Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1859-06-22
WHOLE NO. 1920.

law naVnlent
Of the state; bot such coupon or dsbenture shall he
taken by any ceGnty treasurer be received Of any
county treasurer BY the treasurer Of stte, or by the
commissioners Of the sinking fund. for greater sum
than the simple interest expressed therein
and all such coupons deheDtures so paid By the
state shall be cancelled, classified. arranged and ear
fully recorded and preserved in bs0k books to
be kept for that purpose By the said commissioners or
the sinking fund I'm their oi-e at the govern
ment in lieu Of duplicate pay rolls. required in
regard to the payment Of the seniannual interest
the foreign funded debt OF the state And il shall also
be part Of the official duties Of the said commission
ers make such req liSitiOn aforesaid and Il snail
part OF the ofcifl duties Of the auditor OF state to
draw such warrant the treasurer Of state FOR the
paying over as Aforesaid OF all such coupons or de-
benurcs often in each week, (aEd OieneT II
dseed essential to the Interests Of the state by eaF
the auditor OF ssate or the said connl IN
which any OF said coupons or debentures snail have
been received into the state treasury as soresaid-
And the treasurer Of state shall also make oa aud
register in his oice, complete schedules OF all such
coupons debcnures received by bin from county
treasursrs. and paid Ovsr the commissioners Of the
sinking fund the warrant OF the auttor Oi state
drawn Aforesaid; and also shall furnish copies OF
all s1ch schedules to the comptroller OF the treasury
at the close of business each day in which any such
cogpors or GsbentEres shall be paid over by him
Csc. }. Tt is hereby made the special Guty OF the
commissioners Of the sinking fund % advertise for
proposals bids for the taxing OF all or any portion
OF the funded debt OF the state to be renewed as
herein provided, domestic debt as herein deserb
ell for the term OF at least six months next preceding
the time set for th5 closing OF such bids proposals
for the taxing Of such domestic debt. in at least
newspaper OF general Circulation, publsheC IN eGch
county this And whatever portion Of the said
debt TO be renewed, at snch time shall remain
without being taken as such domestic debt the
herein specified. after the expiration Of the said term
Of six months in which the same may ee taken as such
domestic d e.. B aforesaid shall be offered " the said
board Of commissioners Of the sinking fund for the
sale in the city OF Nes York foreign det and for
that purpose the said commissioners shall advertise
for proposals bids for the in at least two news
papers general circulation. published in the city Of
New York, for Of al least sixty days pre-
eeng the day set for the closing OF the bids or Pr0po
sails for the taking Of the And all certificates of
such renewed funded debt that may be Issued sdch
domestic debt, herein described shall be issued by
said commissioners OF the sinking fund 70 the party
parties who shall take the domestic debt
aforesaid the lowest rste Of interest not exceed
ing six per e=ntum per annum, and par, that being
the fall amount expressed uTon the face Of the
tGcate thereof. And for all such part portion Of
the funded debt Of the s.s;e 80 TO be renewed that
shall me- he taken as domestic debt as Aforesaid,
within the term Of SIX months as Aforesaid the said
commissioners the sinking fund shall issue the
tGcates thereof to such party parties who shall
agree 10 take the with the principal and the a
terest thereon, payable in the City Of New York
foreign debt herein specified at the highest rate OF
premium for such shall bear interest az the rate OF
six per centu per anpu at the lowest rate OF in
erest. six per per aunum, at as the
said commissioners may =dge to be most for the inter-
est OF the state; provided, that bids offers
take either domestic foreign debt containing
/ fractional parts OF one per eentum other than
quarter half three quarters shall be received
and inno shall there be any certificate Of the fund
ed debt Of this state issued to redeem any portion
Of the funded debt Of this state coming PAYABLE and
that shall bear higher Of interest than six
cent per anuum; shall any such Ger ifcats bear
J
issued. sold. exchanged, or disposed OF, IN any way
whatever, By the said commissioners al aPree less
than par. Nor shall there he any commissions, expen-
ses or changes allowed on the sale and CONVERSION
thereof into money that shall reduce the net
brought into the state treasury belew the amount ex-
pressed upon the face OF the certificate issued.
