Year: 1860

No. 110. AN ACT


To provide for the final payment anc


redemption of the Public Funded
Debt of the State of Ohio.


SECTION l. Be 1t enacted By the Gen.
eral assembly Of the State Of Ohio, That
the commissioners of the sinking fund
for the time being, be and they are
hereby authorized, empowered and re
quired, at periods previous to and near
the time at which any portion Of the
funded debt of this state shall become
payable according to the terms expressed
upon the face of the certificates thereof,
to make and issue in due form agreeably
to the laws of the state In such cases
made and provided, certificates of the
funded debt of thestate of such numbers
and amount as shall be sufficient, from
the proceeds thereof to redeem so much
of said debt then about to become pay
able as shall not have been paid or fully
provided for, by the application thereto
of the sinking fund established and
fixed by the constitution &C the state
and raised by law. And such certif-
Gates shall be made redeemable and pay
able at such time and times, after being
issued, as in the Judgment of the said
commissioners may be most convenient
and advantageous for the final redemp-
ton and payment. Of the same BY the ap-
preparation to that purpose of the sink
ing fund, established and raised as afore-
said. The time and place of the final
redemption and payment of the princi-
pal and of the, payment of the interest
thereon by the state, and the rate of in
terest, shall be clearly expressed on the
face of each certificate; but no certificate
shall be issued or made payable after the
first day Of January, eighteen hundred
and ninety one, except at the pleasure of
the state; and the faith of the state is
hereby irrevocably pledged thatthe value
Of the certificates Of the funded debt
herein authorized to be issued shall in
no wise be impaired or diminished by
any act of the legislature, OF other au=
thorities of this state.


SEo.t2. All or any portion Of such
~ certificates of the funded debt of this
state, as herein authorized and described,
may be made and issued as domestic
debt, the principal and interest thereof
to be payable at the treasury of the state
at the seat Of the state government, or
as foreign debt, the principal and the
interest of which shall be payable at the
office of the agency of the state in the
city of New York, and at no other place
or places whatever; and the certificates
so issued as domestic debt shall be
issued and made transferable on the
books of said commissioners at their
Office at the seat of government; and
the certificates issued as foreign debt
shall be transferable on the books of the
comm issioners in the manner prescribed
by law


SEC. 3. The interest on all such GER
tifcates as may be issued as domestic
debt, as aforesaid, shall be made payable
semi-annually, on the first day of Feb
ruary and on the first day of August, in
each year. after the issuing thereof until
the final redemption and payment of the
principal; and the interest on all such
certificates as shall be issued as a foreign
debt shall be made payable semi annually,
on the first day Of January, and the first
day of July, in each year, after the is
suing of the same until the final redemp-
ton of the principal thereof.


Sec. 4. Whenever it shall become
necessary to issue certificates of the fun
ded debt of the state, as authorized and
directed in the first section of this act, the
same shall be offered by the commits
sioners of the sinking fund for. sale in
the city of New Y ork; and for that pur-
pose the said commissioners shall adver-
tise for bids or proposals for the taking
OF the same, in at least two newspapers
of general circulation published in the
city of New York, for term of at least
sixty days next preceding the day for
the closing the reception of bids or pro
posals for taking the same, and such GER
tifcates shall be issued to the party and
parties who shall agree to take the sum,
or any part thereof, at the highest rate
Of premium and at rate Of interest not
exceeding six per centum per annum, or
at par, at the lowest rate of interest un-
der six per centum per annum, as the
said commissioners shall judge to be best
for the interest Of the state. No por-
tion of said certificates shall be sold or
disposed of at rate or price less than
theamount expressed on the face thereof;
nor shall any commissions, expenses or
charges be allowed ON the sale and con-
version thereof into money, SO as to re-
duce the net amount realized therefor
below the amount expressed on the face
Of the certificate or certificates so issued
and no certificate shall be issued bearing
a rate of interest exceeding six pei
centum per annum In all cases where
there shall be more than one bid or pro-
posal to take all or any portion of the
certificates SO to be issued as aforesaid
at rate equal to each other, and most
to the interest of the state said commits
sioners shall apportion the amount
equally and fairly. among the. parties
making such bids or proposals; and the
commissioners may adopt such other
regulations in relation to the form and re:
ception Of bids or proposals as they may
deem advantageous to the state. Pro
Vided, however, that whenever certif
Gates of the funded debt of the state, tc
he issaed as authorized by the first sec
tiea of this act, and which shall bear 3
rate OF interest not exceeding i've pei
centhm per annum, can be sold at {
price equal to or greater than the pal
value thereof, or exchange for an equiea
lent amount at its par value of the then
outstanding funded debt of the state, ths
commissioners of the sinking fund art
hereby authorized and permitted SO t.
sell or exchange such certificates or any
part thereof, without advertising for bid
or proposals for the same, and at an,
place or places where such sale or ex
change can be effected. 30


Sec. 5. The net proceeds Of the sal
bf the certificates of the funded debt o
the state, issued under the authority o