Year: 1859

sioners) in which any Of the said cou.
pons or debontures shall have been re-
ceived into the State treasury as afore.
said. And the treasurer Of State shall
also make out and register, in his Of
fee, complete schedules Of all such cou-
p5us or debenturos so received by him
from county treasurers, and paid over
to Che commissioners Of the sinking
fund on the warrant of the auditor Of
State, drawn as aforesaid; and shall al
SO furnish copies Of all such schedules
to the comptroller Of the treasury at|
the close Of business on each day, in
which any such coupons or debsntures
shall be paid over by him.


Section b. 10 is hereby made the
special duty of the commissioners Of
the sinking fund to advertise for pro-
pOsals or bids for the taking of all or
any portion of the funded debt of the
State TO be renewed, as herein provided,
as a domestic debt as herein described,
for the term Of at least six months next
preceding the time set for the closing
of such bids or proposals for taking of
such domestic debt in at least one news
paper Of general circulation published
lin each county in this State. And
whatever portion of the said debt so to
be renewed, at such time, as shall re.
main without being taken as such do
nestle debt on the terms herein speci-
fed, after the expiration of the said term
Of six months in which the same may be
be taken as such domestic debt as aforo-
said, shall be offered by the said board
of commissioners Of the sinking fund
for sale in the city of New York as
foreign debt, and for that purpose the
commissioners shall advertise for pro-
posals or bids for 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 pre-
coding 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 describ-
ed, shall be issued by the said commits
sioners Of the sinking fund to the party
or parties who shall take the same as
such domestic debt as aforesaid. at the
lowest rate Of interest not exceeding six
per ccntum per ahnum, and at par that
being the full amount as expressed up
on the face of the certificates thereof
And for all such part or portion Of the
funded debt of the State so to be re-
newed, that shall not be taken as a do
mestic debt as aforesaid, within the term
of six months as 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 in
tarost thereon, payable in the city of
New York, as a foreign debt, as herein
specified, at the highest rate Of premium
for such as shall bear interest at the
rate Of six per ceutum per annum, or at
the lowest rate of interest, under six
per centum per annum, at par, rs the
said commissioners may judge to bo
most for the interest of the State: pro-
vided, that no bids or offers to take eth
or as a domestic or a foreign debt con-
tanning fractional parts of ono per cent
um other than one quarter over half or
three-quarters shall be received, and i'm
no case shall there be any certificate of
this State issued so to redeem any por-
ton Of the funded debt of this State
coming payable, that shall bear high
er rate Of interest than six per cent per
annum; nor shall any such certificate
bearing interest at the rate of six per
cent. per annum be issued, sold ex-
changed, or disposed of in any way
whatever, by the said commissioners, at
a price less than par. Nor shall there
be any commissions, expenses or char
ges allowed on the sale and conversion
thereof into money that shall reduce
the net amount brought into the State
treasury below the amount expressed
upon the face Of the certificate so issued


Section 6. That in all cases where
there shall be more than one bid or pro-
posal to take any portion of the funded
debt of the State so to be removed, eth
er as a domestic debt or as foreign
debt, as herein described, at arate equal
to each other, and most to the interest
of the State, the commissioners Of the
sinking fund shall apportion the amount
/ equally and fairly between the parties
making such bids or proposals, provi-
ded, that bids for the smallest amounts
Of the domestic debts shall be preferred
to bids for larger amounts at the same
rate.


Section ?. Any holder of certiG,
cate of the foreign debt Of the State
may at any time surrender the same to
the commissioners of the sinking fund.
and receive in lieu thereof certificate
of equal amount Of the domestic debt as
herein specified, and said commissioners
shall make the necessary registries and
entries on their books and cancellation
and transfers thereof.


Section s. The following schedule
or statement of the funded debt of the
State exhibiting the amounts and the
times when the various portions there
Of come payable 10 the State, to-wit:
/ OF the foreign debt, the interest of


which is payable in the city Of New


York,


1st. Six millions, four


/ hundred and thirteen


thousand, three buu-


dred and twenty-five


dollars and twenty


seven cents, bearing


/ interest at the rate of


six per cent. per nn-