to pay the appropriations made by the second section of this act, a sum not exceeding in the whole two millions two hundred and fifty thousand dollars, payable at such time or times as they may prescribe, within eighteen years from the time of such loan, at a rate of interest not exceeding six per cent per annum, payable quarterly on such days and at such places as the said commissioners shall direct. All the existing provisions of law in relation to loans of money for this state, by the commissioners of the canal fund, and in relation to certificates of stock issued under the direction of the said commissioners, shall apply to the loan hereby authorized and to the certificates therefor issued by the said commissioners. [1855, ch. 528, § 3.] TITLE 2. sioners of fund may $82. The commissioners of the canal fund shall borrow on Commis the credit of the state, during the fiscal year commencing on the the canal first day of October, one thousand eight hundred and fifty-six, to borrow pay the appropriations made in the second section of this act, a money, &c.. sum not exceeding in the whole two millions two hundred and fifty thousand dollars, payable at such time or times as they may prescribe within eighteen years from the time of such loan, at a rate of interest not exceeding six per cent per annum, payable quarterly on such days and at such places as the said commissioners shall direct. All the existing provisions of law in relation to loans of money for this state by the commissioners of the canal fund, and in relation to certificates of stock issued under the direction of the said commissioners, shall apply to the loan hereby authorized and to the certificates therefor issued by the said commissioners. [1856, ch. 148, § 3.] on loans.. S83. The provisions of section six, chapter three hundred and Premiums: twenty-nine of the Laws of eighteen hundred and fifty-four, shall not extend to the premiums received on any loans made by the commissioners of the canal fund under the authority of the foregoing third section of this act, and any premium received on any loan made by virtue of this act shall be temporarily invested by the commissioners of the canal fund in the same manner as now provided by law in respect to the surplus revenue of the canal fund, until the same shall be appropriated by the legislature to the purposes of the canal. [Same ch., § 4.] in canal *S84. In addition to the appropriation now authorized by law Clerk hire for clerk hire in the canal department, there shall be appropriated department to the said department for clerk hire the further sum of one thousand and two hundred dollars a year for the term of three years, to commence on the first day of October, one thousand eight hundred and fifty-five. [Same ch., § 5.] from Erie largement for *S 85. The canal board may, if in their judgment the public Amount interest will be promoted thereby, order and direct that a sum not transferred exceeding sixty thousand dollars be transferred from the fund ap-canal enpriated during the present fiscal year for the enlargement of the fund to pay Erie canal, to pay for the construction of the locks on the Cham-struction of plain canal and the works connected therewith, which works Champlain are now in progress of construction under contracts entered into canal. by the canal contracting board on behalf of the state, which said sum of sixty thousand dollars, or so much thereof as shall be locks on TITLE 2. Mill tax. How applied. Duty of commis sioners of canal fund, May borrow money. applied to the purposes of this act, shall be refunded to the said Erie canal enlargement fund out of the premiums on the loan of one million dollars to be made by the commissioners of the canal fund during the present fiscal year, and the same shall be held, applied and appropriated to the purposes of the Erie canal enlargement, after the close of the fiscal year in eighteen hundred and fifty-seven. [1856, ch. 157, § 1.] *S86. The provisions of the sixth section of chapter three hundred and twenty-nine of the Laws of eighteen hundred and fifty-four, so far as the same conflict with this act, shall be and the same are hereby repealed. [Same ch., § 2.] * $87. In addition to the annual state tax now imposed by law for the support of government, there shall be imposed for the fiscal year commencing on the first day of October, eighteen hundred and fifty-seven, one mill on each dollar of the valuation of real and personal property taxable in this state, to be assessed, raised and collected upon and by the annual assessments and collection of taxes for the said fiscal years, in the manner prescribed by law, to be paid by the county treasurers respectively, into the treasury of the state, to be there received, held and paid for the objects and purposes in this act prescribed. [1857, ch. 363, § 1.] * 88. The whole of the taxes levied and collected under the first section of this act shall be paid into the treasury to the credit of the canal fund, and shall be held, applied and appropriated to the enlargement of the Erie, the Oswego, the Cayuga and Seneca canals, and to the completion of the Black River and Genesee Valley canals, and for the enlargement of the locks of the Champlain canal, as provided by the third section of the seventh article of the constitution. [Same ch., § 2.] *S 89. In case it shall be necessary, in order to meet the appropriations made or to be made, of the moneys to be collected upon such tax as aforesaid, for the purpose aforesaid, it shall be lawful for the commissioners of the canal fund to invest, from time to time, any