Pennsylvania Act 1858-467 — PUBLIC DEBT - PAYMENT FROM SINKING FUND

Act text

PUBLIC DEBT - PAYMENT FROM SINKING FUND
                 Act of Apr. 22, 1858, P.L. 468, No. 467              Cl. 72
                                  AN ACT

     To establish a Sinking Fund for the Payment of the Public Debt.

        Section 2.  Commissioners of fund; duties
        The Secretary of the Commonwealth, the Auditor General and
     the State Treasurer are hereby constituted commissioners to
     receive the foregoing incomes and revenues, and apply the same,
     first to the payment of the accruing interest of the public
     debt, and second to the principal thereof, and not otherwise,
     except as provided in section four, article eleven, of the
     Constitution of this Commonwealth; and it shall be the duty of
     said commissioners, within ten days of the time of payment of
     interest upon the funded debt of the Commonwealth, in the months
     of February and August in each year, to assign to said sinking
     fund such amount of surplus funds in the treasury as may not be
     necessary for current outlays, and may be required for the
     payment of said interest; and the amount so assigned shall be
     transferred to said sinking fund, and the account thereof kept
     as provided in this act.  1858, April 22, P.L. 468, Sec. 2.
        Section 3.  Report of Commissioners to Governor
        It shall be the duty of the said commissioners on the first
     Monday of September, 1859, and on the same day annually
     thereafter to report and certify to the Governor the amount
     received under this act, the amount of interest paid and the
     amount of the debts of the Commonwealth redeemed and held by
     them, whereupon the Governor shall direct the certificates
     representing the said indebtedness to be cancelled and on such
     cancellation issue his proclamation stating the fact and the
     extinguishment and final discharge of so much of the principal
     of said debt. 1858, April 22, P.L. 468, Sec. 3.
        Section 4.  Report of Commissioners to Legislature
        The said commissions shall, within ten days after the
     organization of the legislature in 1859, and within the same
     time annually thereafter, report to the Legislature the amount
     of the public debt so as aforesaid liquidated and proclaimed by
     the governor to have been cancelled, the amount then remaining
     due, and the annual interest thereon and what increase or
     modification of the fund hereby created may be made, and what
     increase or reduction of taxes may be required or made, in order
     that the Legislature may provide for such contingencies as may
     arise.  1858, April 22, P.L. 468, Sec. 4.
        Section 5.  Minutes of proceedings of commissioners
        The said commissioners shall keep full and exact minutes of
     their proceedings, which shall at all times be open to the
     inspection of the governor and legislature, and their annual
     report shall contain a detailed statement of their receipts and
     disbursements, the dates of the purchase of the public debts,
     the prices paid, and the place where said sale was effected.
     1858, April 22, P.L. 468,Sec. 5.
        Section 6.  Books and accounts to be kept by Commissioners
        It shall be the duty of the said Commissioners, to open books
     in the State Treasurer's Department, keep separate and distinct
     accounts of all moneys received and disbursed under this act,
     specifying the source of revenue and when paid, and from time to
     time, as the funds paid in may justify, apply the same to the
     payment of the accruing interest of the public debt and the
     principal, at or before the semi-annual payments thereof may
     become due. 1858, April 22, P.L. 468, Sec. 6.
        Section 7.  Salary of commissioners; clerk.--The said
     commissioners shall receive each an annual salary of three
     hundred dollars for their services, and are hereby authorized to
     employ in the treasurer's department one clerk, at an annual
     salary of one thousand dollars, whose duty it shall be to keep
     the books and minutes of proceedings, as provided for in this
     act, and such other services as may be required by said
     commissioners.
        (1858 ACT 467 P.L. 468 SEC. 7)