sureties. SEC. 13. When the County Commissioners shall have issued Trustees of bonds as aforesaid, they shall appoint by resolution of their county bonds. board, to be recorded in the minutes, a financial committee of three persons, who shall be resident free-holders of the county, to be styled Trustees of County Bonds, who shall each give bond running to the County Treasurer, with sufficient sureties, Their bond and in such sum as may be required by the County Commissioners, conditioned that the said Trustee shall faithfully discharge the trust confided to him, and shall pay over and duly account for all such sums of money as may come to his hands by virtue of such trust, which said bond shall be approved as to form and the sufficiency of securities by the Board of County Commissioners, and the County Commissioners may, from time to Additional time, as circumstances may require, demand additional security from any such Trustee. (c) sureties. trustees. SEC. 14. All money collected to pay the interest, or for a Collector to pay sinking fund of said bonded debt, shall be paid over by the taxes to Collector of Revenue or other person receiving the same on account of taxes collected or property sold therefor to the said Trustees, and the said Trustees are required to pay out of the moneys so received the interest of said county bonds, and to Application of invest the residue in the bonds aforesaid, or in bonds or stocks of the United States bearing interest, to be held as an accumulating fund for the ultimate redemption of said county bonds. (c) same. SEC. 15. The said Trustees shall annually, on such day as Annual report may be required by the Board of County Commissioners, ren- of trustees. der a report to the said board, in which they shall state the amounts of money received and for what purposes and from what sources, severally, and when received, and where and how the same has been invested, and enumerating the kind and amount of the securities held therefor, describing the same separately, and such other matters as may be required by the board in order to a full understanding, which said report shall be published at length by order of the board. (c) of trustees. SEC. 16. The said Trustees, or either of them, may resign at Resignation any time by a communication in writing to the Board of and removal County Commissioners, and any number of said Trustees may be removed for cause by the Judge of the Circuit Court of the Circuit in which the county is situated, upon petition signed by any bondholder or tax-payer, setting forth the cause of complaint; but no Trustee shall be removed without notice, and an opportunity to be publicly heard, unless it appears that the accused Trustee has absented himself so that notice could not be served. (d) cancies in SEC. 17. In all cases where such vacancy shall occur it shall Filling of vabe filled by nomination of the Trustees, and confirmation by board. the Board of County Commissioners, and in case the said Trus (o) Secs. 13, 14 and 15, Chap. 2088, Act of March 2, 1877. (d) Sec. 16, Chap. 2088, Act of March 2, 1877. Compensation of trustees. tees do not, within fifteen days after written notice of the existence of such vacancy, appoint a suitable person to fill such vacancy, the Board of County Commissioners shall nominate a suitable person to fill such vacancy, whose nomination shall be confirmed by an order of the Circuit Court, and the person so appointed as Trustee shall give security as herein before provided. (d) SEC. 18. The said Trustees shall have such compensation for their services as may be allowed by law to the County Treas urer for the safe-keeping and disbursement of the moneys which may come into their hands as said Trustees, to be paid out of the county treasury. (d) CHAPTER 13. BONDS OF THE STATE. 1. Bonds of 1856, Governor authorized to issue. 2. When and for what sum is- 3. Governor shall negotiate. 5. Interest, when to be paid. 7. Certain expenses of Governor 8. Sinking Fund authorized. 10. When and for what purpose 11. Treasurer to pay certain interest. 12. Bond of 1866, Governor authorized to issue; certain proceeds pledged for its payment; proviso. 13. Proceeds of this loan, how applied. 14. Bonds of 1866, Governor authorized to issue; interest, how and when payable. 15. Purposes for which bonds were issued. 16. Certain bonds belonging to the different funds ordered sold, and bonds of this State substituted therefor. 17. Bonds of 1868, Governor authorized to issue. 18. By whom signed, when and where redeemed. 19. What State debt is acknowl edged. 