Year: 1871

| State treasury on the third day Of January, in
each year for the first five years after the issu-
ance of any bonds under this Act, after all the
interest on such bonds then due has been paid
shall be transferred by the Treasurer Of State to
the General Fund.


SEC. IL. Whenever on the third day Of Janu-
ary or July, in any year, after the expiration OF
five years from the date Of issuance of any bonds
under this Act, there remains, after :he pay
ment Of the interest, as provided in the preced-
ing section a surplus of ten thousand dollars or
more, it shall be the duty of the Treasurer to ad
vertse, for the space of one month, in one daily
newspaper, published in English in the city OF
New York, and for one month in one daily news
paper, published in English, at the State Capital,
for sealed proposals. to be opened one month af
ter the expiration Of such publication by the
Treasurer, in presence Of the Governor or Con-
troller at the State CAPITOL for the surrender of
bonds issued under this Act, which advertise
ment shall state the amount Of money he has on
hand for the purpose of redemption; and they
shall accept the lowest proposals, at rates not
| exceeding par value, as may redeem the greatest
amount of bonds, until the amount OF cash on
hand for the redemption il exhausted; proridsd,
however, IN case @,.n"@n. @....". amount OF sueh
bonds shall not be offered as aforesaid, to ex-
haust the Sinking Fund to q less amount than
ten thousand dollars, then it is hereby made the
duty Of the Trearurer TO advertise in two news
papers, one in New York and one at the Capital
of this State for three months, which advertise
ment shall state the amount in the Sinking
Fund and the number Of bonds, numbering
them in the order of their issuance. which such
fund is set apart to pay and discharge and if
such bonds numbered in such advertisements
shall not be presented for payment ard cancela-
ton at the expiration of such publications, then
such fund shall remain in the treasury to dis
charge such bonds whenever presented, bat they
siall draw no interest after the expiration Of
"a, rafin hef, m of
be paid they shall be presented to the controller,
who shall indorse on each bond the annognt due
thereon, and shall write across the face of each
bond the date of its surrender and the Nnc Of
the person surrendering.


SEC r. The Treasurer of State shall keep
full and particular account and record Of all his
proceedings under this Act, and of the bonds
redeemed and surrendered, and he shall trans
NIT to the Governor an abstract OF all his pro-
ceediugs under this Act, with his annual report,
to be by the Governor laid before the Legisla-
ture; and all books and papers pertaining to the
matter provided for in this Act shall tall te S
be open to the inspection of any party interest
ed or the Governor or the Attorney General, or
a committee of either branch Of the Legislature,
or Joint committee of both


SEC. 10. 1t shall be the duty OF the Trensu-
rer to pay the interest said bonds, when the
same falls due, out Of said Interest Fund, if
sufficient; and If said fund be not sufficient then
to pay the deficiency out nf the General Fund;
proriIed that the Controller of State shall first
draw his warrant on the Treasurer, payable to
the order of said Treasurer, for the amount of
interest money about to become due, which said
interest warrant shall be drawn at least one
month previous to the maturing Of the interest.
SYc. Il. This act shall take effect sixty days
after the next general election, to all its pro-
visions, except those relating TO and necessary
for its submission TO the peop'e, and for return
ing. canyassng and proclaiming the votes shich
shah ;ake effect Immediately.


SEC Is This Act shall be submitted to the
people Of the State for their ratification, at the
next general election, and the qualified electors
of this State shall, at said election on their bal
lots for State officers vote for or against this
Act; those voting for the same, shall write or
have printed on their ballots the words, Refund
the Debt Yes, and those voting against the
same shall write or have printed on Their ballots
the worls, "Refund the Debt-No."


SEC I6 The votes cast for and against this
Act shall be counted, returned and cancelled
and declared in the same manner and subject
to the same rules as votes cast for the Treasu-
rer of State. and if it appears that majority of
all the votes cast for against this law afore
said, are in favor Of this Act, then the same
shall have effect as herHinbefore provided and
shall be irrepealabc until the principal and in
terest OF the liabilities herein created shall be
paid and discharged and the Governor shall
make proclamation hereof; but II majority OF
the votes SO cast are ngain1t this Act, then the
same shall become void.


SIC II. 1t shall be the duty of the Secretary
of State to have this Act published i'll one news
paper in each judicial district of this State, for
three months next preceding the next general
election, for which publication no greater allow
ance shall he made than the rates allowed by
law to the State Printer.


June 3D., 1S7l-3m.