Year: 1874

BE ii enacted etc. SECTION /. That q
state board Of finance be and the same is
hereby created, for the period OF -four
years.


Sec. 2 The said board Of finance shall
consist of the governor, or acting gov
ernor, for the time being, aud two other
members, to be chosen by the general
assembly, on joint ballot, who shall hold
Office for the term OF two years, unless
the Office shall be sooner abolished by
law aud until their successors are elected
and qualified. In case OF vacancy occur
ring in said board, when the Legislature
is not in session, the same shall be filed
by the remaining members thercof other.
wise, it shall be filed by the general as
sembly on joint ballot.


Sec 3. The governor, or acting gov
ernor for the time being. and one other
member Of said board, shall constitute q
quorum for the transaction OF business.


Sec. A. The said board shall keep q
record, in which full minutes Of the pro.
ceeding, Of each meeting, and record Of
all acts OF the board, shall be entered,
which record shall be open at all times,
TO the inspection Of each member OF the
said board and of the auditor snd treas
urer Of the state.


Sec. 5. The said board shall have gen
eral charge and control Of the financial
interests OF the state, and shall have power
to appoint a financial agent Of the state
in the city of New York, which agent
shall receive such compensation for his
services as may be prescribed by law, but
the first board created by this act shall
receive no compensation for their servi
ces.


Sec G. The said board shall cause to
be printed or engraved, two thousand
five hundred state bonds, each Of the de-
nomination of one thousand dollars,
payable thirty years from date, with cou'
pons for interest thereto attached. at the
rate of six per cent per annum, payable
on the first days OF January and july Of
each year, in the city of New York, or
in the city Of Little Rock, at the opinion
or the holder. The said bonds, when
ready for signature, shall be delivered by
said board into the custody of the trea'
surcr for safe keeping.


Sec. 7. The said board is hereby au'
thorized to sell any of said bonds, and
may receive in payment thereof, at par
any Of the warrants of the auditor or Ger.
tilicates of the treasurer OF the state now
outstanding, but il the said bonds, orany
of them, shall be sold for money such
sale shall not be made for less than 60
per centum of their par value: Provided
that said board may, from time to time,
increase the minimum price at which
such sales shall be made. ,.
Sec. g. When any such contract OF sale
shall have been made the said board shall
make rsquisition on the treasurer Tor the
amount Of bonds contracted for, and the
said bonds shall then be signed by the
governor and attested by the secretary OF
state, and then delivered to said board,
and By them countersigned and returned
to the treasurer. who shall be charged by
the said board with the amount thereof
as cash, notifying the treasurer OF the
teams and conditions on which the said
bonds shall have been contracted III the
contract be for cash, the treasurer shall
deliver the bonds to the purchaser on tbe
payment thereof, and the said board shall
then credit the treasurer with the amount
OF the discount at which the said bonds
may have been sold, but IL such sale
shall have been made for auditor's war.
rants or treasurers certificates as afore-
said, the treasurer shall verify the genu'
ineness OF the same, aud they shall be
forth With burned in the presence OF the
auditor, or his principal assistant, and OF
at least one member Of said board, after
which the said bonds may be delivered TO
the purchaser. The treasurer shall keep
book, in which shall be entered the
name of the purchaser and his agent,
presenting such warrants and certificates
il they be presented by an agent; the
the veriication OF the same, the nameof
the officer or clerk by whom the veriica-