20. Interest, what reserved to pay. 21. Governor authorized to issue other bonds. 22. Governor authorized to sell bonds for certain purposes. 23. Proceeds of sale; how and for what appropriated. 24. Seven per cent. bonds authorized to be issued; Comptroller to prepare bonds. 25. Date, denomination, coupon, and interest. (d) Secs. 17 and 18, Chap. 2088, Act of March 2, 1877. 26. Governor and Treasurer to sign; seal of State to be affixed; record of bonds to be made. 27. Bonds exchanged for warrants. and sinking fund on the bonds, how secured and paid, and what tax to be levied. 48. Taxes levied to pay interest and sinking fund cannot be used 28. Warrants, how and when for any other purpose. cancelled. 29. Bonds exempt from taxation. 30. Sinking Fund, how secured; duties of Assessors of Taxes with reference to collecting of interest on these bonds. 31. Judge of Circuit Courts, power to levy tax; duty of State Treasurer. 32. Coupons receivable for taxes. 33. Treasurer to cancel warrants and coupons; certain warrants excepted; other duties of Treasurer. 34. Treasurer forbidden to pay out Comptroller's warrants upon certain conditions. 35. Bonds may be used for trust investments. 49. Treasurer and Comptroller to be Trustees for holders of bonds; power of Judges of Circuit Courts with reference to taxes. 50. Tax collected for sinking fund, how invested. 51. Certain duties of Collectors of Revenue; penalties for violation of this act by Collectors. 52. Certain duties of Governor and Comptroller; certain tax to be levied. 53. When certain exchange is made, what coupons to be detached. 54. Remaining bonds, how sold, terms, &c. 55. Governor and Comptroller to exchange 1873 bonds for Comp 36. Penalties for violation of this troller's warrants. law. 37. Duties of Collectors of Revenue defined; penalties for violation of this act by Collectors. 38. What Comptroller's warrants receivable for taxes. 39. Comptroller to make certain endorsement upon warrants. 40. Certain duties of Treasurer as to certificates, &c., until bonds are taken up; proviso as to coupons. 56. No other bonds shall be authorized to be issued while the 1873 bonds remain outstanding. 57. Expense of engraving bonds, how paid. 58. Guardians, Trustees, &c., authorized to invest. 59. No agent to be employed to sell these bonds. 60. Sinking Fund bonds to be cancelled. 61. Treasurer to make identifi41. What Comptroller's warrants cation marks on certain of these are fundable. 42. Comptroller to prepare certain bonds, called Bonds of 1873. 43. Denomination of the 1873 bonds. 44. Description of the 1873 bonds. 45. Bonds, how signed, recorded and sealed. 46. The 1873 bonds not subject to taxation. 47. The payment of the interest bonds. 62. Treasurer to stamp sinking fund bonds. 63. Seminary bonds to be transferred into 1873 bonds. 64. Comptroller authorized to make exchange of the School and Seminary bonds. 65. Treasurer to deliver bonds to Comptroller. 66. The exchanged bonds to be Governor to issue bond-. When and for what sum is sued. Where and when payable. Interest on. Governor to negotiate. Governor to cancelled; when, how and by 67. No bonds of State to issue, or be endorsed to railroads. SECTION 1. The Governor of this State is hereby authorized and directed to issue bonds, in the name and in behalf of the State of Florida, for a sum not exceeding five hundred thousand dollars, which bonds shall be signed by the Governor, who shall cause the great seal of the State to be affixed to each, countersigned by the Treasurer, attested by the Secretary of State, and recorded in the office of the Comptroller of Public Accounts. (a) SEC. 2. Said bonds shall be issued in such sums, not less than one hundred dollars, as the Governor may deem expedient, and at such time or times as may be found necessary to discharge the debts and liabilities of the State now due or running to maturity, including all loans made by the Governor, and used in suppressing Indian hostilities in the year one thousand eight hundred and fifty-six; and said bonds shall be payable in the city of New York, Charleston or Tallahassee, as may be deemed best for the interest of the State, and shall bear interest at the rate of seven per cent. per annum, payable semi-annually; and the said bonds shall be payable twenty years from the day on which they bear date. (a) SEC. 3. The Governor of this State is hereby authorized to negotiate the sale of said bonds authorized to be issued, or so many thereof as may be necessary for the purpose aforesaid, and shall have