Oroville daily Butte record., 1857-08-18
LEGAL NOTICES.
tBY AUTHORITY.l
Vote on the State Debt.
OFFICE or SECRETARY OF STATE.
Coo.a,aantn California Nav Of 1gh7

the original Act now on file In my Office.
Witness my hand, and the great seal of State, al
of CO 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 for
that purpose.
The People of the state of California -rpressn,ef in
Senate and .7ssembly do enact as toLous
SECTION l. For the purpose of liquidaing, fund
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 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 Treasurer's Office,
the first day of July, one thousand eight hundred
and seventy. seven: the interest accrun2 on said
bonds shall be due and PAYABLE at the Office of the
Treasurer of Slate the st day of JANUARY and of
July Of each wear: PrOUided. That the first payment
ofntrres shall not be made before the first day of
Ja- uary, one thousand eight hundred and fifty nine
Said bonds shall be signed by the Governor and
countersgned by the COmpiroler 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 mutlation to the bond. Said coupons con
secuvely numbered shall be signed by the Treas
urer Of State.
Sec. 3. 1t shall be the duty Of the Treasurer and
Comptroller OF State each to keep separate record
Of NIL 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 none of the claims herein spe-
Gifted shall be liquidated paid but in the manner
herein provided.
Sec. a. The sum Of thousand dollars il hereby
appropriated ont of any money in the Treasury not
otherwise nnprpnFlHt91 a.
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. s. All persons having any of the claims against
The state of California entitled TO be funded as here
nafer specified, shall, upon the presentation ef the
same to the Treasurer OF the State, receive in ex>
change therefor n bond or bonds of the State of
California, provided for in the first session OF this
Act; 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
tlhcates ot such fractional parts not bonded which
said certificates shall be transferable aud entitled to
be funded rs before provided. The Treasurer shall
endorse, on the back OF each claim received and
liqnidaed. the date which he received the same
and from whom. and the number ct the bond issued
in exchange thereto, aid such claim shall De filed in
the Office of the Secretary OF State
! Sec 6. For the paymentwithin twenty years of the
principal and interest of the bonds issued under his
Act, there shall be levied annually. until the bonds
|
az 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 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 prOvd.
ed and the final redemption of the principal of said
bonds, and the faith of the Stale of Cahtor Ia 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, so called.
are hereby irrevocably pledged to the payment Of
the principal and interest on the bonds issued under
this Act wilful refusal neglect by Supervisors
any olher officer to levy collect the tax imposed
by this Act, shall be misdsmeanur, 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 frs, day of Jenuary or
July in any year. 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 week. in
one 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 redemption,
ana hey snail accept the loves proposals. at rates
not exceeding par value may redeem the greatest
amount of bonds until the amount OF cash on hand
for redemption Is exhausted; JrODided, hOceCer in
case sufficient amount "i such bonds shall not be
offered, aforesaid to exhaust the sinking fund to
less amount than ten thousand dollars then it is
hereby made the duty OF the Treasurer TO advertise
in two news spapers. in New York and at the
Capital of the State. for three 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 set apart
10 pay and discharge: and If such bonds, so num-
bertt In such advertiser ents shall not be presented
for pay yment and cancellation within three months
from The expiration ot such publication, then such
fund shall remain in the Treasury To discharge such
bonds wheneve, presented--but they shall draw no
interest after such publication IA last aforesaid.
Sec. g. The Treasurer o state shall keep full and
particular account and record OF all his proceedings
under this Act, and of the bouds redeemed and sur
rendered. ind he shall transmit to the Governor
abstract Of all his pro eeciings uuder this Act, with
his annual report. 10 be hy the Governor lad before
.Ne feg stature an3 sd. nonsS nnd papers pertain
.i. mats. r~ provided. 'nr IN this Act. shan at all
H. .psa =, theiuspt "f amy pa iS Interest
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