The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1858-11-10
AN ACT
April IL, 1858

AN nv
To create a sinking fund for the pay
ment of the principal aud interest OF
the public debt of Ohio.
SEcrIoN |. Be 1T enacted By the Gen
eraI Assembly Of The State Of Ohio, That
there shall, be and hereby is created a
sinking fund, for the payment of the
accruing interest of the public debt OF
this state, and the principal of the same,
which shall be styled 1.-THE sinking fund
Of the state of Ohio" and shall be
faithfully applied to the payment OF the
principal and interest Of the pubic deot
by the commissioners OF the sinking
fund" agreeable to the provisions OF
article eight, section seven of the con-
st;tution Of the state of Ohio, and the
act to define the powers and prescribe
the duties Of the board of commissioners
of the sinking fund. and of this act.
Sec. 2. The said sinking fund shall
consist of the net annual income of the
public works, and Of all the stocks
owned by the state, the proceeds OF sales
of canal, school aud ministerial lauds,
the principal and proceeds of sales OF
the surplus revenue loaned to counties,
tho proceeds of any or all the shares OF
stock held by this state in any railroad
compues canal company, or turnpike
company, and alsa the proceeds of the
sales of any part of, o-sllthe public
works of this state, whenever the same
may be sold, and of such further sum,
70 be raised by taxation, as may be re-
quired for the purpose aforesaid.
Sec. 8. Of the moneys paid into the
state treasury to the credit of the sink
ing fund, the AUDITOR of state shall an
nually set apart, as a specific fand for
the payment OF the principal of the
public debt of the state, according to
the requirements of article eighth, sec
ton seven, of thu constitution of the
state of Ohio, an amount equal to the
sum of one hundred thousand dollars
in the year eighteen hundred and fifty
three, to be Increased yearly and each
and every year thereafter, by compound
ing at the rats of six per cent. per an
nun until tie whole re imbursable debt
of the state shall be fully paid; which
fund, so set apart, shall be applied as
may be provided by law, to the payment
of the principal of said debt, but shall
not be applied to any other use or pur~
pose whatever.
Sec. 4. The amount set apart under
the provisions of the preceding section
of this act, together with all other mon
eys applicable to that object, shall be
applied by the commissioners of the
sinking fund to the payment of the pub
lie funded debt of this state, and to no
other use or purpose whatever; and all
bonds or certificates of the public funded
debt so paid, shall be cancelled, and con-
splcuoasly written on the face thereof,
paid" with the date of such payment
and undersigned by the commissioners
of the sinking fund, aud shall also be
taken from the proper accounts upon
the individual and general stock ledgers,
and entered in account Of public debt
paid" specifying the particular stock or
loan, the number and date of the GER
ti6cate S, paid, the amount, rate of in-
t%erest, time at which it vas made re-
deemable, and in whose name standing
when paid; and all sush certificates SO
paid, anil cancelled, shall be duly filed
in the Office, of said commissioners.
Sec. 5. 1t is hereby made the spe-
cial duty of the auditor of state, aud
the treasurer Of state, to keep, at all
times, and under all circumstances, the
moneys belonging to the sinking fund
%inviolate, and to have special care that
no money belonging to the sinking fund
be used, transferred, or applied, at any
time, or under any circumstances, to
any other purpose than the payment of
the principal and interest OF the public
funded debt of this state, and if from
any cause at any time, the sinking fund
shall not be equal in the amour of
money in the treasury to the require
ments Of the constitution and laws Of
the state, and the payment of the Prin.
cipal and interest of the public funded
debt of the state, as so required for any
ensuing year, the said auditor Of state,
is required to cause such al amount to
be raised az may be adequate thereto,
either by q sufficient increase of the
state tax applicable to that subject,
being placed upon the tax duplicate, or
by a sale of property owned by the state;
such sale to first authorized BY law, or
by joint resolution of the general as
sembly, enabling the commissioners of
the siukiug fund to effect the sale of any
part, or all of the stocks or bonds held
by the state.
Sec. 6. That an act entitled Gan
act to create a sinking fund, for the
payment of the principal and interest of
the public debt of Ohio,,' passed March
IA, 1853, and an act passed May !,
1854, entitled "An act supplementary !
to, and a%mendatory Of an act to create . !