The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1859-05-19
AN ACT
mo. A6l Al

mo. 46 AN ACT
Relating to the redemption and cancellation
of the securities for the funded debt of
counties in this State.
Section /. BE IL enacted by the General
ASSEMBLY of the State of Ohio, That it is
hereby made the duty of the county auditor of
any county in this state owing funded debt
bearing interest payable at stated periods, to
draw at the proper times, his warrant upon
the treasurer of his county for the payment Of
the gross sum of such installments of prin-
cipal or interest as may be then due, or for
such sum Of money in the treasury as may be
applicable to that purpose, and deliver the
same to the county treasurer of such county,
and it is hereby made the duty of such treas.
urer, upon the receipt of such warrant, to
make payment of the principal and INSTALL
ments of interest of such debt at the times
and places of payment specified in the Sc.
curity therefor, out Of any money in his
hands applicable to that use and upon pay
ment of the principal sum or installments OF
interest as herein provided, the treasurer
shall take up and hold the obligation or in
terest warrant SO paid till the same shall be
cancelled as herein provided, but if the in.
terest be provided for in the body OF the OBJ
legation and not by separate warrants there
for, he shall indorse the payment thereof on
The obligation and take from the holder u
separate receipt specifying the date, amount
number and time Of maturity of such obiga-
ton, and the date of the maturity of the in.
stallment so paid, and amount and date OF
the payment.
Sec. 2. If from any cause such debt or
installnents of interest be not paid al the
time and place Of maturity thereof as afore
said, it shall be the duty of the county treas
urer, at any time afterwards, to pay the same
us funds in his hands applicable to that use
mny admit but if the treasurer was ready
with funds at the time and place of maturity
thereof to make payment of any such debt
or any nstallment of interest thereon, and
the holder of the evidence thereof did not
have the same then and there present and in
readiness to be surrendered, or to have the
payment Endorsed thereon as aforesaid, the
county shall not thereafter be bound to pay
any interest thereon, till payment shall have
been afterwards demanded at the Office Of the
county treasurer, and the same refused.
Sec. 8. 1t shall be the duly OF the county
treasurer aforesaid, on or before the first
Monday OF June next after this act takes eff
feet, to enter in a book to be provided for
that purpose, at the expense of the county,
to be entitled funded debt to the credit of
funded debt, the amount of money in gross
then in his hands applicable to the payment
of such debt, and shall, in like manner, on
the first Monday of each succeeding month,
enter in said book to the credit of the same
account, all sums of money received by him
during the preceding month, applicable to
the payment of such debt, specifying from
what sources the same were received, and
shall, at the proper dates, enter in the same
book TO the debit of the same account all
sums disbursed by him out of said fund, spe.
cifying to whom and on what account, which
book shall be open to the inspection of all
persons interested IN said fund, at all times,
and shall be kept in the treasurer's Office,
and delivered over with the Office to his sue
cessor in Office.
Sec. 4. 1t shall be the duty of the coun.
ty auditor OF each county in the state, owing
funded debt as aforesaid, to furnish the
county treasurer of such county, without un-
necessary delay after the passage of this act
and from time to time afterwards, as the
same may be created, an abstract OF the fund
ed debt OF such county, specifying the dates
amounts, numbers, times of maturity oil
principal, rate and times OF maturity Of in.
terest instaliments thereon, end when pay
able, and the treasurer shall open such &C.
counts thereon in the book to be provided Os
aforesaid, as may be expcdient and proper tc
show at all times the amount and eeyera
classes Of the funded debt of the county, the
rate of interest accruing thereon, the pay.
ments made on account Of the same, pud the
amount due and unpaid thereon.
Sec 5. 1t shall be the duty of the treas
urcr at his stated settlements, to produce
and exhibit TO the county commissioners ant
auditor, all obligations for principal, deb
and interest warrants, by him redeemed pur
suant to the requirements Of this act, and al
receipts for interest paid in cases in which
there are no separate warrants, and after th
same shall be compared with his accounts
and the accounts corrected so as to cores
pond with the vouchers SO produced, said OBJ
legation for principal and interest warrants
shall be cancelled in such manner as to pre-
vent their being used or put into circulation
and with the vouchers for interest peid othe
than upon warrants, shall be filed and pre-
served in the Office of the county auditor
and the county commissioners shall hav
the power at any time to require the treas
urer to surrender for cancellation as afore
said, the obligations and warrants by hil
redeemed, subject to his right to be credite
Herewith, according to right and justice
end the treasurer shall have the right at an
time, on reasonable notice, to require ii
county commissioners and auditor to recei'
sad obligations and warrants for cancell