The Placer herald., 1871-06-03


SEC. Z. The proceeds of such bonds shall be
paid into the State treasury, and shall be ap-
Piled to the payment of the following bonds, in
the order OF their issuance;
Fjrst-The outstanding bonds issued under
the Act entitled an Act to provide for certain
equitable claims against the State of California
and to contract funded debt for that purpose,
approved April twenty-eighth, eighteen hundred
and fif,y-seven
Second-The outstanding bonds issued under
the Act of eighteen hundred and sixty.
ThiFd-The outstanding soldiers relief bonds.
Fourtt-The outstanding soldiers bounty
bonds.
SEC s. All persons having any of the bonds
specified in section seven of this Act shall, upon
presentation of such bonds to the said Loan
Commissioners. be entitled to exchange them at
their par value for bonds authorized to be issued
gnder this Act a. the rate of ninety-three cents
on the dollar, par value, but no bond shall be
issued for a less sum than five hundred dollars.
nor for fractional part of hundred dollars.
but the said Loan Commissioners may issue
tiiicates of such fractional parts not bonded,
which said certificate shall be transferable. and
entitled to be paid ont of the proceeds Of the
sales of any bonds provided for in section seven
of this Act. The Loan Commissioners shall
cancel each bond so exchanged, and shall ndorse
On such bond the date on which they received
the same; and from whom, t,e number and
amount Of the bond issued in ey hange therefor,
md shall file such bond in theIaee of the Sec
retary OF Sac.
SEC. 8. Whenever there shall be in the STATE
| treasury from the proceeds of the sale of bonds
issued under this Act sum of ten thousand
dollars more. it shall be the duty of the Treas
urcr to advertise in two newspapers, printed IL
English, one in New York and one in the Capt.
til Of the SAFE for two months, which adver-
tsement shall state the amount Of OF money in
the treasury applicable to the redemption of
bonds, and the number Of bonds, numbering
therein the order OF their issuance, which
! aeemabl': and three months from the date Of
the expiration of such advertisement. such bonds.
unless sooner paid, shall cease to draw intere st.
but the money for the redemption of such bonds
shall remain in the treasury to pay such bonds
| when ever presented.
SEC. 10. For the payment within twenty
years of tho principal AMI interest of the bonds
issued under this Act, there shall be and is here
| by levied annually. after any bonds have been
ssued under this Act, such rate Of tax on each
! one hundred dollars of the assessed value Of
! real and personal property in the State. t. b
computed by the Controller % State on the ba-
! sis of the assessed value Of such property for
the preceding year, us shall produce annually,
| for the first five years seven per centum OF the
| amount of such bonds issued; for the next tc,i
years thereafter, twelve PER centnm of the amount
of such bond; issued, and thereafter. until nj.
he 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
! ax thus computed by hin to the several Count
| Auditors, and the said Auditors are hereby Ii
/ 'ectel and required to enter such rate on the
Scssinont rolls OF their respective counties, in
! .he sane manner and with the same effect as is
provided by law in relation to other State taxes.
! Every tax levied undcr the provisions author
! ty Of this Act is hereby made lien against thf
nropct ty assessed. which lien shall attach OF
the first Monday in March in each year, and
shall not be satisfied or removed until such tax
/ L. /
authorized by the provisions of this section shal
be paid into the State treasury, and shall be ap
piled
F1rsi--To the payment OF the interest on the
bends issued by the provisions of this Act.
Sccond-To the payment of the principal o.
such bon Is.
Py0riled that all moneys remaining in th.
State treasury on the third day OF January, il
Zach year for the first FIVE years after the issu-
mco of any bonds under this Act, after ali tn
interest On such bonds then due has been paid
,hlll be transferred by the Treasurer of State to
the General Fund
| SEc. II. Whenever on the third day of Janu
ny or July in amy year, alter the expiration .
i've years from the dA,e OF issuance OF any bonds
Lndcr this Act there remains. after ;he pay
nent Of the interest, rs provided i'll the preced-
M section, Il surplus OF ten thousand dollars O
nore 1t shall be the duty OF the Treasurer to al
'crtise, f3y ihe space OF one month, in one daily
| newspaper, published in English, III the city O
! y w lork, and for one month in one daily news
/ paper published in English, at the State Capital
| or sealed proposals TO be opened one month AZ
ter the expiration of such publication by tn
| Treasurer, Ill presence OF the Governor or Con
trollcr, at the state Capitol, for the surrender
Dor Is issued under this Act, which advertise.
ncnt shall state the amount of money he has OF
.hsnd lor the purpose of redemption; and they
shall acc pt the lowest proposals. at rates
exceeding par vaiue, as may redeem the creates.
srsat l..
land Tor the redemption is exh lusted; prorded
however III case sufli ,ent amount of sue
londs shall no, be offered as aforesaid to ex.
haust the Sinking Fund to a less amount than
ten thousand dollars then it is hereby made til
ltiy OF h Irearu,e TO advertise III two news
pal $, one III New York and one at the Cap ta
ii IN State, for three months, which advertise
m NJ shall state the amount in the Sinlin.
cind. and the number of bonds, numberin.
sem in the ord of heir SIS Il ict, W lich suci
ANA - set apart to pay and q schagge; and
such bonds 50 numhere,, IN such advertisements
shall not be presented for payment and cancela-
lon at the expiration of such publications, then
such fund shall remain in the treasury to dis
tharSe such bon Is whenever presented. but they
All draw no interest after the expiration
such publication; before any of said bonds shall
1e pad, they sinai! DE presented to the Controller
Sho shall miorse on each bond the amount du,
thereon and shall write across the face of each
oond the dite of Is surrender and the name O
tn person T Il e ing
aEc- II. the Treasurer of State shall keep i
tul and particular account and record of all hi,
proceedings under tbs Act and of the bonds
redeemed ana surrendered, and he shall trans
mt to the Governor an abstract of all his pro
ceed u5s under this Act, with 5 annual report
to be 10y the Governor laid before the Legsla
ture; and all books and papers pertaining to th
matter provided for IN this Act shall at all times
os open to the inspection of any party interest
ID, or the Governor or the Attorney General, oi
committee of either branch OF the Legislature
or JOINT committee of both
SEC. Is. II shall be the duty of the Treasu-
rer to pay the interest on said bonds when th
same falls due. out of said Interest Fund. il
sufficient and if said fund be not sufficient. then
t. pay the deficiency out af the General Fund
lf0rided, that the Controller of State sh Ill frs
draw his warrant on the Treasurer, yayable to
he order of said Treasurer, for the amount OF
interest money about to become due which said
interest warrant shall be drawn Mt least one
month prevous 70 the maturing Of the interest
SEC IL. This act shall take effect sixty DAYS
after the next general election as to all its pro-