surplus of the moneys of the canal debt sinking fund, under section one of article seven of the constitution, not exceeding in all the sum of six hundred thousand dollars, in the tax to be levied during the fiscal year commencing the first day of October, eighteen hundred and fifty-seven, the moneys thus invested to be applied to meet appropriations made of the moneys to arise from such tax; and so much of the moneys arising from such tax as may be necessary, shall, when paid into the treasury, be applied and pledged in the first instance, to reimburse the said sinking fund for the amount invested in such tax, and for interest on the same at the rate of five per cent per annum, from the time of the investment to the day of payment. [Same ch., § 3.] *$90. The commissioners of the canal fund may, on the authority of the act, chapter two hundred and twenty-eight of the Laws of eighteen hundred and forty-nine, borrow, under the tenth section of article seven of the constitution, five hundred thousand dollars, payable in such time, not exceeding eight years, and bearing such rate of interest, not exceeding six per cent per annum. as they may deem most beneficial for the state; and the comptroller is au thorized to issue stock or bonds therefor, in the manner provided _TITLE 2. by law for the issue of stock or bonds in other cases. [1857, ch. 363 §4.] *S 91. The auditor of the canal department shall pay all claims for interest accruing or arising under the following circumstances: enlarge On all canal commissioners' drafts drawn upon contracts for the en- Drafts for largement and completion of the canals of this state, and the in- ment. terest shall commence on drafts for monthly estimates on the twenty-first day of the month succeeding that in which the work was done for which the draft was given, and shall be computed to the time of payment. awards. On all canal commissioners' drafts drawn for the payment of Drafts for awards made by the canal appraisers, the interest to commence at the expiration of ninety days from the date of the award, and shall be computed to the date of payment. On all awards made by the canal board or board of canal commissioners, the interest to commence sixty days from the date of award, and shall be computed to the date of payment. estimates. On all canal commissioners' drafts drawn upon final estimates Final on contracts for the enlargement and completion of the canals, and the interest shall be computed on such drafts from the date thereof to the day of payment. [1858, ch. 263, § 1.] to be paid drawn April 1, S 92. No interest shall be paid on any such drafts or awards No Interest drawn or made before the first day of April, eighteen hundred and on drafts fifty-six, and after the first day of July, eighteen hundred and fifty- before eight, except upon drafts drawn or final estimates for work com- 1856, &c. pleted prior to July, eighteen hundred and fifty-eight; and all interest allowed under this act, shall be paid to the person to whom such draft or award was originally payable, except as hereinafter provided; and whenever the auditor of the canal department shall desire to pay the drafts or awards upon which interest is accruing under this act, he shall give notice in the state paper for the space of twenty days to that effect, and after the expiration of the said twenty days, such drafts and awards shall no longer draw interest; and in no case shall interest be paid on any claim under this act for a longer period than one year, and interest in all cases arising under this act, shall be computed at six per cent per annum. [Same ch., § 2.] to pay. *S 93. The treasurer shall pay on the warrant of the auditor, Treasurer all sums allowed for interest under this act, and the same shall be paid out of the fund or funds appropriated or to be appropriated to the payment of the drafts or awards on which interest shall be allowed. [Same ch., § 3.] ferred, determine interest. * 94. In all cases where the payee or owner of any such draft If draft has has transferred the same, and any claim shall be made to the been transauditor of the canal department for the interest on the same or Auditor to any part thereof, by any person to whom the same has been trans- amount of ferred, the auditor shall settle and determine the amount of such interest to which such person is equitably entitled, and shall draw his warrant therefor upon the treasurer in favor of such person, upon the appropriate fund, and the treasurer shall pay the same; and in case any such drafts shall have been transferred by the original payee at par, and without any charge for interest or dis TITLE 3 count, the interest on such drafts, to be paid as provided for in this act, shall be paid to the holder of such drafts. [1858, ch. 263, § 4.] [196] Literature fund. Principal, how invest ed. Regents to transfer S 1. That portion of the funds of this state, heretofore known and distinguished as the "literature fund," shall continue to be known and distinguished by that name.' 2 S2. Whenever any money belonging to the capital of the literature fund, shall be paid into the treasury, the comptroller shall invest the same in such of the public stocks, or subscribe the same to such of the public loans of this state, as the regents of the university shall deem most advantageous. *S3. The regents of the university shall, within sixty days after stock, &c. the passage of this act, transfer to the comptroller all the stock, money, securities and property belonging to the literature fund in their possession, or under their control. [1832, ch. 8, § 1.] TITLE IV. Of the Common School Fund. SEC. 1. Designation and description of the fund. 2. Moneys to be annually distributed as the revenue of the common school fund. 3. When, how and to whom such moneys payable. 