Year: 1859

order, as the case may be.


Sec. 4. The interest on all the certifi.
Gates of the funded debt of the State, SO 10
be issued as a domestic debt to renew any
portion of the funded debt of the State COM
ing payable as aforesaid, shall be made pay.
able semi. annually, (every six months,) on
the first day Of February and on the first day
of August in each year, from the time OF
their being issued. And the interest on all
the certificates of the funded debt of the
State 80 to be issued as a foreign debt, to
renew any portion of the funded debt of the
State coming payable as aforesaid, shall be
made payable semi-annually, (every six
months,) on the first day of January and on
the first day of July in each year, from the
time Of their being issued. And no certf-
cate of said funded debt so issued as for
eign debt, the principal and interest of which
shall be made payable in the city of New
York, shall be issued Of q less denomination
or amount than one thousand dollars, nor
for any fractional part of one thousand dol
lars above that sum but certificates of the
funded debt so renewed, the principal and
interest Of which is made payable at the
treasury of the State, at the seat of govern
ment of the State, as domestic debt, may
be issued in amounts Of one hundred dollars,
or of five hundred dollars, or one thousand
dollars, as may be preferred by the party or
parties taking the same, and also for any
fractional part OF the sinking fund of any
year. And there may be attached to all
such certificate SO issued us domestic debt,
interest, coupons, or debentures, for every
six months interest coming due and payable,
from the time OF the issuing of such certf-
cate to the period of the final redemption and
payment of the sumo which interest, cou.
pons, or debentures may be taken by the
county tire, urers in lieu of money in pay.
ment of take due the State, that is to say
the interest, coupons, or debentures coming
due on the first day of February in any year,
mOy be taken for taxes due the preceding
goth of December, and interest, coupons or
debentures coming due on the first day of
August in any year may be taken for taxes
due the preceding Goth of June, and be re.
ceived from them by the treasurer of state in
lieu of money, and paid over on the warrant
of the auditor OF state, drawn on the requisi-
ton of the commissioners of the sinking
fund, according to the requirements of law
for the payment of the interest on the funded
debt of the state but no such coupon or de-
benture shall be taken by any county. treas.
urer, or be received of any county treasurer
by the treasurer OF state, or by the commits.
sioners of the sinking fund, for greater sum
or amount than the simple interest expressed
therein and all such coupons or debentures
so paid by the state shall be cancelled, clas.
sifed, arranged, and carefully recorded, and
preserved in book or books, to be kept for
thet purpose by the said commissioners OF
the sinking fund, in their Office, at the seat
of government in lieu of the duplicate pay
rolls, as required in regard to the payment of
the semi-annual interest on the foreign fund.
ed debt of the state. And it shall also be
part oil the official duties of the said commits
sioners to make such requisition as afore.
said and it shall be part the official du


ties Of the auditor of state to draw such war
rant on the treasurer of state for the paving
over, as aforesaid. of all such coupons or de-.
| beniures as often as once in each week (and
oftener if deemed essential to the interests of
the state by either the auditor Of state or the
said commissioners in which any of the
| said coupons or debentures shall have been
received into the state treasury as aforesaid.
And the treasurer of state shall also make
out, and register in his office, complete sched.
ules of all such coupons or debentures so re-
ceived by him from county treasurers, and
paid over to the commissioners Of the sink.


ing fund on the warrant of the auditor of
state, drawn as aforesaid and also shall fur.
nish copies all such schedules to the comp.
troller of the treasury at the close OF bust.
ness on each day, in which any such coup.
ons or debentures shall be SO paid over BY
him.


Sec. 5. 1t is hereby made the special
duty of the commissioners of the sinking
fund 10 advertise for proposals or bids for
the taking OF all or any portion of the fund.
ed debt of the state SO to be renewed, as
herein provided, as domestic debt as here
in described, for the term of at least six
months next preceding the time set for the
closing of such bids or proposals for the
taking of such domestic debt in at least one
newspaper of general circulation, published
in each county in this state. And whatever
portion Of the said debt SO to be renewed,
at such time as shall remain without being
taken as such domestic debt on the terms
herein specified, after the expiration of the
said term of elk months in which the same
may be take as such domestic debt as afore.
said, shall he offered by the said board oil
commissioners of the sinking fund for. the
sale in the city OF New York as a foreign
debt and for that purpose, the said com
missioners shall advertise for proposals or
bids for the same in at least two newspo pers
of general circulation, published in the city
of New York, Tor term OF at least sixty days
next preceding the day set for the closing
of the bids or proposals for the taking OF
the same. And all certificates of such re-.
newed funded debt that may be issued as
such domestic debt, as herein described,
shall be issued by the said commissioners
Of the sinking fund to the party or porties
who shall take the same as such domestic
debt as aforesaid, OF the lowest rate of in.
terest not exceeding six per centum per
annum, and at par, that being the full
amount as expressed upon the face OF the
certificate thereof. And for all such par,
or portion of the fouded debt of the state
so to be renewed, that shall not be taken
as domestic debt as aforesaid, within the
term Of six months 40 aforesaid, the SAID
commissioners of the sinking fund shall
issue the certificates thereof to such party
or parties who shall agree to take the same
with the principal and the interest thereon,
payable in the city of New York, as for
eign debt, as herein specified at the highest
rate otpremium for such as shall bear interest
at the lowest rate of interest, under six per
centum per annum, at par, as the said
commissioners may judge to be most for
the interest of the state provided, that on
bids or offers to take either as domestic
or foreign debt containing factional parts
of one per centum other than one quarter