The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1859-11-08
THE STATE LOAN.

AN ACT TO SUBMIT TO THE PEOPLE LAW AUTHO-
RISING LOAN OF TWO MILLION FIVE HUNDRED
THOUSAND DOLLARS TO PROVIDE FOR THE PAY
NENT OF THE FLOATING DEBT OF THE STATE.
PASSED APRIL Is, 1859.
Section The Commissioners Of the Canal Fund are
hereby authorized 70 borrow the credit of the State
two million hve hundred thousand dollars, at rate not
exceeding six per cent per annnm, and remonrsabe at
such periods shall be deter mined by the said Comm
sioners not exceeding eighteen years from the time OF
making such loan. All the provisions OF law relation
by Commissioners OF the Canal Fund, and
the issue and certificate stock shall apply
loans authorized by this act SO far as the same are app
cable.
ed exclusively 10 the pay OF claims against the state
provided or for work done the canals Of
State for the OF su h ais aud for injury 10 private
property growing ont Of the construction Of the canals,
TO the meDt OF the principal and interest OF such oan
and for Do oher purpose whatever.
Sec 3.-Two million five hundred thousand dollars is
the Of the Auditor Of the Canal Department. from
the said moneys, within two years from the time when
this act shall take effect for the payment Of claims against
che State, specified in the last preceding section, an tor
the pay meDt OF the interest the loan authorized by this
act which shall become payao prior to the receipt into
the treasury OF the first annual hereinafter directed
to be levied ard collected for the payment of the utres
and principal o the loans authorized by this act but any
sum applied pay aforesaid may refunded
OF the proceeds of the said taxes when received into
the treasury.
levied and collected in the same other State
levied and coll. sufficient pay the ineres,
ano redeem the principal of the loan hereby authorized
within eighteen years from the time of the contracting
thereof The CompI oller shall ascertain and determine
what sum, beng applied IN payment q principal and
interest, the first year after the tax be collected
aforesaid, and in each succeeding year thereafter,
within the period OF eighteen years from the
time Of contracting said loan, will be sufficient pay
the interest and redeem the principal OF said loan within
said period Of eighteen years, and shall IN each
portion the sum required among the several counties
this Stale, according 10 The then last corrected ASSESS
rolls returned 10 his office, and shall give notice of
such oronment 10 the boards Of supervisors Of the
respective counties. II shall be The DUTY OF the
boards Of supervisors Of the respective counties
10 the amount apportioned in each
year be levied, collected and paid the
this State, in the other State
The money collected and pah into the treasury under this
shan constitute SINKING fund 10 pay the interest
and redeem the PRINCIPAL n the loan contracted pursuant
this act and shall be sacredy applied TO that purp0se
and il at any time, the sinking iund shall be insufficient
10 comply with the requ emen,s OF this secon the Comp
Ioler shall increase the thereafter to be levied and
collected ny in each year. make the fund ade
quaie Tor the purposes aforesaid.
Sec 5-1he ou, tn section of this act imposing AK
may be repeated whenever the OF the canals
alter meeting ali present constitutional charges upon
ih,m, shall amount enough form sinking fund suf
lcicn' 10 pay the interest aud redeem the prucpa Of all
loans within the eighteen years mentioned in the first sec
ton Of this act.
Sec 6This shall be submitted the people this
State at the Dtxt election and the given for
its adoption shall be endorsed constitutional loan, and
shall b. in the following form-"For loan OF two million
i've hundred thousand dollars, pay the floating Of
the State, and "Aganst loan Of two million i've hun
drpd thousand dola to pay tho floating debt Of the
State The inspectors Of the several election Districts
this State shall provide separate box, in which the bal!
lots gwen in Of this act shaJ be deposited The
ballots shall be clpvassed and returned, and the result
shall be deter mined certified in the same manner as
votes given the office Of Of this State Ii
majority Of the votes cast pursuant to this act shall be
"For loan OF two million five hundred thousand dollars
to ray the floating debt Of the STATE then the preceding
sections this act shall take effect but majority Of
the votes cast shall be "Aganst a loan of two million
five hunared thousand dollars, the floating debt Of
the State then the said sections shall not take effect but
Shall imperative