4. Capital of the school fund, how to be invested. 5. Duty of public agents to receive such investments, and upon what terms. 6. Care of lands belonging to school fund, vested in commissioners of land office. 7. Moneys belonging to the school fund to be loaned in certain cases. 8. Loans to be made by commissioners of United States deposit fund. 9. Security to be required of commissioners in such cases. 10. Duties of supervisors of counties where such loans are made. 11. Certain moneys to be refunded to the treasury. 12. Certain moneys to be appropriated to the school fund. 13. $25,000 of the income of the United States deposit fund to be added annually. S1. The proceeds of all lands which belonged to the state on the first day of January, in the year one thousand eight hundred and twenty-three (except such parts thereof as may have been or may be reserved or appropriated to public use or ceded to the United States) together with the fund denominated the common school fund, are to be and remain a perpetual fund, the interest of which is to be inviolably appropriated and applied to the support of common schools throughout this state.s S2. There shall be annually distributed as the revenue of the common school fund, and according to the apportionment of the superintendent of [public instruction], then in force, the sum of one hundred thousand dollars, for the support and encouragement of common schools, to be denominated "school moneys ;" and as often as such revenue shall be increased by the sum of ten thousand dollars, such increase shall be added to the sum to be distributed.1 S3. The moneys so to be distributed, shall be payable on the warrant of the comptroller, on the first day of February in every 1 Laws of 1827, p. 237, § 3. The existing constitution, art. ix., provides for the preservation of the common school fund, the literature fund and the United States deposit fund, and for the appication of $25,000 per annum from the income of the latter to the enlargement of the common school fund. Const., art. vii., § 10. Laws of 1826, p. 350; 1819, p. 187, §3. year, to the treasurers of the several counties, and to the chamber- TITLE 4. lain of the city of New York.1 how invest S4. Whenever there shall be in the treasury any money belong-Capital, ing to the capital of the school fund, it shall be the duty of the ed. comptroller to invest the same in such of the public stocks of this [197] state, of the United States, or of the cities of New York and Albany, as the comptroller and the superintendent of common schools shall deem most advantageous to the school fund; or if they shall deem it more for the interest of such fund, the comptroller may invest such money in the next loan thereafter to be made by the commissioners of the canal fund, or by any other public agent, who may be authorized to borrow moneys and issue certificates of stock, upon the credit of the state.2 $ 5. It shall be the duty of such commissioners or public agent, n. to receive all investments of any portion of the capital of the school fund, at the same rate and on the most favorable terms to the school fund, upon which money shall be borrowed and stock issued at the time of such investment; and certificates of stock shall be taken for such investments in the name of the comptroller, in trust for the school fund, which trust shall be specially expressed in every certificate.2 $6. The care and disposition of all lands belonging to the school Care of the fund, shall be vested in the commissioners of the land office. lands. may be $ 7. Whenever there shall be moneys in the treasury belonging Moneys to the capital of the school fund, the comptroller, by and with the loaned. consent of the superintendent of common schools, shall be authorized to invest the same on bond and mortgage, in such sums and in such manner as the comptroller and superintendent shall deem most advantageous to the fund. [1840, ch. 294, § 1.] *SS. Such loans shall be made by the commissioners of loans, Loans, how appointed under the act authorizing the loan of certain moneys be- to be made. longing to the United States deposit fund, chapter one hundred and fifty, of the Laws of eighteen hundred and thirty-seven; and the comptroller shall prescribe the forms of the securities to be taken, the terms and conditions of payment, and all necessary regulations for the security and management of such loans. [Same ch., §2.] Additional required of sioners. 59. The commissioners making such loans shall, on being required by the comptroller, execute such additional bond, with security sureties, for the due performance of their duties under this act, as commismay be prescribed by the comptroller; which bond and securities shall be approved in the manner prescribed in the above mentioned act, chapter one hundred and fifty of the Laws of eighteen hundred and thirty-seven; and all the provisions of the said act, of the act amending the same, chapter one hundred and ninety-three of the Laws of eighteen hundred and thirty-eight, and of the act, chapter two hundred and thirty-seven of the Laws of eighteen hundred and thirty-eight, shall, as to the loans therein authorized, and the duties, powers, liabilities and compensation of the commissioners, be held to extend and apply to them, in regard to the loans authorized by this act. [Same ch. § 3.] 1 Laws of 1824, p. 333, § 1. 2 Id., 1823, p. 47, § 2. |