Holmes County Republican. [volume] (Millersburg, Holmes County, Ohio) 1856-1865, 1860-05-10


ment of the same by the appropriation to that
purpose of tht Deinking fund, established and
raised as aforesaid. The time and place of the
final redemption and payment Of the principal
and Of the payment of the interest thereon by
the state, and the rate of interest," shall be clear
ly expressed on the face Of each certificate; but
no certificate shall be issued or made payable
after the first day of January, eighteen hundred
and ninety, two, except at the pleasure of the
state; and the faith the state is hereby irrevo-
oably pledged that the value of the certificates
of the funded debt herein authorized to be is
sued shall in no wise be impaired or diminished
by any act of the Legislature, or other authori-
ties Of this state. =
Sec g All or any portion of such certificates
of the funded debt of this state, as herein au-
thorized and described. may be made and issu-
ed as a domestic debt, the principal and inter-
est thereof to be payable at the treasury Of the
state at the seat of the state government, or ss
a foreign debt, the principal and interest Of
which shall be payable at the Office of the agen-
cy of the state in the city Of New York, and at
no other place or places whatever; and the GER
tifcates so issued as domestic debt shall be
issued and made transferable on the books of
said commissioners at their office at the seat of
government; and the certificates issued as for
eign debt shall be transferable on the books
of the commissioners in the manner prescribed
by law.
See. 3. The interest on all such certificates
as may be issued as domestic debt, as afore-
said, shall be made payable semi-annually-
the first day of February and on the first day of
August, in each year, after the issuing thereof
until the final redemption and pay yment of the
principal; and the interest on all such certif-
Gates as shall be issued as foreign debt shall
be made payable serni-annually-on the first
day of January and the first day Of July, in
each year, after the issuing of the same until
the final redemption of the principal thereof.
Sec. A. Whenever it shall become necessary
to issue certificates of the funded debt of the
state, as authorized and directed in the first sec
ton of this act the same shall be offered by the
commissioners of the sinking fund for sale in
the city of New York; and for that purpose the
said commissioners shall advertise for bids or
proposals for the taking of the same, in at least
two newspapers of general circulation PUBLISH
ed in the city of New York, for term Of at
least sixty days next preceding the day for the
closing the reception of bids or proposals for
taking the same and such certificates shall be is
sued to the party and parties whoshall agree to
to take the sum. or any part thereof, as the
highest rate of premium and at rate of inter-
est not exceeding six per centum per annum, or
at par, at the lowest rate Of interest under SIX
per centum per annum. as the said commission
shall judge to be best for the interest of the
state. No portion of said certificates shall be
sold or disposed of at a rate or price less than
the amount expressed on the face thereof; nor
shall any commissions, expenses or charges be
allowed on the sale and conversion thereof into
money, so as to reduce the nett amount realized
therefor below the amount expressed on the face
of the certificate certificates SO issued; and no
certificate shall be issued bearing rate of in.
terest exceeding six per centum per annum. In
all eases where there shall be more than none bid
or proposal to tRke all any portion of the GER
tifcates so to be issued as Aforesaid, at rate
equal to each other, and most to the interest Of
the state said commissioners shall apportion the
amount equally and fairly among the parties
making su :h bids or proposals; and thecommis-
sioners may adopt such other regulations in re-
lation to the form and reception of bids or pro-
posals as they may deem advantageous to the
state. Provided, however, that whenever eer-
tifcates of the funded debt of the state, to be
issued as authorized by the first action of this
act, and which shall bear 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 equivalent
at its par value. Of the then outstanding
funded debt of the state, the commissioners Of.
the sinking fund are hereby authorized and per.
mitted so to sell or exchange such certificates or
any part LnereOl, WITHOUT dufeIuSih8 iof oius
or proposals for the same, and at any place or
places where such sale or exchange can be cf-
fected.
Ses. 5. The nett proceeds of the sale of tho
certificates of the funded debt of the state, is
sued under the authority of this act, shall be
applied TO the redemption and payment Of the
principal of the funded debt oil the state now
Existing, and to no other purpose whatever; pro-
7ided, however, and it is hereby expressly de-
:lared, that this act shall not apply to or in
.lude in its provisions the temporary debt of
seven hundred thousand dollars. created to re-
mburse the treasury, and authorized by the act
If April IL, 1853, the payment of winch is
provided for by special tax levied by that
lct. ~
Sec. 6. Any holder of any portion of the for
,ign debt Of the state may at any time surren-
Ter the same to the commissioners of the sink
ng fund, receive in lieu thereof certificate or
certificates of an equal amount of the domestic
iebt authorized by this act, and said eommis-
iioners shall make the necessary transfers, reg
stries, entries and cancellations in their books.
Upon the surrender of any of the now outstand-
ng certificates of the domestic debt of the state
he commissioners of the sinking fund may is
ue in lieu thereof transferable certificates rs
by this act, the principal and inter-
st of which shall be payable at the state treas
Try, and at the time and times specified in the
ertiicates so surrendered; the certificates sur
endered shall be Immediately cancelled, and
he proper entries thereof made in the books of
he commissioners.
See. Z. The commissioners of the sinking
md shall keep accurate accounts and registries
the issue and transfers, payment Of the inter
st and of the final redemption and payment of
be principal Of said certificates. Said COM
1issioners are hereby required to report to the
overnor at the time Of making their semi-an-
ual reports, and at such other times as the gov
rnor may require, and to the general assembly
r either branch thereof, when so required by
all their acts and proceedings done
nder and by authority of this act; and the gov
rnor shall communicate the reports made to
i'm to the general assembly, if in session, and
not in session, then at the commencement Of
be next session thereafter; and if such report
e made more than two months before the meet
lg of the general assembly, the governor shall
.use such report to be published in at least two
ewspapers Of general circulation published in
,ch Of the cities of Cincinnati, Columbus aad
leveland.
Sec. 8. The act to provide for the renewal
i'd to regulate the final payment Of the funded
,bt of this state. passed April :, ioas' Is mere
= repealed.
rec on and after its passage.
RICHARD PARSONS,
neaker of the House Of Representatives.
ROBERT G. KIRK,
President Of the Senate.
Passed March 26, 1850.