The Portland daily press., 1889-03-14
THE REFuNDINc gILL.
Especial to the Press.l

Especial to the Press.l
AUGUSTA, March 13.-The most impor-
tant act Of the legislature Of this ses-
sion is without doubt the refund
Ing Of the public debt. 1t involves millions
Of money and the credit Of the state for the
next forty years. When the first refunding
bill was reported from the finance committee
Senator Heath, as will be remembered, sug-
gested several important amendments, most
OF which were not adopted by the finance
committee. But after the act had passed the
counsel employed by brokers who expected
to bid for the bonds, confirmed the obiec-
tions which had beed raised by Mr.. Heath.
Then the work Of drawing new bill de-
volved upon Senator Heath, who with the
Attorney General Littlefeld drew the meas
ure which with some valuable suggestions
made by Senator Libby and Judge Wiswell
of the House has become the law. The pas
sage Of the new bill last night has probably
saved the State an extra session Of the legis-
lature and considerable financial trouble.
This Is the full text of the bill:
An act to provide for the refunding OF the pub
S sRsad fa ST & NE
approved February twenty-six, eighteen hundred
and eighty-nine.
Be It enacted by the Senate and House Of Repre-
sentdttres IN Legislature assembled, as Joto'cs;
Section 1. An act entitled, "An act to provide
for the refundng OF the public debt" approved
February twenty-six. eighteen hundred and
eighty.nine, is hereby repealed.
Section 2. For the purpose OF renewing and ex.
tending the bonded Indebtedness of this State
which natures June first and October first, eight
temporary loan authorized by section six q this
act the treasurer of.stateis hereby authorized TO
issue new bonds in sums OF not less than one
the payment OF the interest. at the rate of three
per cent per annum, payable semi annually, both
principal and interest payable in Boston or at the
treasury of Maine; or registered bonds for the
whole or any part thereof transferable by assign
ment in amounts of not less than one thousand dol
lars each with interest at the rate Of three per cent
per annum payable semlannually, both principal
and interest payable at the treasury of Maine. OF
the bonds so issued, fifty thousand dollars shall
ming with the year eighteen hundred and ninety
seventy Thousand per annum for ten years, begin
ming with the year nineteen hundred and two;
seventy-eght thousand dollars per annum, for ten
years, beginning with the year nineteen hundred
and twelve; aud all addtiodal bonds that may be
required for the purposes Aforesaid, shall be pay
with the year nineteen hundred and twenty-five.
No bonds shall be issued In excess OF the amount
required for the purposes Aforesaid. Each bond
so issued shall be signed by the treasurer, count
ersigned by the Governor. and attested by the
secretary OF state and the seal Of the State. The
treasurer may sign said coupons or his name may
Section 3-The treasurer of State, with the ap-
proval OF the Governor, In writing, Is hereby au-
thorized, subject TO the provisions of section 1--WE
of this act. TO exchange all any Of the bonds
thorized by section two of this act, for an equal
amount Of the bonds Of the State, maturing as
aforesaid. a now OUTSTANDING g on such terms as In
shall be advantageous TO the State but at a valu-
alton not less than the highest price received for
Section $50 many of the bonds authorized NV
this act as may be issued to renew and extend the
bonded indebtedness maturing June first, eigh-
bear interest from June first, eighteen hundred
and eighty nine. All other bonds authorized by
this act shall beldatedland bear interest from0cto
Der first, eighteen hundred and eightynine.
Section 5-The treasurer, with the approval of
the Governor In writing, shall advertise In such
papers as they deeI eSPssdisnt for proposals for
ing In such advertisement as near as may be, the
amount Of bonds to be negotiated, the maturity
thereof and the time Of delivery, with such pro-
visions as to the form and reception of proposals
az they deem expedient. And the treasurer with
the approval Of the Governor, in writing, may sell
or exchange and deliver. or contract TO sell or ex
change and deliver, said bonds or any part there
Of TO the party or parties who agree 10 receive the
m any ~ any ~ All o sne
proposals, as they adjudge to be best for the in
interest OF the State. In case all or any Of the
proposals are rejected, the treasurer, with the
approval aforesaid, may re-adyertise as often as
necessary, subject TO the aforesaid conditions,
and with the approval Aforesaid, sell or exchange,
ail gT asfSehange and deliver as
by this act. For the faithful performance Of all
contracts made under the provisions of this act,
the treasurer shall require bond or bonds, with
sufficient sureties.
Section Gin order to provide for the payment
of such Of the bonded Indebtedness OF the State,
maturing ON the first day Of June, ! $50, as shall
not have been renewed and extended as afOre-
said, the treasurer is hereby authorized 10 pro-
cure for the State, such temporary loan or loans,
IS may be necessary, and give its notes therefor.
payable within five months, with interest, not ex
ceeelng four per cent per anuum; and the pro-
ceeds OF such notes, are hereby appropriated to
the payment Of said bonded Indebtedness matur-
ing June i, 1889.
Section 1.-THE Treasurer of State, with the ap-
proya of the Governor, In writing, Is hereby aii-
thorized and directed, at such times and In such
amounts as they may determine, after public pro
posals therefor, separate from any sale or ex-
change OF bonds under this act to sell all Of the
ceeds thereof to the purchase or payment OF the
- bonded indebtedness OF the State, maturing
October !, 1889; and such proceeds, are hereby
paying said bonded indebtedness.
Section 8-The proceeds OF all bonds issued un-
der ne 3S o. 5ns 81 a are nssey
ness, maturing June 1st, 1889, and Oct LIST, 1889
ahd to the payment OF such notes as may be IS
sued under sections and 10 Of this act.
seefaon 9-Upon delivery to the State Treasurer
OF any registered bond issued under this act, by
the original holder or assignee thereof. or upon
delivery TO the State Treasurer OF any such cou-
pom bond, at auy time, an equivalent registered
bond or bonds, IN form as Aforesaid, shall be is
sued TO such holder or assignee In substitution
therefor.
Section 1O-An bonds paid or purchased, or re
ceiyed by the treasurer for exchange or registra-
tion under the provisions Of this act shall be ef.
fectualy efaeed, cancelled and destroyed. And
the treasurers shall keep register Of all regis
tered bonds issued under the provisions OF this
act, showing the serial number, date and amount
Of each certific ate, TO whom issued, when paya-
BILE, and also like description OF the bonds re-
ceived in lieu thereof.
Section 11-In order to provide for the payment
Of such of the bonded indebtedness OF the State
maturing on the first day OF October. eighteen
hundred and eighty-nine, as shall not have been
renewed and extended as aforesaid. and the tenn
porary loan or loans authorized by section six Of
this act, the Treasurer OF State Is hereby author
IL ID to procure for the State such temporary loan
or 10. ans may be necessary. and give the notes
of the 8 ate therefor, payable on such time. not
exeeedjn. year, and with snch rate of interest
not exceedh. e four per cent per annum. as may be
expedient The proceeds OF the notes authorized
by this section are hereby appropriated to the
vayment Of said bGuded Indebtedness and said
section 1S-Aa acts and parts % Of acts incon-
sis tent with this ac.., are hereby repealed.
S,,euon Is-This sct shall take effect when ap-
proved.