Oroville daily Butte record., 1857-09-11

/ tue Orlglnhl ACT now on nfe IN my ONCE.
Witness my hand, and the great seal of State At
OIL ce in Sacramento, California. the twerfy sixth day
of May, A. D. 1887. DAVID F. DOUGLAS.
[sEALl 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 Sote Of CaHfornia represented
Senate and .4ssem6ty do enact as t0ib0cS:
SECTION l For the purpose of quidating, fund
ng and paying the claims against the state of Cali.
ornn. hereinafter specified. the Treasurer of State
shall cause TO be prepared suitable bonds of the State
of California not Ia 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 1reasurers office,
on the fret day of July, one thousand eight hundred
and seventy seven: the interest accruiu2 ON s1id
bonds shall be due and payable at the Office of the
Treasurer of State the first day of Janaary and of
July of each year: Pr0rided That The first payment
of interest shall not be made before the rst day of
ia uary, thousand eight hvIndred ard fifty nine.
Said bonds shall be signed 10y the Governor, and
cOunersigned by the Comptroller. 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 mutilaton To the bond Said coupons con-
secutively 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 MI such bonds ms 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 amOant: and none of the claims herein spe-
Gifted shall be liquidated or paid but IN the manner
herein provided
Sec !. The sum of one thousand dollars is 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 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 rs here
inafter specified, shall, upon the presentation al the
same to the Treasurer OF the State, receive in ex>
change therefor bond 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
tifcates OF such fractional parts not bonded, which
said certificates shall be transferable and entitled to
be funded before provided. The Treasurer shall
endorse, on the hack of each claim 80 received and
liqu.daed. the date on which he received the same
and from whom. and the number OF the bond issued
in exchange therein, aid such claim shall De filed III
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
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
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 the bonds herein provid-
ed and the final redemption Of The principal of said
bonds and The Faith of the state of California il
hereby pledged for the payment rs herein provided
of the bonds issued 10y virtue Of this Act aud the in
thereon and all moneys that may be received
by the State of California from the United States
Government on account OF the Civil Fund called.
are hereby irrevocably pledged to the payment of
the principal and interest on the bonds issued under
this Act wiitu refusal or neglect by Supervisors
any oher officer to levy collect the tax imposed
by This Act, shall be msdemeanor, and the person
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 aud
imprisonment.
Sec. 7. Whenever on the first day of January or
July in any year, there remains. after the payment of
the interest as hereinafter provided, surplus of ten
thousand dollars or ore il shall he HE duty of the
Treasurer to advertise for the space of one week in
daily paper published in English il the city of
New York, and for one month Ia one daily cwspa-
per published in English at the state capital for
sealed proposals to be opened one moujh after the
expiration ot such publications by the Treasurer, in
presence OF The Governor or Comp roller 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 loves proposals, a rates I
not exceeding par value "a may redeem the greatest I
amount of bonds until the amount OF cash on hand /
for redemption is exhausted: EToridtd. hOWCrcT, in /
case "A sufficient amount al such bonds shall not be
offered. as aforesaid 10 exhaust the sinking fund to
less amount than ten thousand dollars. then il il l
hereby made the duty OF the Treasurer Ia advertise
in two news wspapers. in New York and one at the
Capal of the state, for :hree months, which adver
tsenents 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 se apart
to pay and discharge and if sdch bonds. 80 mum
bered in such advertiser enS, 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 prespnted--but they shall draw 40
interest after such publication uS last aforesaid.
Sec g. The Treasurer OF State shall keep fun and +
particular account aud record of all bis proceedings
under this Act, and Of the bonds redeemed aud sur
rendered. md he shall transmit to tho Governor nn
abstract of all his proceedings unuer this Act with
hi. annual report. to be by the Governor laid before
the Legislature and all Duoks and papers pertain
ing TO the matters provided tor in this Act, shall at all
times be open to the inspection OF any pa ~ Interest
ed or the Governor, or the Attorney General, or a
committee of either branch Of the Leg stature, or
Joint committee OF both
sec g. II shall be the duty of the Treasurer to pay
ihe interest on said bonds when the falls due.
out OF said interest fund il sufficient aud if SAID fund
be not sufficient, then 10 pay the deficiency out OF
the General Fund; proridtd, that the Comptroller of
State shall first draw his warrant on the Treasurer.
PAYABLE Ia the order of said Treasurer for the amount
OF interest money about to become iue. which said .
interest warrant shall be drawn at least one month .
previous to the maturing of the interest.
Sec 10. IL shall be lhe duty OF the Governor and .
Comptroller 10 attend, at least once IN each month.
at the Treasurer's Office, while said bonds are being
issued To examine all claims received by the Trea-
aforesaid, and cause the same To be regis