The Portland daily press., 1889-04-05

SECT 2 This act shall take effect when approved
lApproved March 49,
Chapter 3OS.
AN ACT to provide for the Refundng of the Public Debt
Refunding of the Public DEBIT approved February
twenty-six eighteen hundred and eighty-nine
SECT. /. An act entitled, "An Act to provide for the
refundng of the Public Debt approved February twenty
six, eighteen hundred and eghtynine hereby repealed
the bonded Indebtedness this state which natures June
first and October first eighteen hundred eighty
and of paying the temporary loan authorized by section
six of this act the of state is hereby authorized
to new bonds in sums Of not less than thousand
dollars each with coupons attached for the payment the
interest," at the rate of three per per ann PAYABLE
both principal and interest payable in Bos
the whole part thereof transferable by assignment
with interest at the of three per per annu pay
able both principal and interest payable at
thousand dollars shall be payable per annum for twelve
years, beginning with the eighteen hundred and
ginning with the year nineteen hundred and seventy
eight thousand dollars per annum for ten years. begin
ming with the year nineteen hundred and twelve and all
additional bonds that may be required for the purposes
aforesaid shall be payable in eight equal annual payments
beginning with the year nineteen hundred twetytwo
No bonds shall be issued in the amount required
for the purposes aforesaid Each SO issued shall be
signed by the treasurer countersgned by the governor
and atesed by the secretary of state with the
state The treasurer may sign said coupons his name
SECT The state with the approval of the
governor in writing is shereby authorized ubect to the
provisions of section five of this act to exchange all or any
of the bonds authorized by section two of this act for an
equal OF the bonds the
said now outstanding on such terms as in his Judgment
and in the opinion of the shall be advantageous
the stae but valuation not less than the highest
price received for bonds sold under this act.
SECT A. So many of the bonds authorized by this act as
may be issued to and extend the bonded indebted
maturing June first, eighteen hundred and eighty
nne shall be dated and bear interest from June first egh
teen hundred and eghtynine All other bonds authorized
by shall be interest from October
first eighteen hundred and eighty-nine
SECT s. The treasurer, with the approval of the gov
ernor writing shall advertise such papers as thew
deem expedent for proposals for the sale exchange
may be- the amount of bonds to be negotiated the ma
turty thereof and the time of delivery with provs
ions the form and reception of proposals
expedent And the treasurer with the approval of the
governor in writing may sell or exchange and deliver
contractto sell exchange and deliver said bonds
any part thereof to the party parties who agree
ceye the same or any part thereof at the highest rate Of
they adudge to be best for the interest of the state
case all or any of the proposals are rejected the
with approval aforesaid may readverise as often as
necessary subject to the aforesaid conditions and with
sell or exchange deliver aforesaid all or any part
of the bonds authorized by this For the faithful per
Torrance of all contracts made under the provisions of
this act the treasurer shall require bond bonds, with
sufficient surities
SECT g. In order to provide for the payment of
of bonded Indebtedness of the state maturing on the
first day of June, eighteen hundred and eighty-nne as
shall not have been renewed and extended aforesaid
the hereby authorized to procure the stat
such temporary loan or loans as may be necessary and
interest," not exceeding four per cent per annu and the
proceeds of such notes. hereby appropriated to the
payment of said bonded Indebtedness maturing first
eigeteen hundred and eghty-nine.
SECT T. The treasurer of state, with the approval of
the governor, in writing, hereby authorized and di-
rected such times and in such they may de
ermne, after public proposals therefor separate from
any sale exchange of bonds under this act sell all of
bonds the sinking fund.- and to apply the proceeds
thereof the purchase, payment of the bonded in
debtedness of thu state maturing October first eighteen
hundred and eghtynne; and such proceeds hereby
appropriated for the purpose of purchasing paying said
bonded Indebtedness
SECT 8. The proceeds of all bonds issued under the
provisions of this act hereby appropriated to the pay
ment said bonded Indebtedness maturing June first,
eighteen hundred and eighty-nne and October first,
dpin Qn6f
such may be issued under sections six and ten of
this act.
SECT. Upon delivery to the state of any
registered bond issued under this act by the original
holder assignee thereof upon delivery to the