Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1858-05-21
AN ACT.

AN ACT.
To create sinking find Aer the payment of
the State debt and the interest thereon
SECTION ]. Be II enactrd bg fIs Seiaats
and House Of Representatives. Of The Common
ceaith Of Pennsylvania in General .7ssem5tY
met, and IL is hereby enacted bg The authority
Of the same, That for the purpose of paying
the present indebtedness and the interest there
on, and such further Indebtedness as nay here
after be contracted on the part of the Common
wealth, the following revenues aud incomes are
hereby specifically appropriated atdsset apart,
to wit The net annual income of the public
works that nov are or may be hereafter owned
by the COMMONWEALTH, md tho proceeds of the
sale OF the same heretofore made aud yet re-
! manning due, or hereafter Dads, and the iocome
or proceeds of sale of stocks owned Iy the
State, and all revenues dryed from tie follow
ing sources, to wit From bank charters and
dividends, taxes assessed on corporations, and
all tie sources Of revenue connected Herewith
the tax on tayerns, eating houses, restaurants,
distiileries, breweres, retailers, pedclers, bro-
kers, theaters, circuses billiafd and bowing
saloons, pin alleys aud patent medicine IL
censes on theatrical, circus and a1anagerie ex-
hibitions on auction, cdmiiiissions aud duties;
on writs, wills, deeds, mortgages, letters Of at
torney and all instruments OF wiring entered
of record, on which tax is asses cd on public
offiters and all others on which tax is levied;
on foreign INSURANCE agencies on enrolment
of laws; on phamphlct laws; on loans or moneys
at interest all fines, forfeitures and penalties
revenues derived from the public lands; the ex-
cess OF mill ia tax over expenditures; mil
lers' tax tonnage tax paid by railroads es-
cheats co.laterai inliefitatiee tax accrued IN
tcrest; refunded cash. and all gifts, grants or
bequests, or the revenue derived thercfrom,
that may be made to the State; and not other
wise directed.
SEC. 3. That the Secretary CT the Cumruo,l--
wealth, the Auditor Genefal and tho State
Treasurer,are hereby constituted commissioners
to receive the foregoing incomes aud revenues,
ald apply the same, first e. the PAY uer:i Of the
public debt; and second, to the principle there
of aud not otherwise except as provided in
section four, article eleven of the constitution
of this Commonwealth, and It shall be tie duty
of said commissioners, within ten days Of the
time of payment of interest upon the funded
81. of The ean,rserasealih- in Ihc months of
February aud August in each year, TO assign
to said sinking fund such amount of surplus
funds in the treasury, as may not to necessary
for CURRENT OUTLAWS and ni1y be required for the
assigned shall be transferred to said sinking
fund, and the account thereof kept as provided
in this act.
SEC. That it shall be the duty of the said
commissioners, on the 6rss Monday of Septen-
Der, Ammo Doniui one thousard eight hundred
and fifty niue, and, on the same day annually
thercaf'crs to report and certify to the Tower
nor, the amount received under this act The /
amount of interest paid, and the amount of the
debt of the commonwealth redeemed and held
by them, whereupon the Governor shall direct
the certificates representing the said iudebied-
ness to be cancelled, and on such cancellation, /
issue bis proclamation stating the fact, and !
the extinguishDent and final discharge Of so T
much Of the principal of said Debt.
SEC. 4. That the said commissioners shall /
within ten days after the organization of the /
Legislature in one Thousand eight hundred and /
hfty-niue and within the same time annually I
thereafter, report TO Tie brglsl,tnre the amount
OF the public debt as aforesaid lquidaied I
by the Governor to have been cancelled the /
amount then remaining due, and the anuuyl in- I
terest thereon. and what increase or mpdfea- /
ton of the fund hereby created may be made,
and what Increase or reduction Of taxes may be /
required Or made, in order that the Legsla- I
ture may provide for such Contingencies as
may arise.
SEC. 5. That said commissioners shall keen |
full and exact minutes of their proceedings, |
which shall at all times be open to the iuspec- /
ton of the Governor and Legislature, aud their |
annual reports shall contain a detailed state
ment of their receipts and disbursements, the /
dates of the purchase of the public debt, the
prices paid, and the place where said sale +
was effected.
SEe6. That 1t shall be the duty of the said /
commissioners to open books in the State Treas
urer's department, keep separate aud distinct |
accounts of all moneys received and disbursed |
under this act, specifying the source OF revenuc,
aud when paid, aud FROM time TO time, as the /
funds paid in may justify, apply the same to the
payment of the aceruing interest of the public i
debt, and the principal at or before the semi-an-
nual payments thereon may become due and /
at no time no manner, shall any portion of /
tie fund hereby created be otherwise applied, |
except as herein provided, under penalty of |
one thousand dollars, to be sued for aud ccllee I
ted for the use of the Commonwealth as other |
penalties.
SEC. That the said commissioners shall |
receive each an annual salary of three hun
dred dollars for their services, and are hereby I
authorized to employ in the Treasures depart
ment, one clerks at an annual salary OF one
thousand dollars, whose daty it shall Re 10 keep
the books and minutes of proceedings as pfovi-
ded for in this act, and such other services as
may be required by said commissioners.
SEC. 8. That the account of moneys rgceiv-
ed and disbursed under the provisions of this |
act, and provided in the sixth seetioR, shaN in
clude all payments to and disbursements from I
the sinking fuad sirce the thiit;efh day of No /
yember last 7 and the said account shall also I
distinguish between payments made upon the /
public debt which existed upon the thirteth I