The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1874-04-16
THE FUNDING law.


-ure of The State % Mississippi, That here
after heueyer any warrant, or warrants
drawn by the Auditor Of Public Accounts
upon the state Treasurer. or any OF the
gertiti .atts of Indebtedness Of the State
issued under The prov islOus OF an Act OF
.he Legislature entitled "An act TO provide
iur the issuance of certificates Of indebted
ness hy The State, and for other purposes, "
approved June 80, 1870, shall be presented
Id the Treasurer in sums of fifty dollars,
OF any multiple thereof he shall take up
and cancel the same aud issue 10 the hold
~. or holders thereof q bond or bonds OF
The State OF Mississippi, bearing date on
.he first day OF January or July next pre-
rcGiug Jhe dare az their issuance, and bear
ing interest 1t rhe rate ot eight per cent
per aEuum from The date of bond, which
interest shall be payable at the office of the
State Treasurer Scml-anuuaily, ia current
money OF The United States, on the first
day of January aud July Of each year !;
Provided. That nothing conptIucd in thi>
section shall be SO construed as to include
uI authorize the funding OF any warrants
mot receivable Tor taxes on the first day of
january, 1872; Provided, The Treasurer
snail Keep "a record of all warrants pre-
.euted 70 be- bonded under this act, giving
f. receipt to the person or persons present
ing said warrants, and when the bonds are
.cady to be delivered he shall take up such
receipts and bonds issued in the order the re-
G ipts is given.
SIC. BE 1t furthur enacted, That said
bonds shall be issued in six series, of two
hundred and fifty thousand dollars each,
Io be designated series 4, series Il, series c.
series -, series l., aud series r, amounting
lu ala 10 one million five hundred thousand
dollars, and shall be payable at the Of
flee OF the state Treasurer, as follows, to wit:
Series 4, January Ist, 1877
series T.. laHUry lst, 1873
Series Z, January LIST, 1879.
series -, January I-t, 1850.
Series T., January lst, 1881.
Series J., January Let, 1882.
And they shalt be substantially of the
same form, and issued ia the same manner
H- proyIdes In the Funding Act OF April 4,
1s74.
SIC g. Be it further enacted, That said
bonds shall bs is1ued in denominations of
rfrN. one hundred, and i've hundred dollars,
and signed by the Governor, and counter
srgu,d by THE Treasurer, aud the coupons
Thereto attached shall bear signature OF
Tie Governor and Treasurer, which may
DC he -iWIlr engraving, and the tdIth
and credit OF the State is hereby pledged.
Tor the pas uleHt o. the bonds and coupons
StC.I b. ~ further enacted, That the
Treasurer shall Keep record OF the series,
rUm bar ana amount Of every bond issued
suG The uumbef au1 amount OF every war
RANT rect iyeI therefor, in a separate record
tor that purpose, and shall cancel all war
rants and certificates of Indebtedness Immt-
oiarely after their receipts for bonds.
SEC >. BE it further enacted, That the
Treasurer with the approval OF the Cover
lrr. Is hereby authorized 70 take all necessa-
~ steIs for the preparation of said bonds
iumt dlatliy, ana to eXpeud such sum OF
money, with the approval OF the Governor,
as may be necessary to carry into effect the
provisions OF this Act and the sum of one
thousand dollars, OF 50 much thereof as may
is necessary, be, and the same Is hereby app
ITpVrIated out Of any moneys IN the treas
Irg, uoC Otherwise appropriated, for the
payment of the preparation of said bonds.
