The Jeffersonian Democrat. [volume] (Chardon, Ohio) 1854-1865, 1859-05-27
AN ACT
{ No. 46 ]

AN ACT
Relating to the redemption and cancellation
OF tho securities for the funded debt of |
counties in this State.
SECTION l. Be IL enacted by The General !
.4ssembty cfhe State Of Ohio That it is !
hereby made the duty of the county audi. !
tor of any county in this State owing
funded debt bearing interest payable at stat
cd periods to draw at the proper times. his
warrant upon the treasurer of his county
for the payment of the gross sum of such
instalments of principal 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 treasurer, upon the
receipt of such warrant. to make pay yment
of the principal and iEstallments of interest
of such debt at the times and places of pay
mcnt specified in tho security therefor, out
of any money in his hands applicable to that
use; and upon payment of the principal
sum or iustalmcnts of interest as herein
! provided, the treasurer shall take up and
| hold tho obligation or interest warrant so
! paid till the same shall be cancelled as here
| in provided, but if tho interest be provided
| for in the body of tho obligation and not by
separate warrants therefor, he shall indorse
tho payment thereof on the obligation and
take from tho holder separate receipt,
/ specifying the date, amount number and
/ time of maturity of such obligation, aud the
date and maturity of the instalment so paid,
and the amout aud date of the payment
SEC. 2. Ii from any cause such debt or
instalmGnts of intetest be not paid at the
time and place of maturity thereof as afore-
] il cI,,.n I,, . hn ,1n nf ha
surer, at any time afterwards, to pay tho
same as funds in his bands applicable to that
uso may admit but it the treasurer was
ready with funds at the sine and pIa ce of
suchmaturltyt thereof 10 makepaynent OF any
debt or any lnstalment of interest thereon,
/ and the holder of tho evidence thereof did
not have the same thon and there present
aud in readiness to be surrendered, or to
/ bave tho payment ndorsed thereon as afOre-
sail, the county shall not thereafter bc
/ bound to pay any interest thereon. till pay
ment shalt have been afterwards demanded
at the office of the county treasurer and the
same refused.
SEC 3. II shall bu tho duty of the county
treasurer aforesaid, on or before the first
Monday of June next after this act takes
effect, TO enter III u book TO g provided Tor
that purpose ut the expense OF the county,
to be entitled funded debt to the credit OF
funded debt, the amount of money ia 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 ut money received by him
durIug tho proceeding month, applicable to
the payment of such debt. specifying from
what sources the same were received, and
leb In data in, L..S
I book to the debit of the same account, All
sums disbursed by him out of SAID fund.
specifying to whom and to what account.
winch book shall be open to the inspection
OF all persons Interested III said fund, at all
times, and shalt be kept in the treasurer S
Office, aud delivered over with the office tu
Q his successor i'll office.
f Sec. 4 Ii shall b0 tho duty of the county
auditor of each county IN this state, owing
funded debt as aforesaid, TO furnish the
county treasurer of such county, without
unnecessary delay after the passage OF this
act, aud tom time to time afterwards, as the
same may be created, an abstract OF the
funded debt of such county, specifying the
dates, accounts numbers, times OF maturity
of principal, rate aud times OF maturity Ol
n interest Instalments thereon, and when pay
able. and tho treasurer shall open such ac
, counts thereon in the book To be PROVIDED
as aforesaid, as may bo expedient and pro
u per to show at all times the amount and
several classes OF the funded debt OF The
}, county, and the rate OF interest accruing
II teereOn, the payments made on account OF
the same, and the amount que and unpaid
: : thereon.
SEC. 5. 1t shall be the duty of the trea
7 surer at his stated settlements, to produce
I - ba nn, mi "a n
J. auditor. all obligations for principal, debt
: and interest warrants, by him redeemed pur
= suaot to the requirements of this act, and al
' receipts ter interest paid IN cases in which
u there are no separate warrants, and attor tn
u same shall be compared with his accounts
II and the accounts corrected SO as to CORES
y pond with the vouchers SO produced, salt
. obligations for principal and interest war
y rants shall be cancelled in such manner a
: to prevent their being used or put into cir
. culaton, aud with the vouchers for interes
:, paid other than upon warrants, shal bt
!" filed and preserved IN tho office OF the coun
'r ~ auditor. and the county commissioner
shall have the power at any time to require
~ tho treasurer TO surrender for cancellation
$ as aforesaid the obligations and warrant
nv him redeemed, subject TO his right to b
credited herewith, according to right an
iustlco and the treasurer shall have th
right ut any time, on reasonable notice, t
require the county commissioners and audi
tor TO receive said obligations and warrant
for cancellation.
SEC. 6. County treasurers shall be al
lowed for receiving and dlsbursing al
l. moneys coming into their hands,on accoun
q of tho creation of funded debt of an,
d county, ono half of one per cent. on all sucI
sums. and no more and for the collection
IL and disbursement of all moneys raised b
e taxes for the payment of tho principal au
4. interest. or either. of rho funded debit u
of any county. they shall be allowed one.hal
ii of one per cent, and no more, on all sucI
l. suns 60 collected and disbUrsed, togetbe