The Cadiz Democratic sentinel. [volume] (Cadiz, Ohio) 1854-1864, 1859-05-25

| for the payment of the interest on the fund
ed debt Of the state; but no such coupon or
debenture shall be taken by any county trea-
surer, or be received of any county treasu.
| rer by the treasurer of state, or by the com
missioners Of the sinking fund, for greater
!, sum or amount than the simple interest ex
Apressed therein; and all such coupons or de-
bentures so paid by the state shall be can
celled, classified arranged, and carefully re
corded and preserved in a beck or books to
be kept for that purpose by the said commits
sioners of the sinking fund, in their Office at
the seat of government; in lieu OF the dupli-
cate pay rolls, as required in regard to the
payment of the semi annual interest on the
foreign funded debt of the state And it shall
also be part of the official duties of the said
commissioners to make such requisition as
aforesaid; and it shall be part of the official
duties Of the auditor of state to draw such
warrant on the treasurer ofstate for the pay.
ing over as aforesaid, Of all such coupons or
debentures as often as once in each week (and
oftener if deemed essential to the interests
of the state by either the auditor Of state or
the said commissioners in which any O the
said coupons ,r debentures shall have been
received into the state treasury AS aforesaid.
And the treasurer OF state shall also make
out, and register in his office, complete sched-
ules Of all such coupons or debentures so re-
ceiyed by him from county treasurerS, and
paid over to the commissioners of the sink
ing fund on the warrant of the auditor OF
state, drawn as aforesaid, and also shall fur
nish copies of all such schedules to the comp
troller Of the treasury ut the close of business
on each day, in which any such coupons or
debentures Shall be SO paid over by him.
Sec. s. It is hereby m rde the special du-
W of the commissioners of the sinking fund
to advertise for proposals or bids fer the tax
ing ofsll or any portion of the funded debt
of the state so to be renewed, as herein pro-
vided, as domestic debt as herein descrb-
ed, for the term Of at least six months next
preceding the time set for the closing Of such
bids or proposals for the taking of such do,
mestic debt, in at least one newspaper OF gen.
eral circulation, published in each county in
this state. And whatever portion OF the said
debt so to be renewed at such time as shall
remain without being taken aS such doInes
tic debt on the terms herein specified, after
the expiration of the said term Of six months
in which the same may be taken as such do
ncstic debt as aforesaid, shall be offered by
the said hoard Of commissioners Of the sink
ing fund for the sale in the CITY Of New York
as foreign debt; and for that purpose the
said commissioners Shall advertise for propo-
sails or bids for the same in at least two II ws
papers ofgeneral circulation published in the
city of New York, for term Of at least sixty
days next preceding the day set for the clos
ing Of the bids or proposals for the taking Of
the same And all certificates Of such re-
newed funded debt that may be issued as
such domestic debt, as herein described, shall
he issued by the said commissioners OF the
sinking fund to the party or parties who shall
take the same as such domestic domestic debt
aS aforesaid, at the lowest rate of interest
not exceeding SIX per centum per annum, and
at par, that being the full amount az express.
ed upon the face OF the certificates thereof -
And Tor all such part or portion oil the fund
ed debt of the state so to be renewed, that
shall not be taken rs u domestic debt as aiore-
said, within the term Of six months as afOre-
said, the said commissioners of the sinking
fund shall issue the certificates thereof to
such party or parties who Shall agree to take
the same with the principal and the interest
thereon, payable in the city Of New York, as
a foreign debt, as herein specified, at the
|
bear intest at the rate of six per centum per
annum, or at the lowest rate OF interest un-
der six per ceatum per annum, at par, as the
said commissioners may judge to be most fol
the interest of the state: provided, that nc
bids or offers to take either as a domestic OF
foreign debt containing fractional parts o
one per centum other than one quarter ovor
half or three quarters shall be received, and
in no case shall there be any certificate oI
the funded debt Of this state issued so to re
deem any portion of the funded debt of this
state coming payable, that shall bear high
er rate of interest than six per cent. per an
mum; nor shall any such certificate bearing
interest at the rate of six per. cent per an.
mum be issued sold, exchanged, or disposed
: Of in any way whatever, by the said com
/ lnissioners at a price less than par. Non
shall there be any commissions, expenses
: or charges allowed on the sale AMI conver-
sion thereof into money that shall reduce
the net amount brought into to the state
| treasury below the amount expressed upon
the face Of the certificate so issued.
Sec. g. That in all cases whore there shall
he more than one bid. OF proposal to take
: an portion OF the funded debt or OF the state
4 30 to be renewed, either as domestic debt
f Or as a foreign debt as herein described, at a
rate equal to each other. and most to the in.
r terest OF the state the commissioners of thl
sinking fund shall apporiion the amount Z.
aually and fairly between the parties making
such bids or proposals; provided that bids fol
the smallest amounts of the domestic debt
shall be preferred to bids for larger amounts
at the same rate.
Sec. 7. Any holder Of certificate OF the
foreign debt Of the state may at any time
surrender the same to the commissioners o
the sinking fund and receive in lien thereof a
certificate Of equal amount Of the domestic
debt as herein specified, and said commits
Soners shall make the necessary regstlies
and entries on their books and cancellations
and transfers thereof
Sec. 8. The following schedule or state
9 meut of the funded debt of the state exhibit
ing the amounts and the times when the va.
rious portions thereof come payable by the
state, to wit:
OF the foreign dept the pr ncipal and interest OF
which IL payable in the city Of New York.
LIST Six millions, four hundred
thirteen thousand. three hun.
J dred twenty live dollars,
twenty -wven cents, bearing
interest ut the ate OF six per
cent annum, coming payable
) at the pleasure OF the state
} after the 3lst day OF ID cem-
ber, 1860 0...........t.......... S6,4l3, ,S25 81
. 2nd. One million and twenty
five thousand dollars, bearing
, interest at the rate OF five per
cent. per annVnl, coming pay
able, at the pleasure oil tho
state after the list day of
December, lS65.. 81 t025, 900 90
4 Sd. Two millions, one hun
dred eighty three thousand
|, five hundred thiry-one dol
lars AMI ninety y-three cents,
i bearing interest at the rate OF
six per cent. per annum cons
ing payable. at the pleasure OF
the state, alter the 3lst OF
December, 1870 O..............S 90, 1873, ,53l 80
: 4th. One million, six hundred
? thousand dollars bearing in
terest at tbelfa.e Of six per
cent per annurn, coming pay f
L .L.