Oroville daily Butte record., 1857-08-10

tiy that the annexed Is true and correct copy OF
the original Act now on file in my office
Witness my hand, and the great seal of State, at
of ce in Sacramento, California the twenty sixth day
of May, A. d. 1887. DAVID F. DOUGLAS.
[sEAt.l Secretary of State.
CHAPTER CCxLIV.
An Act TO provide for Paying certain Eauit-
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 For the purpose of liquidating. fund
ing, aud paying the claims against the state of Cali
fornia, hereinafter specified, the Treasurer of state
shall cause 10 be prepared suitable bonds OF the State
OF California, not to exceed the sum of three millions
nine hundred thousand dollars, bearing interest az
the rate Of seven per cent per annum from the cate
of their issue, payable at the state Treasurers office,
the irst day of July, one thousand eight hundred
and seyeny.sev The interest accruino 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: ProUidcd, That the first payment
Of Interest shall not he made before the FIRST day of
ia nary. Thousand eight hundred and fifty nine.
Said bonds shall be signed 10y the Governor and
countersignPd by the Comptroller and endorsed by
the Secretary of state, and shall have the seal of the
State affixed thereto.
Sec . Coupons for the interest shall be attached
TO each bond so that they may be removed without
secuvely numbered. shall be signed by the Treas
urer of state.
Sec. g. II shall be the duty of the Treasurer and
Comptroller OF State each 10 keep separate record
Of all such bonds may be Issued. showing the
number date and amount of each bond, and To
whom the same was issued, aud upon what claim,
and its amount: and none Of the Claims herein spe-
Gifted shall be hquidated or paid but in the manner
herein provided.
Sec T. The sum Of one thousand dollars il hereby
appropriated out OF any money in the Treasury not
otherwise appropriated To pay the expense that may
be incurred by tne 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 70 pay the same.
Sec. 5 All persons having any of the claims against
the State of California. entitled To be funded rs here
inafer specified, shall upon the presentation of 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, for fractional parts of a
hundred dollars, but the Treasurer may issue GER
tiHcates ot such fractional parts not bonded. which
said certificates shall be transferable and entitled 10
be funded rs before provided The Treasurer shall
endorse, on the back of each claim 40 received and
hquidaed, the date on which he received the same.
and from whom, and the number ct the bond issued
in exchange thereto and such claim shall De He'd in
the office of the Secretary of State.
Sec g. For the paymeutwthin twenty years of the
principal and interest Of the bonds issued under this
Act there shall be levied annually, until the bonds
are paid, and promptly collected in the sam manner
is or may be provided by law for ordinary state
taxes. tax of thirty cents each one hundred dol
lars of the assessed value OF real and personal pro-
perty in the State. and the fund derived from this
lax shall be set apart an1 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 Cafor Ia L.
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 irreyocably pledged 10 the payment of
the principal and interest the bonds issued under
this Act A wifu refusal or neglect by supervisors
any olher officer To levy 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, or by imprisonment in the county Jail
not exceeding six months, or by both such fine and
imprisonment.
Sec I Whenever, the first day of Jsnuary or
July in any year, there remains, after the payment of
the interest as hereinafter provlded surplus ot ten
thousand dollars or ore it shalt be the duty of the
Treasurer to advertise for the space of one week III
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 one month after The
expiration OF such publications by the Treasurer, III
presence of The Governor or Comptroller AT the Slate
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 lhey shall accept the loves proposals, at rates
not exceeding par value as may redeem The greatest
amount of bonds until the amount OF cash on hahd
for redemption is exhausted; JTOrided, h0werer, m
sufficient amount {" such bonds shall not be
offered. as aforesaid, to exhaust the sinking fund to
less amount than ten thousand dollars. then 1t Is
hereby made the duty of the Treasurer To advertise
in two newsp spapers. one in New York and one al the
Capital of the State for three months, which adver-
tisements shall state the amount IN the sinking und
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 sdcn bonds, so num-
bered in such advertiser ents, shall not he presented
for payment and cancellation within three months
FROM The expiration OF such publications. then such
fund shall remain in the Treasury to discharge such
bonds whenever presented-bul they shall draw no
interest after such publication Ms last aforesaid.
Sec. g. The Treasurer oi State shall keep full and
particular account and record OF all his proceedings
under this Act, and of the bonds redeemed aud sur
rendered, md he shall transmit to the Governor an
abstract of all his proceedings uuer this Act, with
his annual report to be by the Governor laid before
the eglsature and all books and papers pertain
ing the matters provided for in this Act, shall at all
times be open to the inspection of any patty interest
ell or the Governor, or the Attorney General, or
committee of either branch of the Legislature, or
Joint committee OF both.
sec Q. II shall be the duty of the Treasurer to pay
,he interest said bonds when the same falls due.
out o said interest fund il sufficient and If said fund
he not Sufficient, then TO pay the deficiency ont OF
ina General Fund; prOrided that the Comptroller OF
state shall first draw his warrant the Treasurer,
payble Ia the order of said Treasurer for the amount
oi interest money about to become due, which said
Interest warrant shall be drawn at least one month
preyious Ia he maturing of the interest.
sec ~. II shall be The duty of the Governor and
Comptroller To attend, at least once In each month.
AZ the Trensurer's Office, while said bonds being
issued Ia examine all claims received by the Trea-
Al -.