Oroville daily Butte record., 1857-07-27
LEGAL NOTICES.
[BY AUTHORITY.l
Ote on the state Deb {.
0FFIcE OF SECRETARY oF STATR.
Sncramento, California, May 26, 1857.

OIL ce In Sacramento, California. the twenty-sNth day
of May, A. D. 1857. 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.
The People Of the state of California represented in
Senate and .qssembty, DO enact as foLops:
SECTION For the purpose of nqudating, fund
ing, and paying the claims against the State of Cali
fornia hereinafter specified, the Treasurer of State
shall cause 20 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 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 Slate the first day of January and OF
July of each year: Prorided, That the first payment
ofntrrest shall not be made before the first day of
Jaauary, thousand eight hundred and fifty nine.
| Sad bonds shall be signed by the Governor, and
countersgned 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 mulatioD to the bond. Said coupons. con-
secuively 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 "a separate record
| oil oil Such bofds rs may be issued showing the
number. date and amount of each bond, and 10
whom the same issued and upon what claim.
and its amounts and none of the Claims herein spe-
Gifted shall be liquidaed or paid but in the manner
herein provided.
Sec. 4. The sum Of one thousand dollars Is hereby
appropriated out of any money in the Treasury not
Otherwise appropriated 10 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. 5 All persons having any of the claims against
the state OF California, entitled to be funded as here
inafer specified, shall upon the presentation of the
same To the Treasurer of the state, receive in eX>
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
hundred dollars but the Treasurer may issue GER
iiCates Oi such fractional parts not bonded, which
said certificates shall be transferable and entitled To
be funded as before provided The Treasurer shall
endorse, on the back of each claim received and
hqui3ated, the date on which he received the same.
and from whom. and the number Ct the bond issued
in exchange therefor and such clum shall DC filed in
the Office of the secretary Of state.
Sec 6. For the paymen, within twenty years Of the
principal and interest Of the bonds ISSUED under this
Act there shall be levicG annuallV until the bonds
are paid and promptly collected in the sam manner
as is may be provided by law for ordinary state
taxes. tax of thirty cents on each one hurdred dol
lars OF the assessed value OF real and personal pro-
perty in the State. and the fund derived from this
tax shall be set apart and applied exclusively 10 HE
payment of the interest on the bonds herein proyid
ed and the final redemption OF The principal of said
bonds. and the faith of the state of CalitOr IA il
hereby pledged for the payment as herein provided
of the bonds issued by virtue uf this Act and the in
teresl 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 irrevocaby pledged TO the payment Of
the principal and interest on the bonds issued under
this Act wiiful refusal or neglect by Supervisors
or any other officer To levy or collect the tax impo ed
by this Act, shall he a 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 jail
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 as hereinafter provided, surplus of ten
thousand dollars ore. Il 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 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 hand for the purpose of redemption,
and they shall accept the lowest proposals, ut rates
not exceeding par value As may redeem the greatest
amount of bonds until the amount OF cash on hand
for redemption is exhausted; preceded, howere, in
case a sufficient amount nl such bonds shall not be
offered, aforesaid TO exhaust the sinking fund to
/ less amount tGan ten thOlsanu dOiafS, tnen III u
hereby made the duty OF the treasurer to advertise
! in two newspapers one in New York and one at the
Capital of the state, for ;hree 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 Is set apart
| to pay and discharge; and II such bonds, so num-
bered in such advertiser ents, shall not be presented
! for payment and cancellation within three months
| ir0m The expiration OF such publication, then such
fund shall remain in the Treasury to discharge such
bonds whenever pFe.cnted--Du they snail draw no
interest after such publication as last aforesaid.
Sec. 3. The Treasurer Oi state shall Keep full and
particular account and record of all his proceedings
under this Act, and of the bonds redeemed and sur
rendered md he shall transmit to the Governor an
abstract of all his proceedings unuer this Act, with
his annual report. to be 10y the Governor laid before
the Legislature and all hooks and papers pertain
ing TO the matters provided for in this Act, shall at all
times be open to the inspection of any patty interest
ed, or the Governor, or the Attorney General, or
committee of either branch Of the Legislature, CT
joint committee oil boih.
Sec O. II shall be the duty of The Treasurer TO pay
The interest on said bonds when the same fills due
out of said interest fund, il sufficient and if said fund
be not sufficient. then TO pay the deficiency out OF
the General Fund; propidcd. that the Comptroller OF
State shall first draw his warrant on the Treasurer,
payable to the order of said Treasurer for the amount
OF interest money about to become jue, which said
interest warrant shall be drawn at least one month
previous 10 The maturing of the Interest.
Sec. TO- II shall be lhe duty Of the Governor anG
Comptroller to attend, at least once In each moata
al the Treasurers Office, while said bonds arc being
issued. To examine all claims received by the Trea-
surer as aforesaid, aud Cause the same to be regis
tered and cancelled in such manner as 10 prevent
them from being ressued or put ia circulation.
Sec. IL The following are specified as the claims
which are entitled to be received ana funded unaef
this Act: First Civil bonds of the State issued under
he funding Acts passed In the years le5l leo2, 1898
al no will i'm