Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1859-06-08
Feb. 29, 1850.
|. mo. 46.l
AZ ACF.

mo. 45l An ACT.
Relating to the redemption and cancellation O
the securities for the funded debt Of ccuntie.
ii this State.
Section l. BE Il enacted Jg The General As
sc1Ibly Of the State Of Oki0, That it is hereby
made the duty of the county auditor of any
county IN this state owing funded debt bear
ing interest payable at stated periods, to draw
II the proper times, his warrant upoa the treas
urer of his county tor the payment Of the gross
sum Of such iustaIlments Of principal or interes;
as NAV be then due. or for such sum of money
in the treasury as nav be applicable to that pur-
pose. and deliver the same to the county treas
urer of slch county. and il IS hereby made the
duty of such treasurer, upon the receipt Of such
warrant, to make paTm. Mt Of the principal and
lmemts of interest Of such debt at the times
and places of payment specified in the security
therefor, out Of any money in his hands, appiic-
ab to that use; and upon payment Of The prin-
cipal sum or installments of interest as herein
provided, the treasurer shall take up and hold
the obligation or interest warrant SD paid till
the same shall be cancelled as herein provided,
but If the interest be provided for in the body
of the obligation and not by sepayate war
rants therefor, he shall indurse tine Payment
thereof on the obligation and take FROM the
holder separate receipt, specifying the date,
InuNnA, nlulptT dIu lliUE OA nlltullLF UI husH
obligation, and the date Of the maturity Of the
installment 81 paid, and amount and date of
the payment.
Sec. ;. If from any cause suck debt or in
stallmuts of interest be nnt paid at the time and
place of maturity thereof rs aforesaid it shall be
the duty Of the county treasurer. at any time
afterwards. TO pay the same as funds in his
hands applicable to that use NAV Hdmit; but if
the treasurer was ready with funds at the time
and place of maturity thereof to make paymeat
of any such debt or any installment of interest
thereon, and the holder of the evidence thereof
did not have the same then and there present
and in readiness to b. surrendered, or to have
the payrne t indorsed thereon as atorassid, the
county shall not thereafter to bound TO pay any
interest thereoa. till payment shall have been
afterwards demanded at the Office Of the county
treasurer, and the same refused.
Sec. 3. II shall be the duty Of the cOGhty
treasurer aforesaid, on or before the fFst Monday
of June next after this act takes effect, to enter
in book to be epToyided for that purpose, at the
expense of the colnty, to be eatitled 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 10
the payment of such debt; specifying from what
sources the s-nle were received, aad shall at the
proper dates; enter IN the sane book TO the
debt Of the same account, all sums disb1Tsed bv
hini out of SAID fund; specifying to whom and
on what account. which book shall be open to
the inspection of all persons interested in said
fund, at ;Ill times, and shall be kept in the treas
surers Office. and delivered over with the office
to his successor in Office.
A Tf l,1 H. IL, ,l,,4,- 8 L.,
auditors Of each coanty in this state. owing a
funded debt as aforesaid. to furnish the county
treasurer of such county. without unnecessary
delay after the passage of this act, and from me
To time afterwards, as the same may be created,
an abstract Of the funded debt of such county,
specifying the dates, amounts. numbers, times
of maturity of principal. rate and times OF mat
urity of interest installmentS thereon, and when
PAYABLE, and the treasurer shall open such &C
counts thereon in the book to be provided as
Aforesaid, as may b. expedieat and proper to
show at all lines the amount aud several glasses
of the funded debt of the COUNTY. the rate OF in
tercst accruing thereon, the payments made on
account OF the same, and the amount dae and
unpaid thereon.
Sec. 5. 1t shall Be the duty of the treasurer
at his stated statements, to produce and exhibit
to the county commissioners aud auditor, al
obligations for principal, debt and interest war
rants. by him redee ned pur uant to the require
nlents Of this act and all receipts for interest
pad in caaes in which there are no separate
warrants. and after the same shall be compared
with his accounts, and the accounts corrected as
rs to correspond with the vouchers so produced.
said obi gallons for principal aud interest wa--
rants. shall be cancelled in sach manner as to
prevent their being used CT put into circulation,
and with the vouchers for interest paid other
than npon warTa1s S. shall be fled and preserved
in the office of iha county auditor. and the coun-
ty in TIE ofios Of ths county sadtoa and she