The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1859-04-20
February e. 1859.
AN ACT

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No. 46.1 AN ACT
Relating to the redemption and cancellation of the
securities for the funded debt of counties in this
State
ale Of Oiio. Thatitis hereby made the duty of the
comfy auditor of any county in this State owing a
funded debt bearing interest payable at stated Pc
RODS, TO draw at the proper time, his warrant upon
the treasurer of his county for the payment of the
ross s I'm of such ins.allments of principal or interest
asamay he then due, or for such sum of money ia
the treasury as may be applicable to that purpose,
and deliver the same to the county treasurer of sush
county, and it is hereby made the duty OF such
treasurer, npon the receipt of such warrant, TO make
payment of the principal and instalments of inter
est of such debt at the times and places Of payment
specified in the security therefor, out of any money
in his hands applicable to that use; and upon pay
me1t of the principal sum or installments of interest
"a herein provided, the treasurer shall take up and
hold the obligation or interest warrant so paid till
the same shall be cancelled as herein provided, but
If the interest be provided for in the body of the OBJ
LEGATION and not by separate warrants therefor, he
shall indorse the payment thereof on the obligation
sad take from the holder a separate receipt, specify
ing the date, amount, number. and time of maturity
of-s1chs obligation, and the date of the maturity
of the installment so paid, and amount and date of
the payment
See. 2. If from any cause such debt or INSTALL
ments of interest be not paid at 1.-THE time and place of
maturity thereof as aforesaid, it shall be the duty of
the county treasurer, at any time Afterwards, to pay
DIE same as funds in his hands applicable to that
ase nay admit; but if the treasurer was ready with
funds At the time and place of maturity thereof TO
snake paynent 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 pres
et and in readiness to be surrendered, or to have
the payment iadorsed thereon, as aforesaid, the
county shall not thereafter be bound to pay any in
4erest thereon, tiu payment shall have been after
wards demanded at the office of the county treasurer,
and the same refused.
Sec. 8. 1t shall be the duty of the county treas
urcr aforesaid. on or before the first Monday of
June next after this act takes effect, to enter in o
hoot 10 he nrovidad for that DurDOSe. at the expense
of the county, to be entitled funded debt, TO the
credit of funded debt, the amount ofmoney 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 re-
ceived by him during the preceding month, applica-
BILE 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 de-
bit of the same account, all sums dlsbursed by him
out q 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 all times, and
shall be kept in the treasurers Office, and delivered
over with the Office to his successor in office.
Sec. 4. 1t shall be the duty OF the county audi
tor of each county in this State, owing a funded debt
as aforesaid, to furnish tie county treasurer of such
county, without unnecessary delay after the pass
age of this act, and from time 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 maturity of interest, installments thereon,
and when payable; and the treasurer shall open such
accounts thereon in the books to be provided as
aforesaid, as may be e~xpedient and proper to show
at all times the amount and several classes of the
funded debt of the county, the rate of interest ae-
cruing thereon, the payments made on account OF
the same, and the amount due and unpaid thereon
Sec. 5. It shall be the duty of the treasurer at
his stated settlements, to produce and exhibit to the
county commissioners and auditor, all obligations
for principal, debt and interest warrants, by him re-
deemed pursuant to the requirements of this act. and
all receipts for interest paid in cases in which there
are no separate warrants, and after the same shall be
compared with his accounts, and the accounts cor
rected so as to correspond with the vouchers SO pro-
duced, said obligations for principal and interest
warrants shall be cancelled in such manner as TO
prevent their being used or put into circulation, and
with the vouchers for interest paid other than upon
warrants, shall be filed aud preserved in the Office
of the county auditor, and the county commission
ers shall have the power at any time TO require the
treasurer to surrender for cancellation as aforesaid,
the obligations and warrants by him redeemed, sub
ject to his right to be credited Herewith, according
to right and justice and the treasurer shall have
the right at any time, on reasonable notice, to re-
quire the county commissioners and auditor to re-
ceive said obligations and warrants for cancellation.
Sec. 6. County treasurers shall be allowed for re-
2 ceiving and disbursinga all moneys coming into their
hands, on account of the creation of q funded debt
of any county, one-half of one per cent on all such
sums, and no more, and for the collection and dis
bursement of. all moneys raised by taxes Tor the
payment of the principal and interest, or either Of
the funded debt of any county, they shall be allowed
one half of one per cent. and no more, on all such sums
so collected and disbursed, together with all neces-
sary and proper exchange, to be paid out OF the
funds to which this acts relates, to be settled and al
lowed to them by the county commissioners and au-
ditor.
Sec. 4. This act shall take effect and be in force
from and after the passage thereof woons
Speaker of the House of Representative,
MARTIN WELKER,
february %, 1852. President of the Senate.
~. Ok AN ACT