The Tiffin tribune. [volume] (Tiffin, Ohio) 1848-1859, 1858-05-28
NO.84.

public works, and Of all the stocks owned
by the state, the proceeds Of sales Of ca
nal. school aud ministerial lands, the
( principal and proceeds Of the surplus rev.
enue loaned to counties, che proceeds Of
sales Of any or all the shares Of stock held
by this state in any railroad company.
canal company, or turnpike company. aud
also the proceeds Of the sales Of any part
Of, or all the public works Of this state
whenever the same may be sold, and, OF
such further sum, TO be raised by taxa.
tion as may be required for the purpose
aforesaid.
Sec. 8. OF the moneys paid into the
state treasury to the credit Of tho sinking
fund, the auditor Of state shall annually
set apart, as a specific fund for The pay.
ment Of the principal Of the publ debt
OF the state, according 10 tho require.
ments Of article eight, section seventh, Of
the constitution Of the state OF Ohio, an
amount equal to the sum Of one hundred
! thousand dollars in The year eighteen
| hundred and lifty.thre 10 bo increased
yearly and each and every year thoro at.
ter, by compouuding at tho rate Of six
per cent per anuum until the whole reim
bursable debt Of the state shall bo fully
paid, whih fuul, so set apart, shall bo
applied as may be provided by law to the
payment Of the principal Of said debt, but
shall not be applied 10 any other use or
purpose whatever.
SEQ. 4, The amount SIT apart under
the provisions Of the preceding section Of
this act, together with all other moneys
applicable to that object, shall be applied
by the commissioners of the sinking fund
TO the payment Of tho public funded debt
of this state, aud to no other use or pur-
pose whatever; and all bonds or certi6.
Gates Of the public funded debt so paid,
shall bo cancelled, and conspiouously
written upon the face thereof, "paid,"
with the date of such payment aud uu.
dersigned 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" specify
ing tho particular stock OF loan, tho mum
Der and date Of the certificate so paid, the
amount, rate Of interest, time Mt which ii
was made rcdeemabe, and in whose name
standing when paid; and all such certifi.
Gates so paid, aud cancelled, shall be duly
filed in the Office Of said commissioners.
Sec. o 1t is hereby mado the special
duty Of the auditor Of state and the treas
urer OF state, to keep, at all times, and
under all circumstance, the moneys be-
longing to the sinking fund inviolate, and
10 have special care that no money be
longing to the sinking fund be used, trans
ierred. or applied, at any time, or under
any circumstances. to any other purpose
than the payment Of the principal and IN
teresL 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
amount of money in the treasury to the
requirements of the constitution and laws
of the state, and tho 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 an amount 10 be
raised as may be adequate thereto, either
by sufficient Increase Of the state tax
applicable to that subject, being placed
upon the tax duplicate, or by q sale Of
property owned by tho state; such sale to
be first authorized by law, or by Joint
resolutions Of the general ASSEMBLY, en-
abling the commissioners Of the sinking
fund to effect the sale Of any part, or all
Of the stocks or bonds held by the stale.
Sec. q. That an act entitled "an act
TO create sinking fund for the payment
Of the principal aud interest Of the public
debt Of Ohio" passed March l4th, 853
and an act passed May LIST, 1854, entitled
J IAN act supplementary TO- aud amenda.
tory Of an act to create sinking fund for
the payment of the principal and interest
of the public debt of Ohio" pissed
March l4lh, 1853, and to repeal certain
sections Of said act, and TO amend tho
eight section Of the act entitled "An act
TO define the duties Of the commissioners
: Of the sinking fund" passed April 10,
1852 and section three Of an act making
appropriations for tho year one thousand
, eight hundred and ifLy-six; also an act
@ entitled can act in addition to the act to
f create a sinking fund for the payment OF
the principal aud interest of the public
q debt, and all acts amendatory thereof, "
n passed April. 857. be and The same are
g hereby repealed; Provided, that the re-
peal Of said acts shall not effect any La
/ bility. ciyilor oriminal, growing out of or
o arising under said acts, or either Of them,
o or the prosecution Of them to convict on
{ or fnal Judgment, agreeably to the Law
heretofore existing.
Sec. 2. This act shall take effect and
j. be in force on and after its passage.
WILLIAM B. WOODS,
Speaker Of the House Of Representatives
MARTIN WELKER,
President Of the Senate.
April 70, 1853.
mo. ST. AN ACT