The gazette and Democrat. (Lancaster, Ohio) 1860-1860, 1860-04-26

- .I.I..-.-.--zLlJ
the first section ofthis act, the same stal
be offered BY the commissioners ofthe sink
ing fund for eaIe in the city Of New York;
and for that purpose the said cOmmissiongrs
shall advertise for bidsor proposals Tor tho
tskingof the same, in at least two newapa-
psrs Of general circulation published IN the
city ofNew York, for term of at least six.
lty DAYS next preceding Che jay Tor the clos.
ling the reception Of bids or proposals for
taking the same. and such certificates shall
be issued 70 the party and parties who shall
agree 10 take the sum, or any part thereof
as the highest rate ofpremium and ata rate
OF ofinterestnot exceeding six per cent. per
annuhi ,or at par, at the lowest rate Of in
terest under six per centun per annum, as
the said commissioners shall Judge 10 be
best for the interest Of the state. No por.
ton ofsaid certificates shall be sold or dis
posed Of at q rate or price less than the
amount expressed on the face thereof; nor
shall an commissions, expenses or charges
beallowed on the sale and conversion there
ofinto rnoney,so as.to reduce the nettamount
realized therefor below, heamount express-
ed on the face ofthe certificate or certificates
40 issued: and no certificate shall be issued
bearing rate Of interest exceeding six per
centutn. IhpaIhcases where there shall be
more than one bid or proposal 10 take all or
any portion Of the certificates 60 TO be issued
as afofesaid, at a,flte equal TO each other,
and most TO the interest Of the state said COM
missioners shall lapportion the amount equal.
ly and fairly among the parties. making such
bids or proposals; md the commissioners
may adopt such otherregulations in relation
to the form and receptions 0f bids or propo-
sails as they may deem advantageous to the
state. Provided, however, that whenever,
certificates ofth funded debt Of the state,
to be issued as authorized by the first Sec
ton ofthis act, and which shall bear aafate'
of interest not exceeding five per centurn
per annuth, can be sold at q price equal to or
greater than the par value thereof, or ex-
change for an equivalent amount at its par
value, Of the then outstanding funded debt OF
the state, the commissioners Of the sinking
fund are hereby authorized and permitted 90
to sell or exchange such certificates or any
part thereof, without Advertising for bids or
proposalsior the same, and at any place or
places where such sale or exchange can be
/ aft0cteQ. j q
See. s. The nett proceeds ofthe 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 pay
ment Of the principal ofthe funded debt Of
the state now existing and TO no other pur-
pose whatever; provided, however, and it is
hereby yiexpressly declared, that this act shall
not apply to or include in its provisions the
temporary debt OF seven hundred thousand
dollars, created to reimburse the treasury,
and authorized by the act Of April IL, 1858,
/ the payment Of whichis provided for by o
? special tax levied by that act ..' s.a' e
SEC. 6. Any holder ofany portion Of the
I foreign debt Of the state may at any time
. surrender the same to the commissioners OF
the sinking fund, and receive in lieu thereof
certificate or certificates Of an equal
amount Of the domestic debt authorized by
f this act, and said commissioners shall make
. the necessary transfers, registries entries
I and cancellations in their books. Upon the
7 surrender ofapy Of the now outstanding
( certificates Of the domestic debt OF the state,
y the commissioners of fthe sinking fund may
: issue in lieu thereof transferable certificates
9 as authorized by this act, the principal and
r interest Of which shall be payable at the
z state treasury, and at the time and times
specified in the certificates so surrendered;
p the certificates surrendered shall be imme-
dately cancelled, and the proper entries
thereofmad in the books Of the commission
ers. 30 na s'o'f -y go
SEC. Z. The commissioners OF the sink
ing fund shall keep accurate accounts and
registries Of the issue and transfers, payment
of the interest and Of the final redemption
and payment ofthe principal Of said certi-
ficates. Said commissioners are hereby re-
' uuired to report to the governor at the time
. Of making their semi-annual reports, and al
such other times as the governor may re-
quire, and to thegeneral assembly, or eithel
branch thereof, when so required By resolu
ton, all their acts and proceedings done I'M
}" der and by authority Of this act, and th'
: governor shall communicate the reports
made TO him TO the general assembly, ifir
a session, and il not in session, then at thu
: commencement Of the next session thereaf
ter; and II such report be made more thar
two months before the meeting Of the gener
: alassembly, the governor shall cause such
: report to be published in at least two news
+ papers Of general circulation published il
: each Of the cities of Cincinnati, Columbus
and Cleveland.
A SECS The act provide for the renew
al and to regulate the final payment Of tn,
= funded debt Of this state, passed April 2
: 1859, is hereby repealed.
d SEc.9. This act shall take effect and b
5 in force on and after its passage.
-H'rg a RICHARD @ PARSONS,
s Speaker Of the House of Representatives.
- 80 ls't ROBERT G. KIRK,
sfe..'i'l''io President of the Senate.
Passed March 26, 1860.