exchange
therefor bond bonds Of the State Of California,
provided for in the first section Of this Act, hut no
bond shall be issued for less.Sum than five hundred
dollars nor for fractional parts Of hundred dollars
hut the Treasurer may issue certificates 0f such rac
tOnal parts not bonded, which said certificates shall
H.. transferable and entitled to he funded rs before
ur IpI Trpn si,nl
Of each claim received and liIuidacd. the date on
which he received the same. and from whom, anl ;hc
number of the bond issued IN exchange therefor, aud
such claim shall be filed in the Office Of the Secretary
Of State.
SIC 6. For the payment within twcnty years Of the
principal and interest u the bonds issued under this
Act there shall he levied annually, until the bonds
are paid. aud promptly collected in the manner
AS is or 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 prop
Cry in the State, and the fund derived from mis- TAX
shall he set apart and applied exclusively tO the pay
nent Of the interest the bonds herein provided and
the final redemption Of the principal Of said bonds,
and t! faith Of the State Of California is hereby pcdg
ed for the payment as herein provided Of the bonds
issued hy virtue Of this Act, and the interest thereon
and all moneys that may he received by the State Of
California from the United States Government OH ac
count nf the Civil Fund 50 called are hereby rrPvo
cahy pledged O the payment of the principal and in
tercst on the bonds issued unde" this act. willfu
refusal neglect by Supervisors any other officer
to levy collect the taxes imposed by this Act shall
be misdemeanor, and the person persons cuii%ic
ted thereof shall he removed from Office and punish
ed hy fine not exceeding one thousand dollars. by
Imprisonment in the county jail not exceeding six
months. or by both such fine aud imprisonment.
Sec l. Whenever on the first day nf January or Ju-
IL in any year, there remains after the payment of the
interest, as hcrcinbefore providtda surplus II ten
thousand dollars or more II shall BE- the duty " the
Treasurer to advertise. frr the space of one week, in
daily newspaper Published IN English. in the city
~ and fNN IL. 1utls
paper published In English at the State Capital, for
sealed proposals. to he opened one month after the
expiration Uf such publications by the Treasurer, in
presence Of the Governor or Controller, at tie State
Capal for the surrender " bonds issued under this
Act, which advertisement shall Strte the amount Of
money he has hand for the purpose Of redemption,
and they shall accept the lowest proposals, AT rates
not exceeding par value, as may redeem the greatest
amount nfbOnds until the amount OF cash on hand
for redemption Is exhausted; Ir0riIei, hOrfrCr, in
case Il sufficient amount of such bonds shall not he
offered Rs aforesaid, Ia exhaust the sinking sund to
less amount than ten thousand dollars then it is here
by made the duty ofhr Treasurer To advertise In two
newspapers, one in New York and one ut the Capital
Of this State, for three months, which advertisements
shall state the amount IN the sinking fund, and the
number nf bonds. Numbering them in the order Of
their issuance, which such fund is set apart to pay
and discharge, and II SIrlI bonds. so numbered in
such advertisements. shall not hc presented for pay
mrnt and cancellation within three months from the
expiration Of such publication, then such fund shall
rcrlain in the Treasury to discharge such houds
whenever presented. hut they snail draw interest
after such publication as last aforesaid.
SEC 6. The Treasurer Of State shall keep full and
particular account and record Of all his proceedings
under this Act and of the bonds redeemed and Surren
dcrcd and he shall transmit to the Governor an nh
straCt Of all his proceedings under this Act. with his
annual report to he hy the Governor laid before the
Legislature and all hooks and papers pertaining to
the matters provided for In this Act shall NJ all times
be open to the inspection any party Interested or
the Governor or the Attorney General, a commit
tee Of either branch OF the Legislature ajont COM
mittee Of both.
SEC 1t shall he the duty Of the Treasurer to nay
the interest on said bonds when the falls due,
out Of said Interest fund.- II sufficient and il said fund
be not sufficient then 10 pay the deficiency out Of the
General Fund PrOrided that the Controller Of State
shall first draw his warrant on the Treasurer, payable
to the order Of said Treasurer for the amount Of inter-
est money about to become due, which said interest
warrant shall he drawn at least one month previous
to the maturing ofthe interest.
SEC. 10. It shall he the duty Ofthe Governor and
Controller to attend, at least once In each month, at
the Treasusers Office while said bonds are being is
sued, to examine all claims received by the Treasur
aforesaid, and cause the same to be registered
and cancelled In such manner ms to prevent them from
being reissued or put In circulation.
SIC. II. The following are specified as the claims
which are entitled to he received and funder under
this Act First, Civil bonds the State issued under
the funding Acts passed In the years ISL 1S 1853
1855 and 1856, which are now outstanding, with inter-
est due on the same when presented, appears by
the coupons. Second, Controllers warrants drawn
under sanction ofaw, for civil expenses prior TO jan
uary frat, A. d. 1851, and now outstanding and UNI
paid but the provisions Of this Act shall not author
Ze the funding OF any OF those warrants, the reRSra
tOn and Endorsement Of which were cancelled or re-
quired to he cancelled by the provisions Of" An Act
to cancel the registration and Endorsement Of certain
warrants, and prohibiting the payment of the same
approved January 8Nth A. D. 1856 or warrants which
have been specifically adudgcd illegal by any Court
and all said warrants specified In the last mentioned
Act are hereby expressly excluded from all the bene.
a nd off Art InSf Lon
claims against the State accrued prior to January st
1851, and which may be allowed and audited by Act
Of the Legislature. And II the Treasurer Of State
shall wiuly issue bonds upon claims not herein Spe-
Gifted receivable II shall be deemed misdemeanor,
and he shall be punished as provided In section OF
this Act, and such bond shall be void
SEC. ~. The claims specified in this Act may be re-
ceived for funding and bonds therefor may be issued
prior to the first day Of January 1882 bat not AFTER
wards; and all claims not presented for funding prior
to that time, excluded from the provisions OF this
Act, and such blank bonds prepared under the pro-
visions Of this Act, as shall then remain hand
shall be destroyed In the presence OF the Governor
Controller, and Treasurer.
SEC. 49, This Act shall take effect the first day
of November, A. D. 1857, as to all its provisions
cept those relating to- and necessary for, its submss
lon to the people, and for returning canvassing and
prOclaiming the voteS-which will take effect imme-
diately.
SEC. II. This Act shall be submitted to the people
Ofthe State for their ratification at the next general
election 70 ne holden on the fret wednesday OF sep
tember, A. D. 1887 and the qualified electors Of this
State SHALL at said election their ballots for State
of cers, vote for against this Act those voting for
the same, shall have written or printed on their bal
lots, thewords "Pay the Debt;" and those voting
against thesame, shall write have printed on their
ballots, thewords "RepudIate the Debt"
SEC. IS. The votes cast for and against this Act,
shall be counted, returned and canvassed, and de-
cared, In the same manner and subject to the same
rules votes cast for the Treasurer Of State and II II
appear th6t majority Of al the votes 20 cast for or
against this law aforesaid In favor Of this Act
then the shall have effect herenbcfOre provi-