' SEC 6. That in all cases where there shall be
more than one bid, or proposal, to take any por-
tion of the funded debt of the state 50 to be re-
I Beved, either as domestic debt, or asa foreign
/ de6t as herein described, at rsss equal to each
other, and most to the interest Of the state, the
commissioners of the sinking sand shall appor-
I ton the amount equally and fsiriy between the
parties making such bids sor proposals: provided,
that bids for the smallest anountsof the doues-
tic debt shall be preferred TO bids for larger
amounts at the same rate
/ SEC. ANY holder of certificate OF the for
( eign debt of the state may atany time surrender
/ the same to the commissioners of the sinking
/ fund and receive in lieu thereof a certificate OF
of equal amount Of the domestic debt as herein
/ specified; and said commissioners shall make
/ the necessary registries and entries on their
books and cancellations and transfers thereof.
! SIC. s. The following schedule state
ment OF the funded debt of the state exhibiting
the amounts and the times when the various
portions thereof coma payable by the state, to
wit t:
OF the foreign debt. the principal and interest
Of which is payable in the city of New York.
lst- Six nillionS. four hundred thirteen
thousand, three hundred twenty fve
dollars. twenty seven cents, bearing
interest at the rate OF six per cent. per
snnUm coming payable, at the pleas
ure CT the state, after the 3ist day CT
December. l55D, S6.4l3325 -
"a one million and twenty 6ve thou-
sand dollars, bearing interest az the
rate of FIVE per cent per annur, com
ing payable, at the pleasure Of the
1895. I,Os5OOO 90
eighty three thousand. FIVE hundred
and thirty one dollars and ninety three
cents, bearing iRterest at the rate Of
six per cent. per aanan, coming pay
able at the pleasure of the state, after
the 3lst day Of December. IS7O, 2,IS3, ,53I %
4th. One million, six hundred thousand
dollars, bearing interest at the rats
of six per cent per AMMAN, coming
payable, at the pleasure of the state,
amer the BIS. day q December. l5:5. sisOO.OOOOO 90
5th. Two millions. four hundred thou
sand dollars. bearing interest," a. the
rate Of six per cent. per annu-n, som
ing payable. at the pleasure Of the
state, after the 3lst day Of December,
1885, 300, eco co
Amount Of the foreign debt, sI36sI, ,s57 20
9th. Two hundred seventy Ave thou
sand, three hunired and eighty ive
dollars, being the amount Of the do
nestle debt the principle and interest
eminent. a-5ta>5 90
nestle funded debt of the state on
the Ist day Of January. 1853. thir
teen millions. eight hundred and
ninety seven thousand. two hun
dred forty tEo dolszs and twenty
GEMS. si3.sOs area
is hereby made guide and direction obli-
gatory upon the commissioners of the sinking
fund.- for the time being, in the discharge Of
their official duties, and is also hereby made
part of this act, as explanatory thereof And
the commissioners Of the sinking fund, in car
rying into effect the provisions and require
ments of this act are hereby required to issue
the certificate of renewal of the said funded
debt, and annually apply the sinking fund to
the payment thereof; First, to the renewal and
payment in full of the first debt coming pa!-
able, which viii be on the first day of January,
eighteen hundred and sixty one, (lS6l J and
then to the portion Of the said debt next com
ing payable, and 50 on in order and in success
ion so that the portion Of the said debt first
coming payable shall be first fully redeemed
and paid; and the certificate first issued shall
be for the earliest period Of redemption and
payment, and so on in such succession and or
der that the certificates last issued shall be
for the redemption and payment of the portion
of the funded debt last coming payable. until
the entire alnOnnt, and every portion thereof
shall be fully redeemed and paid. 1t is how
ever hereby expressly declared that the.tempo-
rary debt of the state, created to reimburse the
the treasury by the act of April l2 1858,
toseven hundredichousad dollars the
payment Of which being provided for bys
special tax, is not included in, but is expressly
excepted from the operation of this act
See 9. The commissioners OF the sinking
fund are hereby required to report to the gov
ernor at the time of making their semi-annual
reports, and at such other times as the govern
or may require; and also to the General Assem-
bly,, or to either branch thereof, if SO required
by joint resolution Of Che General Assembly, or
by resolution of either branch thereof, all and
singular their Gets and proceedings, done un-
der, and by authority Of this act, or by or TN
der authority of. any of its provisions and re-
quirements. And if the General Assembly,
should not be in session at the time that any
such report is made to the Governor, or if such
report or reports should be made1nnre than two
months previous TO the time when the General
Assembly is to meet. at either regular sess-
ion, at an adjourred or called session thereof,
then, and IN that ease, it shall be part Of the
official duties of the Governor to cause any such
report or reports to be published in at least two
teoSTrsvzD on FOURTH PAsE)