The state rights democrat. [volume] (Albany, Linn County, Oregon) 1865-1900, 1875-03-12

AN ACT to authorize the State Treasurer to
Convert Currency Funds into Coin in certain
cases, and also to pay on the Lock Bonds.
Be enacted by the Le0isIdtiUe Asaenbly Of the
State Of Oregon:
section /. That the State Treasurer, having
in his charge public funds, which consist in
whole or in part of United States currency, out
Of which payments or disbursements are re.
quired by law to be made in coin, shall be, and
he is, hereby authorized TO convert such cur
rency into coin, by the sale Of the same at the
best market rates at the time OF conversion, and
to pay and disburse, and account for, the same
in like manner as If said funds had been orig
inally received in com.
Sec. 3. That whsnever, on the first of Janu-
ary and July Of each year, there are funds
amounting to % 900 or over in the hands OF the
Treasurer not otherwise appropriated, accumu-'
lated from the five per cent. OF the net proceeds
of sales OF public lands in Oregon, and from the
sales of the internal improvement lands held
under the Act of Congress, of september 4, ls4l,
amounting to more than is required TO pay the
| interest for one year on the bonds heretofore
issued to assist in the construction Of the canal
| and locks at the Falls of the Willamette river,
the Treasurer shall be, and he Is, hereby author
| lied and required to advertise, for four success
| aive weeks, In some newspaper in general c1rcu-
lation in the City of Portland, in this State and
also in the official paper OF the state for the re-
| demption of such amount of said canal and
| lock bonds as said accumulated funds shall en-
| able him to purchase and cancel. And said ad-
vertisement shall notify all holders OF said bonds
to bid the lowest rate at which they VIII dispose
OF such bonds to the State, not exceeding in rate
| ninety.five per cent of the par value thereof;
which said proposals shall De sealed and al,
dressed to the State Treasurer, at the seat OF
government.
said advertisement for the opening OF said pro.
poeals, said Treasurer shall, in the presence OF
the Governor and the Secretary OF State, open
and exAmine all bids for the redemption OF said
bonds, and the party or parties, VINO Snau d - pc
clared entitled to surrender the amount of such
bonds as win equal the amount Of cash on hand
for the purchase thereof and the party, or par,
ties, SO entitled shall be notified forthwith Of
the acceptance of his or their bid or bids; and,
on presentation and surrender OF such amount
of bonds, the same shall be casnea Dy tne treas
and be surrendered by such owner, or owners
to said Treasurer, and by him cancelled and tled
of State, and due record thereof shall be made
J in the books Of said Treasurer of State.
Sec. L. In case no bid is made for the surren.
der OF any of said bonds, within the time herein
snecified. or in case no bonds are presented fol-
. payment and cancellation under any bid made
and accepted within the time herein specified
then the Treasurer shall be, and lis, hereby au
thorized and directed to loan any and all funds
of the class hereinbefOre specified, on real estate
security of value not less than three times the
amount of funds loaned, for a term not exceed
ing one wear for each loan, and at the rate Of
! ten per cent. per annum, interest payable semi
annually; and said Treasurer is hereby author
, lied and directed to take note and mortgage
for the same after the form adopted for the loan
of school funds, as near as the same is applica
BILE to the case, and the same to cancel and sur
render on final payment; Provided, That, in nc
case shall the amount of money Of said fund be
kept on hand for the payment ofinterest money
than will be sufficient to pay accruing interest
on said bonds for more than one yearin advance
And u Is further provided, That every applicant
for any loan out of the above mentioned funds
shall produce to the State Treasurer an appraise
ment made by the School Superintendent of the
county wherein the real estate, to be mortgaged
. Is living, which Rppraisement sllan show that
the said real estate is worth three timesin value
the amount of said loan. Said appraisemeni
shall be accompanied with a certificate Of the
Clerk of the county wherein the land offered
1 FOR security Is situate, showing that the prop
erty ofIered for security is owned by the appli
can't for the loan, and that the said land Is fret
} from mortgages, liens, Judgments, or any othel
lncumbTances; Provided, That whenever war
rants shall be presented to the State Treasury
payable out of the above mentioned funds, OF
} either Of them, and there shall be no money In
the Treasury of the State to meet such warrants
then the Treasurer of State shall proceed to col
lect,of said loaned out fund, as soon as they be
, come due, q sufficient amount to pay snch war
, rants and interest.
Approved october, 26, 1874.
Attest: s. =. CHADWICK,
Secretary of State.