Year: 1871




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 as
sessment rolls of their 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 or author
ity of this Act is hereby made lien against the
property assessed, which lien shall attach on
the first Monday in March in each year, and
shall not be satisfied or 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--To the payment of the interest on the
bonds issued by the 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 en- such bonds then due has been paid,
shall be transferred by the Treasurer =. S,o+o 70
the General Fund. VI


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 .he 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
NtTtlSt, lOT tut space VI one UlOulI, Ill uuli.
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-
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; and ley
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 is exhausted prorided,
however, IN case a sufficient amount of such
bonds shall not be offered, as aforesaid, to ex-
haust the Sinking Fund to less amount than
ten thousand dollars, then it is hereby made the
duty of the TrearuIer 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 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 no interest after the expiration OF
such publication; before any of said bonds shall
be paid, they shall be presented to the Controller
who shall iniorse on each bond the amount due
thereon and shall write across the face of each
bond the date of its surrender and the name o..
| the person Surrendering.


SEC. u. The Treasurer of State shall keep n
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 abstract of all his pro-
ceedugs 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 the Attorney General, or
committee of either branch of the Legislature,
or Joint committee of both.


Sec. l3. 1t shall be the duty of the Treasu-
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 sufhc ent, then
to pay the deficiency out af the General Fund;
prorided, 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.


SEC. Ii. 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 peope, and for return
ing. canvassng and proclaimng the votes, which
shall take 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
OTIS for State officers, vote for or against this
Act; those voting for the same, shall write OF
have printed on their ballots the words, 'Refund
the Debt--Yes,' and those voting against the
same, shall write or have printed on their ballot.
the words, 'Refund the Debt--No.


SEC. l6 The votes cast for and against this
Act shall be counted, returned aud cancelled
and declared in the manner and subjec
to the same rules votes cast for the Treasu
rer of State. and if it appears that majority o
all the votes cast for against this law as afore
said, are in favor of this Act, then the same
shall have effect herNinbefore provided, ant
shall be irrepealable until the principal and in
terest of the liabilities herein created shall b,
paid and discharged, and the Governor shall
make proclamation hereof; but if majority o
the votes cast are against this Act, then th
same shall become void.


SEC. II. 1t shall be the duty of the Secretar,
of State to have this Act published in one news
paper in each judicial district of this State, TO
three months next preceding the next genera
election, for which publication no greater allow
ance shall he made than the rates allowed b,
law to the State Printer


June Sd, 1871.-3m.