Oroville daily Butte record., 1857-09-02

The People of the State Of CaHforuja represented IN
/ Senate and .4Sscmbiy. do endct as toliors:
SECTION For the purpose of hquidaling, fand-
in Z, and paying the claims against the state Of Cali
forIia. hereinafter specified the Treasurer of state
shall Canse 10 be prepared suitable bonds o the state
OF California. not 80 exceed the sum oi three millions
nine hundred thousand dollars bearing interest at
the rate of seven per cent per 1unun tron the cate
OF their ISSUE payable at the state frcHsurr~ Office,
the ir-l day of july one thousand rlght hundred
and serenty.seven: the interest accrIln2 ON s7id
bonds shall be due and paNa'i" at lhr Office of The
Treasurer OF State on the day ui January and of
July of each YEAR Prouided That the first payment
of interest shall not be made before the first day of
ia nary, one thousand eight hundred md Ny nine.
Said bonds shall be signed hy 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 he attached
! to each bond so that they may be removed without
injury mutilation to the bond. SAID coupons con-
secutvely numbered shall be signed by the Treas
urer of State.
| Sec. B. 1t shall be the duty of the Treasurer and
Comptroller OF state each 10 keep Il separate Hri
/ of all saCh bonds as may be issued. showing he
number. date and amount OF each bund, AMI to
whom he same issued. and upon what claim.
and its amount: and none Of the CAIN. herein spe
Gifted shall be liqudated or paid but in the manner
herein provided.
Sec !. The sum Of one thousand dollars j. hereby
appropriated out of any money in the Trcasurs not
otherwise appropriated to pay the expense that may
be incurred by the Treasurer IN having said bonds
prepared but the Comptroller shall no draw his
warrant the Treasury for this amount until there
is money therein 20 pay the same.
Sec. All persons having any flhc claims agaiust
the state of California. entitled To be funded II here
inafer specified, shall, upon the presentation o the
same to jhe Treasurer of The STATE. receive in cN>
change therefor bond or bonds OF the state of
California. provided for in the first session ut this
Act: hut no bond shall be issucd for los jhin
i've hundred dollars, nor for fractional parts Of
hundred dollars, bat the Treasurer may j>,u' Ger
tihcntes OF such fractional parts not bonded which
-ti1 shall be
be funded us before provided The Treasurer shall
endorse, on the back Of each CLAIM, received and
Iquidated the date on which he received t'r san @.
aud rom whom. and The number c ~" bond - dcd
in change thersfn-. AID such claim sta De III sd in
the office uC The Secretary OF state
Sec &. Fer the paymcnt"ithin twenty years of the
principal and interest ol the bonds issued under his
Act. there shall be levied annually, until the bonds
are paid and promptly collected iu the san nHunt,.
as is or may he provided by IaW for ordinary Sjots
taxes tax Of thirty cents each Ola" ouudraG d,i
lars OF the assessed value Of real and personal poo
perty IN the state, and the iUnd d, rived from this
shall be set apart AMI applied exclusively tC the
payment of the interest ON the bonds herein pravid.
ed and the final redemption Of IT. principal OF SAID
bonds and the ttith OF the state of Calfor IA ia
hereby pledged for the p&yIuent herein p.pvidcd
of the bonds issued by virtue o t, Act and the in
tcre~t thereon and all money that laay be received
10y the state of California rom the United states
Government on account ~ The civil Fund, so called
are hereby irrey0cahly pledged To the payment of
the principal and interest on the bonds issued under
this ACT y Wlul refusal or neglect by SuprrVl-Ors
or any other officer to levy or collect the tax imposed
by this act shall he a msdemeauor, and the person
persons convicted thereof shah he removed from
Office and punished 10y 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. I Whenever, on the first day of January or
July in any year, there remains after the payment of
the interest hereinafter provided, n surplus of ten
thousand dollars or ore, it shall be the duty of the
Treasurer advertise for the space of week in
one daily paper published i'll English, in the city of
New York, and for one N onth in 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 Comptroller nj the State
Capital for the surrend er of bonds issued under this
Act, which advertisement shall state the amount of
money he has on hahu for the purpose Of redemption,
and they shall accept the loves, proposals, at rates
not exceeding par value rs may redeem The greatest
amount of bonds until the amount OF cash on hand
for redemption IL exhausted JToeided, horersr, in
case a sufficient amount of such bonds shall not be
offered atoress i'd to exhaust the sinking fund to
less amount than ten thousand dollars. then it is
hereby made the duty of the Treasurer to advertise
in two newspapers, one in New iork and one AT the
Capital of the state, for three months, which adver
tsemens 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 If such bonds, 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 10 discharge such
| bonds whenever presentcd-6ut they snail draw no
interest after such publication as last aforesaid.
Sec. g. The Treasurer OF State shall keep full and
particular account and record Of all his proceedings
under this Act, and Of the bonds redeemed and sur
rendered, 4nd he shall transmit to the Governor an
abstract of all hi3 proceedings unHeT this Act, with
his annual report be- by the Governor laid before
the Legislature and all hooks and papers pertain
iuo IN The matters provided for In this Act shall t all
Times be open 10 the inspection Cf any patty interest
ed or the Governor or the Attorney General, or q
committee of either branch OF the Legislature, ora
! Joint committee of both.
Sec o. 1t shall be the duty Of the Treasurer 20 pay
;he interest on said bonds when tie same fills due
out OF said interest fund il sufficient, and il said fund
be not sufficient, then TO pay inc deuriency ont OF
the General Fund; pr0ci2s}, 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 JUe, which said
Interest warrant shall be drawn M least one month
previous to the maturing of the interest.
Sec 10. II shall be the duty Gf the Governor and
Comptroller to attend, at lens: once In each month
at the Treasurers Office, while said bnIss are being
issued, 10 examine all claims received by the Irea-
surer as aforesaid. aud cause the same To be regis
tered and cancelled in such m9nner as to prevent
them from being re-ssued or pat Ia circulation.
Sec II. The following are specified rs the claims
which entitled 20 be received and funded under
this Act: First, Civil bonds OF the State issued under
the funding Acts passed in the years 1851, lcj2,l J3
1855, and 1856. which nov outstanding, with IN
teres due on the same when presented, as appears
by the coupons. Second, Cumptroller's warrants
drawn under the sanction of law, civil expenses
prior to January lst, \. D. 1857, and now outstanding
and unpaid, but the provisions of this Act shall not
authorize the funding OF any of those warrants the
registration and endorsement of which were cancelled
lby the provisions of"An Act TO cancel the registr-