The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1876-04-26
Az ACT to reduce axes and for other purposes.

paTtU,
OF the State of Mississippi in an amount equal
TO the agricultural college fund now in the
state 1reasury maturing the first day OF
January, $50. and bearing interest at the rate
OF hVe per cent per annum. Said bonds shall
+ be issued in denominations of five hundred
dollars, and shall be signed by the Governor
and countersigned by the Treasurer All the
4 bonds and other evidences of State indebted
! ness now IN the Treasury, account Of the
/ SAID agricultural college fund, shall be imme
dIately cancelled. and the bonds provided for
i III this section shall be substituted therefor
SEC. z. BE Il FURTHER enacted, That all
moneys now in the Treasury which have been
received on account of the special bond tax
OF 1919, for the payment Of the bonds held on
account OF the aforesaid fund, maturing on the
first day of January, 1876 and all moneys
hereafter received on account of said special
tax for the fiscal year 1875, except July in
terest, shall be set apart as a special fund to
be used by the State Treasurer as er-ofci0
treasurer of the educational and charitable
institutions OF the State, and disbursed as
hereafter directed by law
SEC. ,. BE at further enacted That section
Of an Act to fund the floating debt of the State
and TO provide for the collection of taxes and
other dues to the State, in United States cur
rency, and for other purposes approved March
2oth, 18Th, be so amended as to reduce the
amount OF bonds authorized in said section to
be issued in series = B. and each subsequent
series from two hundred and fifty thousand
70 one HuHureu ana thousand dollars.
alter deducting therefrom any bonds of the
agricultural scrip fund required to be can
ceIled by The provisions of this Act; Pl,3ri-
dea, That if more than one hundred and
fifty thousand dollars of series = Be- of said
bonds shall have been issued, or warrants de-
posted therefor before the passage of this Act
such amount in excess of the provisions of this
section is hereby IegaliZed and confirmed.
SEC. f. Be 1t further enacted, That no
warrant issued prior to the firstGay of January,
1876, shall be received by the State Treasurer
in exchange for any bonds except series Cd"
maturing on the first day of January, 1880, or
some subsequent series, unless such warrant
shall be presented within thirty days from the
passage Of this Act.
SEC s. Be 1t further enacted, That the State
Treasurer is hereby authorized and required to
the surplus of the special bond fund re-
ceived for taxes for fiscal years prior to the
fiscal year 1875, as follows viz: On presenta-
ton of any warrant issued in 1876, except such
required to be exchanged for bonds, he
shall pay the same, One-half in currency, and
one-half in bonds Of series . CO. maturing Jan
uary / St 1879, or in a certificate exchangeable
for such bonds, and no order of priority shall
be required for the payment of warrants out of
the special fund and in the special manner
provided for in this Act. The amount drawn
nom the special bond fund, by the provisions
of this section, shall be replaced by the State
Treasurer out of the general fund arising from
the taxes of 1876.
SEC. g. Be II further enacted. That it is
hereby made the duty of the State Treasurer to
convert the amount of the common school fund,
now in United States bonds, into bonds OF the
State Of Mississippi, on the basis of the market
value of each, either by exchange of said
bonds or by selling the United States bonds,
and purchasing, at the market price, bonds of
the State and shall hold the principal and in
terest of said State bonds for distribution AMONG
the several counties fer school purposes. He
shall give preference in the purchase of bonds
to those maturing on the frat day of January,
1877, but may purchase other bonds when more
advantageous to do so. He shall keep an ac-
count OF all transactions made under this sec
ton, with date to whom sold or frnm whom
purchased, price received paid, and total
amount of each sale, and report ts the Legisla-
ture at its next session. He shall, on or before
the Both day Of November next, report to the
Auditor Of Public Accounts, the amount in cur
rency of said fund that will be il, tne treasury
on the INST DAY or January or as soon thereaf-
ter as the taxes of SIC are received. The Au-
ditOr SHALL on the first day of December or as
soon thereafter as practicable, proceed TO dis
tribute said fund to the several counties, in
proportion to the number Of educable children
In each, by issuing his warrant on the treasury
for the amount due each county, and tran smit-
ting such warrant to the treasurer of the coun-
ty, with instructions t. the tax collector 10 pay
such warrant cut OF the special bond tax, as
soon az he shall have collected a sufficient
The State Treasurer shall receive such warrant
from the tax collector on account of settlement
of the special band tai ana the proceeds of
SAID school fund are hereby set apart and appro-
priated to the payment of the warrants herein
authorized. If the treasurer shall have pur-
chased any State bonds not maturing on the
first Of January next, ne shall sell the same
whenever necessary to the proper carrying out
of the provisions of this section.
Sec 7. BE 1t turther enacted That all money
coming into the State Treasury on account OF
license to retail Vinous aud spirituous liquors,
the net proceeds Of ali fines and forfeitures,
and proceeds of land forfeited to the State for
non payment of taxes, shall be distributed on
the first day of January to the several counties
in the same manner as provided in section 6,
for the distribution of funds now in the treasury,
and the warrants issued for the distribution of
the school fund as provided in this Act, shall
not be transferable, butpayable and receivable
by the officers only herein directed. The
levy of two mills for school purposes is hereby
repealed, and if the whole amount distributed
under the provisions of this Act be less than
the whole amount derived from a tax of two
mills for the last fiscal year, then the State
Treasurer is hereby authorized and required to
transfer from the general fund to the school
fund sufficient amount to make up such def
cheney, which shall be distributed as aforesaid.
SEC s. Be 1t further enacted, That the Gov
ernar, State Treasurer and Auditor OF Public
Accounts, are hereby created and constituted
State Board of Finance, and shall assist and adj
wise IN carrying out the provisions of this Act
The said board shall have general supervision
n the financial ant Of all In.