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

consent o. the other are hereby made Commits
sioners on the part OF the State to negotiate the
sale of the bonds provided herein T. be issued;
provided, no bonds shall be issued or negotiated
| until on or after the first day of January, one
| t Iou-and eight hundred and seventytwo, except
in exchange tor bonds, Interest. or other evidences
of Indebtedness against the State, as provided for
| in section nine (9l Of this Act.
| SEC. 1. 1t shall be the duty of the Treasurer
and Controller Of state. each, t., keep n separate
| record of all such bonds may be issued showing
| the number, da e, amount and rate of interest Of
each bond, aud to wbom issued No bond shall be
| issued for a less sum than one hundred dollars
| No bonds issued under the provisions of this Act
shall be sold for any reIcy except gold and sill
yer coin Of the United States, al less than
| their par value; AMI for the payment of std bonds.
DO h principal and interest in gold and silver coin
| IF the United states, the faith and credit Of the
state is solemnly pledged.
| SEC. ). Afser the negotiation and sale Of the
bonds provided for in this Act. it shall be the duty
OF the State Treasurer TO set apart fund for the
| purpo>e of paying lhc principal and interest +
said bonds. as the same may Hecpnie due, which
shall be called the - Territorial Interest and Sink
| ing Fund - There shall be levied and collected
| :,r the fiscal wear commencing January first, one
| thousand eight hundred and seventy-two, and
annually eIeafter, until all the bonis issued
and I'D under tn IS Act shall have been fully id,
both principal and interest al valor-m tax Of
twenty five (2j) cents upon each one hunired dol
lars of Ia able prOaerty in the st tte. The rev.
| = Territorial Interest and Sinking Fund and is
hereby set apart, appurtnned and pledged. as well
the faith and credit OF the State of Nevada, for
| and TO the payment. both prinCi,l and interest
of all bonds of said State, ssue,i in pursuance Of
The provisions of this Act No part IF the revenue
derived from the tax hereif ef,r levied, shall be
paid out or IN any mrnner diverted from the state
| freasu y for any other purpp-e than paying or
| retiring the bonds, 9th principal and interest,
! issued pursuant 10 the provi>IIiIs If this Act,
e a. Ii ter ll..i.
| in the event al of the bonds heren authOr
| lied TO be issued not 50 Il disposed of
then it shall be me dHt' Of the Treasure immedi
ately after each payment of the semi annual inter-
est on al outstanding bonds to transfer to the
General Fund sc much Of the money derived from
he tax aforesaid remaining in his ht d., shall
be the due proportion IF the VIII lie of said tax
bonds uns Id or undispoSei of under the prvi-ons
of this Act; provided further tha5 no ispI of
any tax whatsoever levied on the proceeds of the
mines, shall be construed to form any pa of the
| revenue appropriated and pledged by this section
for the redemption If the sad bonds, hu shall be
paid into the General Fund for general state pur
| poses.
FEC 6. 1t shall be the duty of the said Comrris-
| -ion-rs to make defiiits arrangements for the
| payment Of the interest on the SAID bnni when
the stme shall tall due, at les, sixty (6Ol days be-
FIRE the time Of Payment, aud in the event that
| sad Interest and cit king Fund. in this Act
| provided is insufficient the sail treasurer shall
| draw on the GENERA: Fund for such Purposes, and
|
| Treasurer, by aud with the consent of the Gov
ernur AMI State Controller. or either Of them, is
authorized and required to make such contracts
! and arrangements as may be necessary for the
payment of said Interest and the prOte of the
| faith Of the state
| SEC.7. Whenever. at the time of Iayiuc the
sein-annnal interest on the bonds provided 10 he
| issued by this Act. thee shall remain suruus
after the payment of such interest, over and 'bove
the amount which 1t may be necessary To reserve
| for the ptyntnt of the next ensuing semi-annual
interest, of five THOUSAND ,OOr) dollars, more
| in the fund ere ate by the fifth (5th) section of
this Act. II shall be the duty of the State Treas
| urer to advertise in more daily newspapers.
| published IN this state, and i'll the cit Of san
! Francisco and New York. for sealed proposals for
the surrender of bonds issued unief this Act. lie
shall state IN snch adv rtisemtnt the amount Of
money hand applicable To the redemption of
such bonds. and lie shall accept such proposals. at
rates not exceeding p'r value, may redeem the
greatest amount OF bonds. until The cash hand
for redemption ia exhausted If there shall be
no hi for the surrender Of bonds presented to, or
received by the State Treasurer. provided in
jhi> on it shall be his duty, bv and with the
advice aud consent Of The Controller or Governor,
10 invest the surplus tani in said Interest and
Sinking Fund, for the redemption of said bonds
in the Understanding gold bonds OF the United
States, which bonds, with the interest thereon.
shall remain in said Interest and >sliking Fund"
until il becomes neces AIRY TO dispose of them to
meet the pr nCipil or interest Of the bonds pro-
vied t" be issued by this Act.
SEC S. The Treasurer and Controller of State,
shall, befor. the first day of January OF each
YEAR, report to the Governor full, true and cor
rect sta emcnt Of the amount of bonds redeemed,
the amount of interest paid, the amount Of inter
est, bearing gold bonds of the United States pur-
chased and the amount of money in the Treasury
belonging to the fund created by this Act and the
Governor shall report the same in datail to each
beun al session OF the Legislature.
SEC 9. Nothing contained in this Act shall be
SO construed AS to prevent the State Treasurer
from exchanging the bonds issued by virtue OF
this Act, for any Of the outstanding bonds an in
terest other evidences Of Indebtedness provided
to be paid etired 10y section one of this Act:
but sHch exchange may be maie at their par
value: and he shall use the proceeds obtained from
the sale Of bonds i.suad under the provisions of
this Act. only for the purpose of paying the bonds
and interest thereon, provided to be paid by sec
tior one OF this Act.
SEC. 10. After the bonds authorized to be is
sued under the provisions of this Act shall fall
due and there shall be in the State Trea,ury
money applicable to the payment of such bonds,
the state Treasurer shall advertise III newspaper
published in this state, and i'll the cities of New
York and San Francisco, for the period of thirty
days, his readiness to redeem and pay said bonds,
giving the number and date of each bond to be 50
redeemed. The Treasurer shall keep on hand the
principal and interest any advertised bond; and
no bond shall bear interest after the expiration OF
thirty days ON the time the Treasurer advertises
his readiness 10 pay the same.
SEC. IL The sum of three thoasand(3 3 000)d0llars
or much thereof may be necessary, is hereby
appropriated out # the General Fund not other
wise appropr lated, to defray the expenses OF the
procurement and negotiation Of the required
bonds and placing the proceeds thereof in the State
Treasury.
[Approved February y p 1871
STATE OF NEVADA,
SECRErARY's OFFICE.
I. j. D. Minor. Secretary of State of the State of
Nevada, do hereby certify that the foregoing is a
true, full and correct copy of the original " Act