SIC. g. BE it further enacted, That ~ or
der % provide for the pay menC OF the inter
,-r and principal OF SaId bonds, special tax
Of Jurce-tourths OF one mill on the dollar, |
lu the taxable property in the State, - here |
iv levied for the year y. ID 81, 1874, and all
subsequent years. until and including the |
year 4 D.. 1881. and an additional special !
lax o. one alfd three-fourths mills on the |
dollar on tile taxable property in the state, |
+, hereby levied fer the year 1876, and all /
subsequent wears. up 10 ana inclusive OF the /
ear 1881, or until the interest and principal I
of said bonds are paid and sad tax shall DC |
collected no the same time and In the same [
manner as other State taxes, in United T
states currency. aud the whole amount of /
sud special tax is hereby reserved, anu set
apart. and appropriated for The payment 81 /
principal ana interest of the bonds At tine /
tunes and ia the manner Pereinbei8Te /
specified, and shall not Dc USED OF appfo- f
friated tor amy other purpose whatsoever |
SEC 7 Be ID further enacted, Ihdt Sec
t.au POT au Act enJiLed San Act TO fund /
G re- floating debt of the ) ate,aud issue sink /
ING fund bonds. and for other purposes, !
approved April 4. 1872, be. aud the same is |
hereby SO amended as to limit the amount |
bonds issued, and Ca be issued under said /
Acr. TO three hundred and sixty thousand /
.. liars. and whenever the issue OF bonds, /
under said Act, shall amount To said sum. !
no more shall be issued.
SEC Be it further enacted, That sec
ton 9, Of an Act emitted An Act to fund
lac floating debt of+ue stare, audisSue sink !
borrowed \ prii 4th, 1872 be, and the same
f- hereby 50 amended as to provide that the
--ecial tax OF one and one-half mills therein !
3 WED to lay the principal and interest OF /
,-rtaiu bonds, shall be collected in full only
lrr the years 1874 aud 1915, and shall be re-
4,cd 20 Uue-hatt OF one mill for the year
$50. aud after which last mentioned year
N. % tax shall be collected under the provisions
ct said section tor the successive years
therein provided
SIC. Q. BE il further enacted, That See
TON > cf an Act eutitlrd an Act to fund the
atiug debt of the state, al d Issue SINKING
fund bonds. and for other purposes, approF-
yI \ prit 4. 1872, be, and the same IS hereby
repeated,
SEC 10. Be &c further enacted, That
whenever anY warrants OF insurance compa-
MES deposited in lac state Treasury, shalI
he wjth1 therefrOm- the STATE treas
urer shall ascertain the amount OF interest
due on said warrants since the date OF last
Tag mrUt, and certify tie amount OF SAID IN
-rresI 10 The Auditor OF Public Accounts
who shat issue his warrants upon The
Treasurer for such amount, in tavoF ot sucb
insurance company, or their aSe7 [
SEC II +, it further enacted, That
Hereafter all STATE taxes, or other daSs 20
The State except such as provided Tor
lu section ,. Of this Act, COLLECTED by tax
collectors or other officers for the 1scai
wear, 1874, aud all subsequent years, shall
De collected tn coin, United States currency
or certificates of Indebtedness, issued under
Fan Acl 10 provide for the issuance of Ger
-ihcates OF Indebtedness by the state and Tor
other purposes" approved June -, 1870
SEC. u. Be il further enacted, That Au-
Eiror's warrants upon the Treasurer. issued
-ubstquvnt TO the first day of April, 1874,
.SCtpt those of the class provided for in sec
..ou IL OF this Act and certificates of indeot-
..Hess. shall be receivable for allliceuses IN
..-rthc general laws of the state, for retail
a = liquors md keeping dran-shops' ana ipf
.t,l 1lrS AID fOrteitures 10 Tie STATE anu re
.,In ptiou Of ands, and upon pay meDt o. W ar
ralts on uCu accounts, TIE s~lne shall DC
Immediately cancelled by the party paying
re same. and the officers receiving them, Dy
n hing the word ''cancelled' across the face
hereof and the date of such cancellation,
and the name Of the party from whom they
are rece ived, the same shall be credited 10
The Common School fund, and entered upon
the proper disbursement books, and such
warrants shall not be entitled to any priori-
~ as hereinafter provided for certain war
rants and any officer violating the provisions
OF this section shall be subject to the pains
sud penalties imposed by section ID OF TINS
Act
SEC. 13. Be it further enacted, That all
persons collecting dues to-the State are here
l u 49,