Oroville daily Butte record., 1857-07-15
LEGAL NOTICES.
tBY AUTHORITY.l
vote on the state Debt.
OFFICE oF SECRETARY OF STATE,
-..-....nnal. Gnlicornin A.. nc nasH

tiy that the annexed is a true and correct copy o
the original Act now on file in my Office.
| Witness my hand, and the great seal of State, al
of ce in Sacramento California the 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 Califor-
MIA, and to contract Funded Debt for
! that purpose.
The People Of the State Of California, represented in
! Senate and Assembly. do enact as foiiops
SECTION l. For the purpose of liquidating, fund
ing, and paying the claims against the State Of Cali
forDia hereinafter specified. the Treasurer Of State
shall 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 annnm from the date
OF their issue, payable at the State Treasurers Office
the first day of July, 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 first day of January and OF
July of each year. PrOrided. That the first payment
finterest shall not be made before the first day of
January, thousand eight hundred and fifty nine
Said bonds shall be signed by the Governor. and
countersigned 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 or mutilation to the bond. Said coupons, con-
secutively numbered shall be signed by the Treas
urer of State.
Sec 5. 1t shall be the duty of the Treasurer and
Comptroller OF State each 10 keep n separate record
of all 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 claims herein spe-
cited shall be liqudated 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
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 here
inafer specified, shall, upon the presentation et the
same to the Treasurer of the State, receive in ex>
change therefor bond or bonds of the State of
California provided for I'm 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
tihcates ot 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 SO received aud
liquidated, the date which he received the same.
and from whom, and The number OF the bond issued
in exchange therefor, ard such claim shall De filed in
the office of the Secretary of State.
Sec &. 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 same manner
as 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-
perty 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 final redemption of the principal of said
bonds and the faith of the State of California is
hereby pledged for the payment as herein provided
of the bonds issued by virtue of this Act and the in
terest thereon and all moneys that may be received
by the State of California from the United States
Government 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 wfu refusal or neglect by Supervisors
any other officer 10 levy or collect the tax imposed
by this Act, shall be misdemeanor, 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 and
Imprisonment.
Sec. 7. 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 or ORE II shall be the duty of the
Treasurer To advertise for the space of one week in
daily paper published in English in the city of
New York, and for one month in one daily newspa- |
per published in English mt 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,
and they shall accept the lowest proposals, at rates
not exceeding par value as may redeem the greatest
amount of bonds until the amount OF cash on hand
for redemption is exhausted; yrouded, h00erer, in
case IA sufficient amount oi such bonds shall not be
offered aforesaid, TO exhaust the sinking fund To "a
less amount than ten thousand dollars. then it is
hereby made the duty OF the Treasurer to advertise
in TWO newspapers, one in New York and onr 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 tho
order of their issuance which such fund set apart
10 pay and discharge and IT such bonds, so num-
beTrd 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-but they shall draw no
interest after such publication as last aforesaid.
See. 4. The Treasurer OF State shall keep full and
particular account and record of all his proceedings
under this Act, and of the bonds redeemed aud sur
rendered. and 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
tire Legislature /; and all books and papers pertain
ing the matters provided for in this Act, shall at all
times be open 10 The inspection of any party interest
ed. or the Governor, or the Attorney General, or a
committee uf either branch of the Legislature, a
joint committee OF both.
sec o. Il shah he the duty of the Treasurer to pay |
;he interesl On said bonds when the sane falls 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; proUided that the Comptroller OF
state shalt first draw his warrant on the Treasurer,
payable The order of said Treasurer for the amount
of interest money about to become lue, which said
interest warrant shall be drawn at least one month
previous tn the maturing Of the interest.
See To- II shall be The duty of the Governor and
Comptroller 10 attend, at least once In each month
at The Treasurer's office, while said bonds being
issued 10 examine all claims received by the Frea-
suref aforesaid, aud cause the same 10 be regis
tered and cancelled in such manner Is To prevent
them from being re-ssued or put In circulation.