power and authority to sell the same at not less than their par value. (a) SEC. 4. In case the Governor cannot sell a sufficient amount negotiate loan. Of said bonds at par to pay the debts of the State, then he is hereby authorized to negotiate a loan for and in behalf of the State, on the best terms practicable, and to hypothecate the said bonds, or so many thereof as may be found necessary, as security for the money so borrowed. (a) Interest, when to be paid. Appropriation SEC. 5. The Treasurer is hereby authorized and required to pay semi-annually the interest as it becomes due on such bonds as may be issued under the provisions of this act, and on such loans as the Governor may effect. (a) SEC. 6. All sums of money which shall be paid to the State to pay bond. by the government of the United States on account of the expenditures of the State in suppressing Indian hostilities therein shall be and the same is hereby appropriated for the liquidation of said bonds. (a) Expenses of Governor to be paid. SEC. 7. The Governor is hereby allowed all reasonable expenditures which shall be incurred by him while engaged in selling said bonds or negotiating said loan, and the Comptroller is hereby authorized to audit his account and issue a warrant on the treasury for the same, together with such sum as may be necessary to pay for printing said bonds. (a) (a) Sees. 1, 2, 3, 4, 5, 6 and 7, Chap. 785, Act of Dec. 27, 1856. SEC. 8. The sum of five thousand dollars is hereby directed to be set apart and specially reserved in the treasury, as a sinking fund, for the ultimate redemption of the principal of said sum, to be invested by the Treasurer, with the consent of the Governor, in stocks of the United States or State securities, or in bonds herein provided to be issued by the provisions of the foregoing sections. (a) Sinking fund. stipulate for SEC. 9. In the event the Governor shall negotiate a loan for Governor may and in behalf of the State, as authorized by the foregoing sale of hypothepowers, on a hypothecation of the bonds so authorized to be cated bonds. issued, he is hereby authorized and empowered to stipulate for the sale of such of the bonds as shall be hypothecated, or so many thereof as shall be found necessary, at their fair market value, to meet the debt at maturity in the event the same shall not be otherwise provided for: Provided, however, That no Proviso. part of the debt shall be made payable at any period less than twelve months. (b) negotiate loan, SEC. 10. The Governor is hereby authorized to negotiate a Governor may loan on the most practicable terms for a sum sufficient to pay when and for the money borrowed under preceding sections when due, in what. the event the same shall not have been reimbursed by the Fed eral Government. (b) amount bor SEC. 11. The Treasurer is hereby authorized and required to Treasurer to pay, semi-annually, the interest on the amount which may be pay interest on borrowed under section nine, either in New York, Savannah or rowed. Charleston, as may be provided for in the contract of loan. (b) SEC. 12. The Governor of this State is hereby authorized to Governor may accept a loan to the State to the amount of eighty thousand accept loan. dollars from any person or persons desirous of making the same, for which he shall issue a bond of the State of Florida Bond. in such form as he may prescribe, to be signed by the Governor, and be under the seal of the Treasurer, and countersigned by him, and having not more than twelve months to run, and bearing an interest of not more than seven per cent. per annum, payable semi-annually in the city of New York; and the pro- Proceeds of ceeds of the next revenue of this State, not otherwise appro- pledged for priated by law, are hereby pledged to be applied to the payment payment of of said bond, and the faith of the State is hereby given for such application of the revenue: Provided, The State shall Proviso. have the right to make payments on the principal of said bond at any time in amounts not less than one thousand dollars. (e) next revenue loan. Joan, how SEC. 13. The proceeds of said loan shall be placed in the Proceeds of treasury to be applied to meet the expenses of the government applied. of this State, and to meet such appropriations as may be made by this General Assembly. (c) SEC. 14. The Governor is authorized and required to issue Bonds of State 15) Sec. 8, Chap. 785, Act of Dec. 27, 1856. Secs. 1, 2 and 3, Chap. 870, Act of Jan 7, 1859. (c) Secs. 1 and 2, Chap. 1503, Act of Jan. 10, 1836. to be issued. |