Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1860-05-31
,ei,s LAWS OF OHIO, ,.a
s;.a ;F.auInuLIisTED by xUThoairY.
(No. IioOgir,s edAN1 ACT ,

~ VPSsioo iot TUG Huui puyment ana !euemps
ti0h d! the Public Fund Debt Of the State
Of Ohio. % '7rvsE.f ,i9blsolq 'iag.t Ic.l
Section 4. Be II enacted by the Geners,
Assembly Of the State of Ohio That the
commissioners Of the sinking fun /, for the
time being, be and they are hereby author
issd, empowered and required at periods
previous to and near the time at which any
portion OF the funded debt Of this State
shall become payable according to the terms
expressed upon the face Of the certificates
thereof, 70 make and issue in due form
sgrsestly to the laws Of the Stale in such
ssses made and provided, certificates of the
labded debt of the State OF such numbers
fnd' aWount as shall be sufficient, from the
proceeds thereof to redeem so much of said
debt then about ID become payable as shall
pot have been paid or fully provided for by
TIE application thereto of the sinking fund
established and fixed by the Constitution of
the State and raised by law. And such Ger.
tificstes shall be made redeemable and pay
able at such time and times, after being is.
sgsd, as inthe judgment Of the said com.
miasionerh may be most convenient and ad-
vantageous for the final REDEEM 2tion and pay.
ment Of the same by the appropriation TO
that purpose Of the sinking fund, establish.
ed and raised as aforesaid. The time and
place ofcthe final RECEPTION and payment of
the PrinciPsl and Of the payment Of the in
tsrest thereon BY the State, and the rate OF
interest, shsiltbe clearly expressed on the
fsce Of each certificate; bu, no cer,ifc ate
shall be issued or made payable after the
first day of January, eighreen hundred and
ninety zone, except ;,be pleasure of the
Ssste, and the faith of Che State is hereby
'frevoeably pledged that the value of the
certincates Of the funded debt herein au-
thori-ed to be issued shallin nowise be i'm.
paired or diminished by any act of the legis
lature, or other. authorities ofathis State. ID.
Sec. 2. All or any portion of such GER
thcates Of the funded debt of this State, as
herein authorized and described may be made
end Issued as domestic debt, the principal
and interest thereof to be payable at the
treasury OFT the State al the seat Of the State
Government, or as a foreign debt, the pi in.
ciPsi and interest OF which shall be payable
III the office Of the agency OF the State in
the city OF New York aud at no other place
or places whutever; and the certificates so
issued as domestic debt shall be issued and
made transferable onithe books of said com.
missions al their seat of government; aud
the certificates issued as foreign debt shall
be transferable on the books of the com.
missioaers in the manner prescribed by law.
Sec. 3. The interest on all such certi-
6cates may be issued as 8 domestic, debt os
aforesaid, shall be made payable semi-sn-
nually, on the first day of February and on
the first day OF August, in each year, after
the issuing thereof until the final redemp.
tion and payment of the principals; and the
interest on oil such certificates as shall be
issued as a foreign debt shall be made pay
s6le semi-snnually. on the first day of jan
uary and the first day of July, in each year,
after the issuing or the same until the final
redemption OF the principal thereof. a'I
Sec. 4. Whenever /. shall become ne.
cessary to,issue certificates. of the funded
debt OF the, State, as authorized and directed
In the first section Of this act, the same
shall be offered by the commissioners Of the
sinking fund for saleia the city of New
York; and for that purpose the, said com
,missioners shall advertise for bids or pro-
posals for the taking Of the same, in at leas,
two newspapers of general circulation pub.
= lishea IN the city Of New York, for a term
of iatdeast sixty days next proceeding the day
for closing the reception of the bids or pro-
+. posals for taking the same, and such cerlifi
, cafes shal be issued to the party and par
ties who shall agree TO take the sum or any
. part thereof at the highest rate Of premium
. aRd a. a rate Of interest not exceeding si'
per centum per anpum, or at par. at thu
lowest rate, Of interest under six per centuu
per aDnpm, as the said commissioners shal
5 Judge 10 be best for the interest Of the state
. No portion Of said certificates shall. be solt
sore disposed Of ata,rs'e. OF, price less thai
=, fhe. .smoupt expressed on the face thereo {
!, Aa9rb shall a any. c0gmissiqns, expenses o
.orhsfges,Pe allowed. on the sale and conver
a sioh thereof into yponey, so as to reduce th'
!, net amount realize, therefore below tn
a amount oppressed on the face. of the Ger
70 tiicste or certificates so issued; and no Ger
a, ti6GAte shall be issued bearing rate Of in
y!,sirest exceeding Ten per centum per annum
~ IN ell cases where there shall be more TIA
h one, bid Or proposal TO take all or any poi
,.tion Of the, certificates 50 to be issued a
, rlsfofessids atsFate equal to each other, an
Tost to the interest Of the State said CON
nissioners shall apportion the amount equa
/, L end fairly among the parties making sue
bids or .propossls, and the commissioner