Year: 1871

|
the treasury applicable to the redemption Of
bonds, and the number of bonds numbering |
therein the order of their issuance, which are re- |
deemable; and three months from the date of |
the expiration of such advertisement such bonds
unless sooner paid shall cease to draw interest. |
but the money for the redemption of such bonds |
shall remain in the treasury to pay such bonds
whenever presented
! SEC TO- For the payment within twenty |
years of the principal and interest of the bonds
issued under this Act there shall be and is here
by levied annually, after any bonds have been
issued under this Act, such rate of tax on each
one hundred dollars of the assessed value of
real and personal property in the State, to be
computed by the Controller of State on the ba-
sis of the assessed value of such property for
the preceding year, shall produce annually,
for the first five years, seven per centum OF the
| amount of such bonds issued; for the next ten
years thereafter, twelveper centum of the amount
| TO such bonds issued, and thereafter, until all
on such bond TIE date which they received
the same, and from whom, the number and
amount of the bond issued in exchange therefor,
and shall file such bond In the office of the Sec
| retary of State.
| the bonds are issued under this Act are paid, ff
teen per centum of the amount of such bonds
issued The Controller shall certify the rate of
tax thus computed by him to the several County
! Auditors, and the SAID Auditors are hereby di-
rected and required to enter such rate ON the
sessment rolls of ther respective counties, in
the same manner and with the same effect as is
provided by law in relation to other State taxes.
Every tax levied under the provisions author
ity of this Act is hereby made a lien against the
property assessed, which lien shall attach on
! the first Monday in March i'll each year, and
shall not be satisfied removed until such tax
has been paid. All moneys derived from taxes
authorized by the provisions of this section shall
be paid into the State treasury, and shall be ap-
Piled


FirSt-1o the payment of the interest on the
bends issued ly tie provisions of this Act
Second-To the payment of the principal of
such bonds.


Prorided, that all moneys remaining in the
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-
AIRY 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 The pay
ment of the interest, as provided in the preced-
ing section, surplus of ten thousand dollars or
more, it shall be the duty of the Treasurer to ad
vertlse, for the space of one month, III one daily
newspaper published in English, i'll the city of
New York, and for one month i'll one daily news
paper, published in English, at the State Capital
for sealed proposals to be oponn,l one H. tn nf
ter the expiration of such publication by tho
/ Treasurer III presence of the Governor or Con-
troler, 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; anP' they
shall accept the lowest proposals. q rates not
| exceeding par value, as may redeem tne greatest
! amount of bonds, until the amount of cash on
! hand for the redemption is exhausted; py0cided
! however, in case sufficient amount of such
bonds shall not be offered, aforesaid, to ex-
haust the Sinking Fund to II 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 tie number of bonds, numbering
them in the order of their issuance, which such
fund is set apart to pay and discharges and II
| such bonds numbered in such advertisements
shall not be presented for payment and cancela-
ton at the expiration of such publications, then
| such fund shall remain in the treasury to dis
| charge such bonds whenever presented, but they
| shall draw interest after the expiration Of
such publication; before any of said bonds shall
be paid they shall be presented to the Controller,
who shall indorse on each bond the amount due
thereon, and shall write across the face of each
bond the date of its surrender and the name of
the person surrenderng


SEC. u. 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 Gf 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 at all times
| be open to the inspection of any party interest
ed or the Governor or tie LttCrreyGeneral, or
n committee of either branch Of the Legislature,
or Joint committee of both.


SEC 49, It shall be the duty of the Treasu-
rer to pay The interest on said bonds, when the
| I'm. &c r.;1 T,to,a !
sufficient; and if said fund be not sufficient then
to pay the deficiency out af the General Fund;
pr0rided that the Controller of State shall first
draw his warrant on the Treasurer, payable to
the order cf eaid Treasurer, for the amount of
interest money about to become due, which said


interest warrant shall be drawn at least one
month preyious to the maturing of the interest.
SEC. a. This act shall take effect sixty days
after the next general election, as to all its pro-
Visions except those relating to and necessary
for its submission to the people and for return
ing, canvassing and proclaininS the votes, which
shall take effect Immediately.


SEC 15 This Act shall be submitted to the
people Of the State for their ratification mt the
next general election, and the qualified electors
of this State SHALL as 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 their ballots the words, "Refund
the Debt Yes +" and those voting against the
same, shall write or have printed ON their ballots
the words, Refund the Debt-No.


SEC. 49, 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, as atore-
said, are in favor of this Act, then the same
shall have effect herenbefore provided, and
shall be irrepealabe until the principal and in
terest of the liabilities herein creates shall be
, paid and discharged, and the Governor shall
make proclamation hereof; but if a majority of
the votes So cast are against this act, then the
same shall become void.


SEc.17. It shall be the duty o: the Secretary
of State to have this Act published il 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. lSIl-3m