The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-03-25

AN ACT To Authorise : Loan or two hundred
and fifty thesasnd dollars to defray the cur
rent expeaeoe 0f the 6tste.
Be y snAstsfby the Legislature Of the State Of
assrsos /. Tbs. ,bs Governor and Treas.
urss Of the 1tsts Of Minnesota be, and they are
hereby sutAos1sed 70 borrow At any time with
In slx months from the passage Of this act on
tho credit Sfthe ssste. the ssIn If two hundred
and ATTY thousand dollsrs, Ut = rate Of interest
not a ceedipg ten per cent. per annum, pays-
bic semi annually In the city 81 New Yofk,
which ioan shall be paid and reimbursed In nine
years from the time on which the aame b nego-
iiated--which money 20 borrowed shall, Oh FIRST
being duly appropriated tbesefos, be applied 10
Treasury unapprophsted 10 The defrsymsnt o.
the current expenses Of the STATE for the 6rrt
fiscal year, Commencing On The second day q
Dece m Der A. d. 1887. and for the indebiedness
OF the State already accrued.
SEC. ,. That the loan mentioned Ia section
frs, Of this act. shall be made upon State Bonds
with,coupons attached. issued ahd signed BY INC
Treasurer, and conntersigned by the Secretary
Of state, which bonds shall specify the rate VI
interest, AMI time VIXEN the principal and inter.
est shail be paid, and each bond so issued shali
not be for q iess sum than five hundred dollars,
and shall specify therein 70 whom the same
shall be made payable,
Sft.1. ne 1thtc hHhlt tUuudttt, IVA aiii'fF"
to the taxes levied for the current expenses VI
the State, levy tax sufficient to pay the inter
est Of the loan provided for la this act.
SKc.4, There shall also be levied the annual
tax VI twenty seven thousand seven huDdied
ard seventy. seven dollars and seventy seven
cents, 10 be held aud retained a. sinking iind
with which to cancel the bonds mentioned IN
this sct, at tho time the same shall bee oIae due.
SEc. 3. The tax above mentioned 10 %clloa
four OF this act, shall be invested annually ny
the Treasurer OF the state Of Minnesota In | n
tied States aud Minnesota stats stocks, or ID
case the sum cannot be obtained at par OF IN
der, then ia other State stocks Oh which tin ui-
ierest Is regularly paid, which stocks shasi De
equal 10 six per cent. stocks, and which he SHAH
procure IT. as low rates "a the same an be
purchased, which stocks shall be held and re-
tanned by the Treasurer until the time the loan
mentioned In this act shall become due, and
shall then be disposed OF, and the proceeds OF
the sale Of such United States stocks shall be
appropriated to the payment Of the loan author
lied IN this act.
SEC. 9. That Whenever the interest on tie
above mentioned bonds shall become due, tho
same shall be paid by the Treasurer Of the
state upon presentation ut such banking house
IN tho city OF New York, IA the Treasurer shall
designate OF tho coupons for the in'ereh then
due.
Sgc. !. The Treasurer OF the State ia hereby
authorized, and il IL made hrs duty, to obtain
blank bonds with suitable devices to prevent
counter!eiting, aud OF such material az he may
deem proper.
SEC. 8. The credit of the State is hereby
pledged to the payment of the interest and
principal Of the bonds mentioned Ia this ae',
/ "a the same may become due.
SEC. .. This act shall take effect from and
after it, passage.
GgoKoE BRADLEY,
Speaker Of the Ii. Of Il.
RICHARD g. MuRfuy.
President pro TEN. OF the Senate.
Approved March -, ISIS.
CHAs. l.. CnAsE, Acting Governor.
SECRETARY OFFICE, Minnesota,
March Is, 1858.
hereby certify the foregoing to be a true
copy Of the original on HE IN this office.
CHAs. l.. CHASE, Secretary,