The Tipton advertiser. [volume] (Tipton, Cedar Co., Iowa) 1856-1962, 1861-07-11

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the bonds Of the State to an smout no
exceeding, by virtue of this act, the sun
of eight hundred thousand dollars.
The bonds hereby authorized 10 be
issued and sold shall provide for the
reimbursement Of the principal, at the
expiration oftwenty years from the date
thereof, and for the payment of interes,
semi annually on the 6rst days of January
and July Of each year, at the rate Of
seven per cent. per nnnum, both princi
pal and interest on an bonds over slOO
to be made payable at the Metropolitan
Bank in the city Of New York. But the
Governor may cause such payments to be
made at any other place 10 the said city,
by giving thirty days public notice Of
such place in three newspapers in the
said city. u. ..:..
s.. The Governor, Auditor and Sec
retary Of State are hereby authorized aud
required to issue the said bonds to an
amount not exceeding the sum nsued in
the preceding section, from time to time
a. the wants and necessities of the State
for the purposes contemplated in this
act, may require, to be determined by
the Board Of Commissioners provided for
in section Eve of this act Said bonds
shall stipulate for reimbursement Of the
principal and the payment of the inter.
est in the manner directed by the pre-
ceding section. If deemed by the Gov.
crnor, Auditor and Secretary of State
advisable, they may, as nearly as practi.
cable, issue the one fourth Of the said
bonds in the sum of 500 90 each, and
another fourth in the sum Of $500 90
each, and the remainder in the sum Of
1000 90 each but this direction does
not prohibit said officers from issuing all
or any part Of said bonds in the sums Of
81 900 90 and $500 90 each, il 800
bonds cannot be sold. Both principal
and interest on the 800 90 bonds, il
any are issued, shall be made payable a,
the Treasury Of this State.
The Governor shall cause the said
bonds with interest coupons to be litho.
graphcd, and tho bonds shall refer to
this act by its title and the date of its
approval, as the authority under which
they are issued, and said bonds shall be
signed by the Governor, countersigned
by tho Auditor and Treasurer, and at.
tested by the Great Seal of the State of
Iowa, but the Seal Of the State may be
omitted from the coupons, which coup
ous shall be signed by the Auditor Of
ntn I'm oe "a: "A,
shall be paid out Of tho War and Defense
Fund. No bonds shall be signed ant
perfected prior to the time they are ac
tually needed for negotiation and then
in such amounts only as may be requisite
for the time being, and said bonds shall
not be signed and perfected until the
agents herein appointed arc ready to re-
ceive them in person for sale and nego.
tiation as provided in this act.
S3. No money arising from the sale of
the said bonds, or any part thereof, shall
be used or applied in any manner, or for
I purchasing arms and munitions Of war
for the use Of the State, for acfraying
aud paying the expenses already incurred,
or which may hereafter be incurred in
calling out troops, or organizing, uni.
forming, equipping, subsisting and pay.
ing the militia of the State when called
out under the laws Of this State or these
of the United States, or such other pur-
poses as arc or may become necessary or
incident to the repclliug of an invasion
or the defense Of the State in war, and
except for the necessary expense of pro-
curing lithograph plates for bonds and
the issuing and execution Of said bonds,
as provided for in section two of this act,
and except for actual and necessary ex.
penses, land compensation of agents herein
appointed for sale or negotiation of said
bonds, as provided in section nine of
this act. But for the protection of bona
.fdc holders of said bonds, it is hereby
declared not to be obligatory on them to
look after, or see to the appropriation of
the money raised by the sale OF the
bonds, and any irregularity in the issu-
ing of said bonds shall not impair their
validity in the hands of bona tide hold.
ers.
S 4. The State doth hereby irrevocably
pledge its faith to provide adequate
means to pay the interest on the said
bonds as the same may become due, and
the principal at the expiration of twenty
years, and for this purpose, all, or so
much as is necessary of the revenue
arising from the entire taxable property
of the State shall be and the same is
hereby set apart aud pledged for these
purposes. And it is hereby made he
duty of the Census Board, or other
proper officer or officers, (Which duty
may, if necessary, be enforced by man.
darnus) to levy in each year tax sutii
cient for these purposes, after payment
o: all expenses of collection.
No tax. shall ever be levied by the
State of Iowa on the stock hereby Great.
ed, nor on the interest which may be
payable thereon and the value of this
stock shall in no wise be impaired by the
authority Of this State, provided nothing
herein contained shall be SO construed as
to exempt from taxation any part of the
capital stock Of the Branches of the
State Bank Of Iowa.
5 5. The Governor Of the State Cha's
Mason of Des Moines county, William
Smyth of Linn county, James Baker of
Lucas county, and G. w. slagle of JEFF.
ferson county, are hereby appointed a
Board Of Commissioners, who, or ma
kill ~~.-, L., 4