The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1883-03-14

AAONAAtA AhO liz 0aAAAA QUINN - aAAO WINS
with bis cancelled obligations on the
first day of each month, to the Gov
ernor, who shah examine and veri-
fy them with the bonds issued, and
certify the same to the Comptroller,
who shall transmit the said certifi-
Gates with his report to the next
General Assembly.
Sec. 9. Be it further enacted, that
as soon after the passage of this act
as possible, there shall be prepared
uader the direction of the Governor,
sufficient number of wellsengraved
bonds to take up and fund the
States Indebtedness as aforesaid
with the coupons attached and the
signatures of the Comptroller and
Treasurer engraved upon each cou-
pom, the coupons to be numbered
with the humber of the bonds to
which they are attached. The cost
of engraving and the preparation OF
the bonds to be paid in the first
place, out of the Treasury upon the
certificate of the Governor to the
mptroller, who shall issue his
warrant therefor. And the Comp
troller shall be provided with a
bond book, containing on separate
pages, regularly numbered, dupli-
cate headings of each bond issued
under this act, with the coupon
blanks attached, regularly number
ed, upon which each corresponding
coupon, when liquidated, after being
duly registered and cancelled, shall
be pasted.
Sec. 10. Be it further acted,
that no part of the public debt shall
be funded, paid or received, except
as provided in this act, and all laws
providing any other mode or man
ner of funding the debt be and the
same are hereby repealed.
Sec. II. Be it further enacted,
that the Comptroller, Treasurer and
Secretary of State shall receive
ninety cents on each bond of 81 900
and forty five cents on each bond of
500, to be equally divided among
them, to be paid out of the Treasury
Of the State on the warrant of the
Comptroller, based on the certificate
of the Governor, provided no such
compensation shall in no case, when
added to their stated salaries, ex-
$4,000 and reasonable clerk fees for
the whole board not to exceed
81 900 for any current year. and
fAa1r
shall exceed 81 900 and such clerk
fees, they shall receive no other or
further fees for funding the State
debt for any current year. a.
Sec. II. Be it further enacted,
that when there is a surplus in the
Treasury not needed for the pay
ment of the interest on the bonds
funded under this act, nor for the
current expenses of the State, the
Comptroller shall call for the re-
demption of bonds bearing the high
est rate of interest, which shall be
taken up and paid off to the extent
of the surplus.
Sec. ID. Be it further enacted,
that when a bond is called for re-
demption by number, the interest
shall cease on Said bond at the expi-
ration of sixty days after the call,
and if the bonds are not all funded
under the provisions of this act, the
Comptroller, after calling in and
paying all the bonds funded under
this act, paying those bearing the
highest rate of interest first, shall
apply the surplus in the Treasury
to the purchase of the unfunded
bondsj provided that he shall not
give higher price for any bond
not funded than the amount for
which they are entitled to be fund
ed under this act He shall adver-
tise for bids at such times as he
may designate, and take the lowest
bid, provided it is not at greater
rate or amount than the holder of
said bond would have received, pro-
vided it has been funded under this
act.
Sec. IA. Be it further enacted,
that all laws and parts of laws In
conflict with the provisions of this
act be and the same are hereby re-
pealed
Sec 10. Be it further enacted,
that this act take effect from and
after its passage, the public welfare
requiringit.