Oroville daily Butte record., 1857-08-20

on ce in Sacramento California the twentysiNth day
of May, A. d. 1887. DAVID F. DOUGLAS.
| [sEAL.l Secretary of State.
CHAPTER CCxLIV.
An Act TO provide for Paying certain Equt-
able Claims against the State of CalifOr-
mia, and to contract Funded Debt for
that purpose.
The People Of the STATE of California, represented in
| Ssnate and assembly do enact as JoLo~s
SECTION 1. For the purpose of liquidating. fund
ing, and paying the claims against the State Of Calf
fOrnia, hereinafter specified. the Treasurer of State
shal cause TO be prepared suitable bonds OF the state
of California. not 10 exceed the sum OF three millions
nine hundred thousand dollars, bearing interest at
the rate of seven per cent per annnm from the date
of their issue, payable at the State 1reasurers 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 the first day Of January and of
July of each year: Prorided. That the first payment
Of interest shall not be made before the first day of
uary, one thousand eight hundred and fifty nine.
Said bonds shall be signed by the Governor, and
countersgned by the Comptroller, and endorsed by
the Secretary State, and shall have the seal of the
| State affixed thereto
! Sec Q Coupons for the interest shall be attached
| TO each bond that they may be removed without
injury or mutaton 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 10 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 issued. and upon what claim,
and its amount and none of the cnins herein spe-
Gifted shall be lquidated 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 10 pay the same.
Sec. 3 All persons having any of the claims against
the State of California entitled 10 be funded as here
nafer specified, shall upon the presentation ef the
same to the Treasurer OF the state, receive In eN>
change therefor 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 IA
! hundred dollars, but the Treasurer may ssue GER
tfcaies oi such fractional parts not bonded, which
said certificates shall be transferable and entitled To
be funded ~ before provided The Treasurer snail
endorse. ON the hack of each claim 50 received and
luuidateG the date which he received t e same.
aud from whom. and the number ct the bond issued
in change theref". aid such claim shall DC hled IN
the Office Of The Secretary OF state.
Sec 6. For the payment within twenty years of the
principal and interest of the bonds ISSUED under this
Ac, there shall be levied annually, until the bonds
are paid, and promptly collected in the sam manner
! as is or may be provided by law for ordinary state
taxes of thirty cents on each one hundred dol
lars of the assessed value OF real and personal pro-
perv 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 provid-
ed. and the fnnl redemption of the principal of said
bonds and the faith Of the state of CGior Ia Is
hereby pledged for the payment as herein provided
of the bonds issued by virtue of this Act, and The in
tere>t thereon and all moneys that may be received
by the state of California from the United States
Government on account OF the civil Fund, 30 called
are hereby irrevocably pledged TO the payment of
the principal and interest on the bonds issued under
this Act A wlful refusal or neglect by Supervisors
or any oher officer 10 levy or collect the tax imposed
by this Act, shall be a misdemeanOr, and the person
or persons convicted thereof shall be removed from
office and punished by fine not exceeding one thou,
sand dollars, by imprisonment IN the county lail
not exceeding six months, or by both such fine and
imprisonment
Sec. Z Whenever. on the first day Of Jenuary or
July in any year, there remains after the payment of
the interest hereinafter provided surplus OF ten
thousand dollars ore IL shall be the duty of the
Treasurer to advertise for the space OF one week in
one daily paper published i'll 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 on hal,d for the purpose redemption,
and they shall accept the loves proposals. NJ rates
not exceeding par value as may redeem lhe greatest
amount of bonds until the amount OF cash on hand
for redemption is exhausted: pTopdcd, howerer, IN
case a sufficient amount o such bonds shall not be
offered, aforesaid, 10 EXHAUST tne slnkiS iuuu 10
less amount than ten thousand dollars. then II IS
hereby made the duty OF the Treasurer to advertise
in two newspapers, one in New York and one at the
Capal of the State, for three months, which adVer-
tsements shall state the amount IN the SINKING iund
and the number of bonds numbering tiem III thc
order of their issuance, which such fund Is set apart
to pay and discharge; and if such bonds, 80 num-
bere i'm 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-but they shaii draw no
interest after such publication as last aforesaid
Sec. 6. The Treasurer oI state shall Keep full and
particuar account and record of all his proceedings
under this Act, and of the bonds redeemed ana sur
rendered, md he shall transmit TO me 6oVerhor an
abstract of all his proceedings under TINS Act WIN
his annual report 20 he by the Governor lald before
the Legislature and all books and papers pertain
ing to The matters provided for IN this Act shall mt all
times be open the inspection OF any pa ~ interest
ed Or the Governor, or the Attorney General. or
committee of either branch of the Legislature, or
joint committee of both
Sec g. 1t shall be the duty of the Treasurer to pay
The Interest on said bonds when the same ials que.
out OF said interest fund ii sufficient and II sad fuhd
be not sufficient, then to pay the deficiency out OF
the General Fund: prosidtd, that the Comptroller ol
State shall first draw his warrant on the treasurer,
PAYABLE To the order Of said Treasurer FOR the umoul
of interest money about to become due. which sad
interest warrant shall be drawn al least one monln
previous TO the maturing of the interest.
| Sec 10. Ii shall be Ihe duty of the Governor ana
Comptroller to attend, at least once In each month,
AT the Treasurers Office, while said bonds are Oehg
issued to examine all claims received by the Irea-
surer as aforesaid, aud the to be regis
tered and cancelled in such manner as 10 prevent
them from being re-ssued or put la circulation.
Sec. H. The following are specified as the claims
which are entitled TO be received and dnded under
this Act: First Civil bonds of the State issued under