M'arthur Democrat. (McArthur, Vinton County, Ohio) 1853-1865, 1860-05-03
AN ACT

SECTION |. BE IL enacted BY BE Gensral
Assembly If The STATE of Ohio, That the
commissioners Of The sinking fund, for the
time being, be aud they ere hereby authoriz-
ed, empowered and required, at periods pre-.
vious TO and nes, ;he time at which any por.
tion Of the funded debt of this state shall be.
come payable according to the terms ex-
pressed uPon the face of the certificates
thereof, TO make and issue in due form agree.
ably to the laws Of the state in such cases
made and provided, certificates OF the funded
debt Of the state Of such numbers and amount
aS shall be sufficient, from the process there.
OF to redeem so much Of said debt then about
TO become payable as shall not have been
paid or fully provided for, by the application
thereto Of the sinking fund established and
fixed by the constitution Of the state and
raised by law, And such certificates shall
be made redeemable and payable at such time
and times, after being issued, as in the judg-
ment Of the said commissioners may be most
convenient and advantageous for the final re-
temption and payment Of the same by the
appropriation to that purpose of the sinking
fund established and raised as aforesaid =
The lime and place Of the final redemption
and payment Of the principal and Of the pay
ment OF the interest thereon By the state and
the rate Of interest, shall be clearly express
ed on the face of each certificate, but no Ger
tificate shall be issued or made payable after
the first day Of January, eighteen hundred
and ninety-one except bt the pleasure OF the
state; and the faith of the state is hereby ir-
Ieyocably pledged that the value of the ceTti.
ticates OF the funded debt herein authorized
10 be issued shall in no wise be impaired or
diminished by any act Of the legislature, or
other authorities Of this state.
Sec. 2. All or any portion of such certif.
Gates Of the funded debt of this state, as here
in authorized aud escribed, may be made
and issued as domestic debt, the principal
and interest thereof to be payable at the
treasury OF the state at the seat of The state
government, or as a foreign debt, the princi-
pal and the interest Of which shall be paya-
bic at the Office of the agency of the state in
the city ol New York, and at 10 other place or
places whatever; and the certificates so is
sued as domestic debt shall be issued and
male transferable on the books OF said com
missioners at their office at the seat of gov
eminent; and the certificates issued as for
eign debt shall be transferable on the books
OF the commissioners in the manner prescrib-
eG by law.
Sec. 3. The interest on all such certif-
Gates as may be issued as domestic debt
as aforesaid, shall be made payable semi-On-
nually, on the first day of February and on
the first day of August in each year, after
the issuing there Of until the final redemption
and payment Of the principal, ant the inter-
est on all such certificates as shall be issued
as foreign debt shall be made payable semi
annually, on the .irs. day Of January and the
first day Of July, in each year, after the is
suing of the same until the final redemption
Of the principal thereof.
Sec. q, Whenever it shall become neces.
sary 10 issue certificates OF the funded debt
Of the state, as authorized and directed in the
first section Of this act, the same shall be Of
Iered by the commissioners of the sinking
fund for sale in the city OF New York; and for
that purpose the said commissioners shall ad-
verIlse Tor bids or proposals for the taking of
the same in at least two newspers ofgeneral
circulation published in the city Of New
York, Tor term of at least sixty days next
preceding the day Tor the closing the recep-
1ion OF bids or proposals for taking the same,
and such certificates shall be issued TO the
party and parties who shall agree to take tn
sum, or any part thereof, ct the highest rate
premium, and at rate Of interest not ex-
ceeding six per centum per annum, or at par,
at the lowest rate Of interest under six per
cenlnm per annum, as the said commission
ers shall judge 10 be best for the interest Of
the state. No portion Of said certificates
shall be sold or disposed Ofat rate or price
less than the amount expressed on the face
thereof; nor shall any commissions, expenses
or charges be allowed on tie sale and con-
version thereof into money, 50 as TO reduce
the net amount realized therefor below the
amount expressed on the face of the certifi-
cate or certificates so issued; and no certili-
cafe shall be issued bearing a rate oiiuterest
exceeding six per centum per annum. In all
cases where there shall be more than one
bid or proposal to take all or any portion of
the certificates so TO be issued as aforesaid,
at rate equal TO each other, and most to the
Interest of the state said commissioners shall
apportlon the amount equally and fairly
among the parties making such bids or pro.
posaIs; and the commissioners may adopt
such other regulations in relation to the form
und reception of bids or proposals as they
may deem advantageous to the state. Pro
vldod, however, that whenever certificates Of
the 'nnded debt OF the state, to be issued as
authorized by the first section of this act,
and which shall bear a rate of interest not
exceeding five per Centum per annum can be
sold at price equal TO or greater than the
par value thereof, or exchange for an equiv
tient amount at its par value, of the then out
standing funded debt Of the state, the conf
mssloners of the sinking fund ore hereby
authorized and permitted SO to sell or ex-
change such certificates or any part thereof,
without advertising for bids or proposals for
the same, ard at any place or places where
such sale or exchange can be effected.
Sec. b. The net proceeds of the sale of the
certificates Of the funded debt of the state,
Issued under the authority of this act, shall
be applied to the redemption and payment
Of the principal of the funded debt of the
state now existing, and TO no other purpose
whatever; provided, however, and tits here
by expressly declared, that this act shall moi
apply to or include in its provisions the TEN.
porary debt of seven hundred thousand dol.
lars, created TO reimburse the treasury, and
authorized by the act Of April !2, 1858, the
payment of which is provided Tor by spe
cisl tax levied by thai act.
Sec. 6. ANY holder Of any portion Of the
foreign debt Of the state may at any time