The Daily state register. [volume] (Carson City, Nev.) 1870-1872, 1871-04-11

Treasurer and Controller of the State to
make definite arrangements for the pay
ment of the interest on the said bonds
when the same shall become due, at least
sixty days before the time of pay
ment, and in the event that said Interest
and Sinking Fund, as in this Act pro-
vided. is Insufficient, the said Treasurer
and Controller shall draw on the General
Fund for such purpose, and in the event
that said funds prove inadequate, the
said Commissioners are hereby author
lied and required to make such contracts
and arrangements as may be necessary
for the payment of said interest, and the
protection OF the faith of the State.
SEC. .. Whenever, ut the time of pay
ing the Senl-annuai interest on the
bonds provided to be issued by thii Act,
there shalt remain a surplus after the
payment of such interest, over and above
the amount which it may be necessary
to reserve for the payment of the next
Scmi-annuai interest OF five thousand
t5,tsIl dollars, or more, in the fund crea-
ted hy the fifth (5.h) section of this Act,
it shall be the duty of the State Treasurer
TO advertise in one or more daily news
papers published in this state, and in the
cities gf san Francisco and New York.
for sealed proposals for the surrender of
bonds issued under this Act. He shall
state in such advertisement, the amount
of money on hand applicable to redemp-
ton of such bonds, and he shall accept
such proposals at rates not exceeding par
value, may redeem the greatest
amount of bonds, until the cash on
hand for redemption is exhausted. If
there shall be no bids for the surrender
of t-pndS presented to, or received bv the
state Treasurer as provided in this section,
1t shall be his duty by and with the advice
and consent OF the Controller, to invest
the Surplus on hand il said Interest and
sinking Fund, for the REDEEM ptiOn of said
bonds. in the interest bearing gold bonds
of the United States, which bonds with
the interest thereon, shall remain in said
Interest and sinking Fund until it shall
become necessary to dispose of them to
meet the principal or interest OF the
bonds provided to be issued by this Act.
SEC. ). The Treasurer and Controller
OF State shall on or before the first day of
January OF each year, report to the Gov
ernOr II full true and correct statement
OF the amount of bonds redeemed. the
amount of interest paid, the amount of
interest bearing gold bonds of the United
States purchased, and the amount of
money in the Treasury belonging TO the
fund created by this Act, and the Gov
ernOr shall report the same in detail to
each biennial session of the Legislature.
SEC 9. After the bonds authorized to
be issued under the provisions OfthiS Act
shall fall due, and there shall be in the
state Treasury money applicable To the
payment of such bonds. the S.ate Treas
urer snail advertise in paper pub
llShed in his state, and in the cities Of
New York and san Francisco. for the
period of thirty days, his readiness to re-
deem and pay said bonds, giving the
mum ber and date of each bond to be so
redeemed. The Treasurer shall keep on
hand the principal and interest on
any advertised bond, and no bond shall
bear interest after the expiration OF thirty
days from the time the Treasurer adver-
ti>e> his readiness to pay the same.
SEC. 10. The sum OF two thousand
1000 dollars, or 50 much thereof as may
be necessary. i hereby Appropriated Out
OF the General Fund not otherwise apDrO-
priated, To dcfray the expenses ofthC pro-
curing and negotiation OF the required
bombs, and placing the proceeds thereof
in the State Treasury.
SEC. II. II shall be the duty of the
Treasurer and Controller OF State each.
to keep Il separate record of all such
bonds as may hr issued, showing the
mum ber. date, c,amount, and rate OfintereSt
OF each bond, and to whom issued.
approved February y, ISL