Oroville daily Butte record., 1857-07-17
LEGAL NOTICES.
[BY AUTHORlTY.l
Vote on the state Debt.
OFFICE OF SECRETARY or STATE.
Sacramento, California. MAY 26. 1857.

the original Act now on file in my Office.
Witness my hand, and the great seal of State, at
of ce n SACRAMENTO California. the ;wentysixh day
of May, A. D. 1851. DAVID F. DOUGLAS,
[sEAL.l Secretary of State.
CHAPTER CCXLIV.
An Act to provide for Paying certain Equit-
able Claims against the State of Calfor-
MIA, and to contract Funded Debt for
that purpose.
TIE People Of the State Of California; represented an
Senate and assembly, do enact as JoIoUs:
SECTION l. For the purpose of Hquidatinc, fund
ing, and paying the claims against the state of Cali.
fornu, hereinafter specified the Treasurer of state
sha cause TO be prepared suitable bonds of the state
of California; not TO exceed the sum OF three millions
nine hundred thousaId dollars, bearing interest al
the rate Of seven per per annnm from tho date
of their issue, payable at the state Treasuers office
the first day of July. one thousand eight hundred
and seyenty-seven the interest accruin2 on said
bonds shall be due and payable at the office OF The
Treasurer of State on the rst day OF january ana o
July of each year: Pror,ded That the first payment
Of interest shall not be made before the first day of
January, one thousand eight hundred and iiity nine
Said bonds shall be signed by the Governor. and
couutersigned by the Comptroller, and endorsed by
the Secretary Of state, aud shall have the seal Of the
State affixed thereto.
Sec Q Coupons for the interest shall be a'tnched
TO each bond. that they may be removed without
injury or mulilation to the bond. Said coupons.
secutiyey 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 all such bonds rs may be Issued showing tho
number, date and amount of each bond, and 10
whom the same was issued. and upon what claim,
and its amount: and none of the claims herein spe-
Gifted shall be liqudated or paid but III the manner
herein provided.
Sec. q. 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 COmplrnller shall not draw his
warrant the Treasury for this amount until there
is money therein to pay the same.
Sec 5. All persons having any Of the clams against
the state Of California entitled to be funded as here
nafIer specified shalt, upon the presentation OF the
same to the Treasurer of the state, receive in eX>
change therefor a 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 GER
tifcaes Oi such fractional paris rCt bonded, which
said certificates shall be transferable and entitled 10
be funded before provided The Treasurer shan
endorse, the back of each claim 90 received and
lqudatcd the date on which he received the same.
and from whom aud the number ct the bond issued
in exchange therefa-, aid such claim sal DC filed IN
the Office of the Secretary of state.
Sec q. For the payment within twenty years Of the
principal and interest of the bonds issued under this
Act, there shall be levied annually, until the bonds
are paid and promptly collected in the same manner
as il or may be provided by law for ordinary state
taxes OF thirty cents Oh eaCh one nuUIfeO UDl-
lars of the value Of real and personal pro-
perty in the State. and the fund derived from this
tax shall be set apart AMI applied exclusively to ihe
payment of the interest on the bonds herein provid
ed and the final redemption OF the principal of said
bonds, and the faith of the State of Caliior1ia is
hereby pledged for the payment as herein provided
of the bonds issued by virtue Of this Act and the n
teresi 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 wiltul refusal or neglect by supervisors
or any other officer levy collect the tax imposed
/ by this Act, shall be n 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 pan
not exceeding six months, or by both such hne aud
Imprisonment.
Sec. 7. Whenever on the first day of Jenuary or
July in any year, there remains, efer the payment o
the interest hereinafter provided, surplus of ten
thousand dollars or ore it shall be the duty Of the
Treasurer TO advertise for the space OF one week IN
one daily paper published in English, in the city of
New York, and for one month in one duly newspa-
per published i'll English nj 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 on habd for the purpose OF redemption.
and they shall accept the lowest proposals, at rates
not exceeding par value as may redeem The greatest
for redemption is exhausted; yroUided, hoerer, in
case a sufficient amount oi such bonds shall not be
offered, aforesaid, TO exhaust the sinking fund to
less amount than ten thousand dollars. then II is
hereby made the duty OF the Treasurer to advertise
in two news papers, one in New York and at the
Capital of the State, for three months, which adver
tisemens 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
| to pay and discharge and il sdch bonds, 80 num-
bered In such advertiser ents 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 to discharge such
bonds whenever presented-bul they shall draw no
interest after such publication rs last aforesaid.
Sec. g. The Treasurer State shall keep full and
particular account and record of oil his proceedings
under this Act, and of the bonds redeemed and sur
rendered. ind he shall transmit to the Governor an
abstract of all his proceedings unuer this Act, with
his annual report, TO be by the Governor laid before
the Legislature and oil books and papers pertain
ing to the matters provided for in this Act shall ut 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, Ii
| joint committee OF both.
Sec g. 1t shall be the duty Of the Treasurer to pay
The interest ON said bonds when the same fhlls due
out OF said interest fund, IL sufficient and If said fund
be not sufficient then 10 pay the deficiency ont OF
the General Fund; prooided, that the Comptroller OF
State shall first draw his warrant on the Treasurer,
payable to The order Of said Treasurer for the amou2t
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 Ibe duty of the Governor and
Comptroller TO attend Of least once In each month
at the Treasurer's Office while said bonds being
issued, 10 examine ali claims received by The TFci-
surer aforesaid, and cause the same To be regis
tered and cancelled in such manner as 10 prevent
them from being re-issued or put in circulation.
Sec. II The following are specified as the claims
which entitled to be received and FUNDED under
this Act: First Civil bonds Of the State issued under