The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1870-06-23

shall forfeit his Office and be fined In any
! sum not less than one thousand dollars
I $4,000 or by Imprisonment in the state
/ Penitentiary not less than Que year a. or
+. by both fine and imprisonment at the dis
I erection of the court and no evasion. sub
I terfuge or chicane shall relieve the party
/ from the penalties herein provided, the OBJ
ject and intent being to prevent public ofti-
Z GERS from depreciating the securities of the
I State.
( Sec. :. Be il further enacted. That said
4 bonds shall be issued in five l5) series Of one
/ hundred thousand dollars each, TO be desig-
mated series A, series b. series z. series ID.
/ series F. and shall be redeemable at the
Office of the State Treasurer Is follows,
/ viz:
Series A on the first day of January, lisa.
! Series On the first day of January, 1873.
Series on the first day OF January. lS74.
/ Series ID on the first day of January, $50
Series on the first day of January, lsI6.
The Treasurer shall issue the bonds IN
regular succession as above set down, ana
I shall dispose of all the bonds of one series
before proceeding to issue those OF the fol-
/ lowing series. Said bonds shall bear inter-
est at the rate OF eight per cent. per annum,
and shall have interest coupons attached
/ thereto, signed by the Treasurer and paya-
BILE at his Office semi-annually in current
money of the United States, on the first day
of January and the first day of July ofcach
year. All bonds issued by authority of this
act, shall bear date on the first day OF Janu-
ary or the nrSl UaN Oh July nCAk iOiiOMliE
the time of their insurance, and from each
bond issued more than one month before
the day of its date the Treasurer shall dis
count the amount of interest that would ac-
crue upon it, at the rate OF eight 90 per cent
per annum, during the interval OF time be-
tween the time of its issue and the first day
OF January or July next following.
Sec. 3. BE it further enacted, That said
| bonds shall be issued in such denominations
as to the Treasurer shall seem most adVisa-
BILE; Provided, that no bond shall be Issued
for less sum than fifty (5u) nor greater
than one thousand O.0OO) dollars, aud the
said bonds shall be countersigned by the
Governor, and shall be deemed a pledge of
the faith and credit of the State of Miss ssip-
pi, for the payment thereof.
See. 8. BE il further enacted, That all GER
ti1icates Of Indebtedness exchanged for
bonds under the provisions of this act, shall
be ehaneelleI by punching clean out OF each
certificate, "A circular piece not less than one
inch in diameter care being taken 10 leave
the number of the certificate intact. The
series and number of every bond issued, TO-
gether with the numbers of the certificates
of indebtedness received therefor, shall be
entered in a book 10 be kept for that pur-
pose, and the certificates so cancelled, shall
be carefully filed and preserved.
Sec. 10. Be il further enacted, That the
Treasurer is hereby authorized To take all
necessary measures for the preparation OF
said bonds, and the exchange thereof for
certificates of indebtedness, as above proYid-
ed, to expend such sum of money as may be
necessary to carry into effect the purposes
of this act; and the amount of such eXpen-
diture is hereby appropriated therefor. lie
shall keep an accurate account Of all dis
bursements made To carry out the proYisi-
ons of this act. and shall file a certified copy
Of such account in the Office of the Auditor
of Public Accounts.
Sec. IL. Be it further enacted, That in
order to provide for the payment of the i'm
terest and principal at maturity of the
Bonds issued by authority of this act, the
Auditor of Public Accounts shall levy a
sufficient special tax, which shall be a per-
centage OF the ordinary State tax, and shall
be collected and paid into the Treasury in
United States currency. The first levy of
said special tax shall be made in the year
Eighteen Hundred and Seventy-one. and be
made each succeeding year, until the indebt-
edness caused by this act shall be discharged
and the whole amount of such special tax
shall be reserved and set aside for the pay
ment of principle and interest of the Bonds
at the times, and in the manner above speci-
fled, and shall not be used or appropriated
for any other purpose whatsoever.
See. II. BE it further enacted, That no
Bonds shall be issued except in exchange for
the certificates OF Indebtedness authorized
by this Act; and that the books and files of
the Treasurer shall be at all times open TO
the inspection of the Governor, or such com
missioners as lac may appoint for that pur-
pose.
Sec. -. BE it further enacted, That this
Act shall take effect and be in force from
and after its passage.
Approved, June Is, 1870.