Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1858-05-26
Sec . The said sinking fund shall copsi.

Sec 2. The said sinking fund shall consist
o fthe net annual income Of the public works,
and of all the stock owned by the state, the
proceeds of sales of canal, school aud minis
terial lands, the principal and proceeds of the
surplus revenue loaned to counties. the pro-
ceedS Of sales of any or all the shares of stock
held by this state in any railroad company,
canal company, or turnpike company, and
also the proceeds of the sales of any part OF. or
all the public work of this state, wherever
the same may be sold. and of such further
sum, to be raised by taxation. as may be re
guired for the purpose afore said.
Sec 3 Of the moneys paid into the state
treasury to the credit of the sinking fund, the
auditor Of the state shall annually set apart,
as Il specific fund, for the payment of the
principal Of the public debt OF tie state, ac-
cording TO the requirements of article eight,
section seven, of the constitution of the state
OF Ohio; an amount coal to the sam Of one
hundred thousand dollars in the year eigh-
teen hundred and fifty three, to b. increased
yeally and each and every year thereafter,
oy compromising at the rate of six per cent,
per annum, until the whole re-im5urs-a5le
debt of the state shall he fully paid; hich
fund, so set apart, shall be applied as may be
provided BY Jaw. TO the payment Of the prin-
cipal Of said debt, but shall 1T Be applied to
aig DINER use or PURPOSE NisAttfSA-
&c 4. The amount SET apart under the
provisions of the preceding section of this
act. together with all other moneys apnlica-
Die to that object. shall be applied by the com
missioner, ofthe sinking fund to the payment
of the public funded debt ofthis state, and
to no other use or PurpO-e whatever; and all
bonds or certificates of;he public funded debt
so paid, shall be Cancelled and cOnspicI 10 IslT
written upo- the face thereof. paid" with
the date of such payment and undersigned by
the commissioners OF the sinking flnd; and
shall also be taken from the proper accounts
upon the individual and general stock ledg
ers. and entered in accougn "pablIc debt
paid, specifying the pdTuS" stock Or loan,
the number and date ofta tlfCIicate 81 paid.
the amount. rate ofinteEest. time at which IL
was made redeemabie, aad in whose name
standing when paid; aud all such certificates
SO paid. and cane, led. shall be daily filed in
the office OF said commissioners
Sec. ) Ii is hereby made the special duty
ofthe au litor OF the state aGd The treasurer Of
state, to keep, nj all times, and under ali cir
cum-tances, the moneys belongings the sink
ing fund iuviolate, and TO have special care
that no money belonging 10 the sinking fnnd
be used, Transferred, or applied, at any time,
or under Any circumstances. to any uihe, pur
pose than the payment of the principal aad
interest of the public funded debt of this state
ami IL from any cause al an time, the s,Hk~
ing fund shall not BE- equal in the amour, OF
money in the treasury 10 the requirements OF
the constitution and laws ci the state, and the
payment OF the principal and interest OF The
public funded debt of the state. as 50 requir-
ed FOR any ensuing year, the SAID auditor OF
state IS required TO cause such an amount 10
be raised IS may be adequate thereto, Ell her
- l. 80. So nnENa
cable to that subject. being placed upon the
tax duplicate, or b. a sale of property owned
by the state: such sale to b. first authorized
bylaw, OF BY Joint resolution of the general
assembly, enabling the commissioners OF the
sinking fund to effect the sale of any part. or
ali Ut me stock. or bonds held By the state.
Sec 6 That an act entitled Ian act to Gre
ale a sinking fund, for the payment Of the
Pricipal and interest of the public debs Of
Ohio, " passed March I4th, l353 aud an act
passed May LIST, 1854, entitled In act sup
Elementary to, and ~aireadaiO-y of an act to
create a sinking fund fer the payment of the
principal and interest of the public debt of
Ohio, passed Ma:eh II. 1853, and TO repeal
certain sections o fsaid act, and to amen! the
section OF the act entitled IA act -
define the duties of the commissioners of the
sinking fund.- passel April ~. 1852 anl sec
-ioH thitc OF an ACT mdhlnS dppiopIld'ioI5 ipE
the year one thousand eight hundred and
City six; also an act entitled San act in ad-
dItIOn to the act 10 create a sinking fund for
The payment Of the principal and interest of
the public debt. and all act ~amendatory the-e
IF, passed April Il. 1851, b. and the same
are hereby repealed; Provided. HAT the repeal
If said acts Shall not affect any liability, civ
| or criminal. growing out Of Or arising ua
Ter said acts, or either of them, OIL the prose
of them to convict on or final Judgment,
.grceably to the law heretofore existing
See :. This act shall take effect ana be in
Gree on and after its passage.
WILLIAM B. WOODS,
Speaker OF The House Of Representatives..
MARTIN WELkER,
President o ue Senate.