The Van Buren press., 1874-12-29
- oI5oH sdeT
; - NO. 81

by lhuSnings u that HPAv ghjell entsy
shall be signed and atte5ted by the PER-
sons preslnt,a u. alofeskids 'N6 b6bds
shall he signed, o. 10 aar naessss sxe1s3
ted. except in the inapner abQye proyis,
ded. The treasurer shall BE fskpohs:tie
for the safe keeping of ihs blank baGds
in tha same sum asif they ,Hsre .sxecuss
ted
Sec. o. The go~crriots'M " shs ssssss n
hereby horiscditoi pSst6sSsdssSas,s5
the upsOli lands Of the state, except
school lands and lands otc6pied bt Fdb-
lie hnildings,, for Mi ssdsritsa 81, ,esdbt
bonds, the said lands TO- BE- c9nyeyed 70,
q trustee or trustees, Nhh 'Atth6fity 10.
sell the same at price not less than ono
dollar an acre, ed thcysfussee or trustees
may receive, In payment thereof, cash or
any Of the auditor warrants OF tfsAsu
rcrs certificates. aforesaid, ut theis par
Iyalae: Proyi'lcsl. rhAt il moTc'taan cnc
person shall apply to purchase any traet
OF land, the same shall be sold to the
best bidder above the minimufn psiee,
after notice to all applicants. And it saaii
be the duty of the trustee or trustees to
invest the cash proceeds Of sales Of land
in interest-bearing bonds OF the United
States. and whenever. and a. often - tho
sum OF ten thousand dollars u accumu-
lated, notice shall be given and bonds Is
sued under the provisions Of this set
shall be purchased at the lowest market
price under par. and when tho psics Of
said bonds shall reach par value, i shall
be the duty OF the trpstee o. trustees 70
determine by lot the bonds whish will bo
paid in full. aud on the bonds 20 decided
TO be paid, all interest shall eeass ~ the
expiration Of sixty days from the date OF
notice of the readiness to make payUent
thereof. which notice shall be given By.
the said trustee or trustees Immediately
after the numbers of the bands to De paid
shall be determined as aforesAids Such
notice shall be. published (ers sixty ddaye
in a newspaper published IN the city 0l
Little Rock, and a copy thereof, in writ.
ing, shall be forwarded by mail to the
president of the New York stock sexs
changes Provided, That publication Of
such notice shall cease as soon ~ the
bouds shall have been presented for Pay
ment. Aud when auditors warrants and
treasurcr's certificates are received IN
payment for land, It shall be the duty Of
the trustee or trustees 10 fund the same
in the bonds herein provided to be issued
and all bonds purchased or funded By the
trustee or trustees as aforesaid shall be
Immediately Cancelled and delivered to
the said board OF finance, who shall cause
a minute thereof to be entered In their,
record hook. sas4. ,.tsi ssp,4s ss
Sec 10 In order to secure the prompt
payment OF the interest on said bonds,
and to provide sinking fand for the re-
dempiion OF the principal thereof; y 10
further enacted, as q part Of the contrast
on which said bonds shall be issued, and
as an inviolable condition thereof, that
until said bonds, principal. and interest
shall have been fully paid OF snd dis
charged, there shall be levied an annual
tax sufficient to produce the sum Qf ono.
hundred aud fifty thousand dollars, for
interest, and thirty eight Thousand dol
lars for sinking ftnd, whch sums arc
hereby set apart for the purposes afsre-
said, and the FIRST money recctvcd in the
treasury annually, during the. period
aforesaid from any source whatever, .is
hereby expressly appropriated to said
purpose, until the sum of one hundred
and eighty eight thousand dollars, afore,
said, shall have been applied annually,
in payment of said interest, and in crca
ting said sinking fund; and the right. or
any holder of said bonds to the benefits
herein shall be considered A. vested and
incxtinguishable, from the. time OF the
issuing thereof, until the said honda shall
have been fully paid of; oil moneys be.
longing to said sinking fund shall be
annually applied by the treasurer, under
the direction Of the governor, in the pur-
chase of any Of said bonds which may bs
outstanding in the same manner as Is
provided in section nine Of this act, for
chase OF bonds by the trustee or trustees
and any Judge Of the circuit courts OF
this state, or chancellor, in term time or
vacation, is hereby ,enjoined and required
upon the application Of any holder OF
any Of said bonds, to compel, by manda-
mus, or other proper process, the author
tiles Of the state to levy, assess and coa-
lect the taxes providedfor 10 this ssction,
and to prevent a misapplication OF the
moneys set apart for the interest, and
sinking fund, by injunction or other
proper process; and by mandamus, er
other proper process, to compel the
proper officers Of the state to apply said
MONEYS to the payment Of the interest
and purchase of the bonds as herein pro.
yided for. Aud 1t Is provided that all
the powers herein conferred upon the
judgcs Of the circuit courts Of the state
and the chanoellors thereof, are, here
BY vested in any Judge Of the circuit
court or district courts OF me United
States, and may be so exercised. 10 the
event that any bondholicr aforesaid de-
string the process Of the courts, shall be
at the time nonresident of this state,
and ~ning and holding d bond mot less
than one thousand dollars.
Sec. IL. None of said bonds shall he
sold for money for any other purpose
than to dcfrny the expenses Of The state
government, and the proceeds Of such
sales shall be applied to that purpose exs
clusivcly, and shall be aPportioned ny
said board among the various apprspria-
items for paying the said expenses, In such
manner as may best surre the interest," Of
the people, and no monsy shall 10 paAd
out by the treasurer except 10 pucsuAoee
OF such apportion,nept: Provided. Fhas
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