The Placer herald., 1871-09-09

a Inde btetsmens Of t1le State Oh ul1OTnhOs bhu
10 % ntrnct n Funded Debt for that Purpose
tAPPROvED APRIL q 1901
The People of Ue State Of California, represented
in Senate and Asse'nblN DO enact as toHors:
SECTION I. For the purpose Of hquidating and
providing for the payment of the funded lndebt-
edness Of the State of California hereinafter spec
fled, and to lessen the burden of taxation, the
Governor Of the State, the Controller OF state
and The Treasurer Of State, and their successors
in Office, shall constitute Board of Commis-
sioners, to be styled the Loan Commissioners of
the State of California, and shall have and exer-
else the powers and perform the duties herein
after provided. .-..- +
| SEC g. The said Loan Commissioners are
hereby authorized to issue and sell not exceed
| ing three millions seven hundred THOUSAND dol
lars Of the bonds of said State, bearing interest
at the rate of six per cent. per annum, which in
| terest shall be payable semi annually, IN gold
coin on the second days in January and July
in each year at the office Of the Treasurer of
State. The principal Of said bonds shall be
made payable in gold coin within twenty years
after the date Of their ssue and shall be Of such
denominations as the said Loan Commissioners
shall direct, but not less than five hundred dol
lars Shall bear the date Of their issue and shall
be signed by the said Loan Commissioners, and
shall have the seal of the State affixed thereto;
and the faith OF the State Of California is here
by pledged for the payment of said bonds and
| the interest accruing thereon rs herein provided.
SEC g. Coupons for the interest shall be at
tached to each bond 50 that they may be remov.
ed without injury mntation to the bond; said
coupons, consecutively numbered, shall be
signed by the Treasurer OF the State.
| SEC. 4. Before the sale Of any of said bonds
the said loan Commissioners shall cause no
tees of such sale tp be published, for the space
of ono month, in three daily newspapers publish
ed in English, one in the City of New York one
1 in the City Of London in ENGLAND, and one in
| hp ('nnita1 af tho State. and for tho OF
one month in daily newspaper published IN
| French, in the City of Paris, III France, and for
the space of one month in daily newspaper
published in German, III the City OF Frankfort
| n-the-Main, in Germany Such notice Shall
specify the amount Of bonds to be sold, the rate
Of interest they shall bear, the day and hour Of
snle the place of sale, which shall be at the
State Capital, and that scaled proposals will be
received by the said Loan Commissioners for the
purchase of such bonds. Within one month
! from the expiration of such publication, and on
the day and hour named in said notice, the said
Loan Commissioners shall open all scaled pro-
posals received by them, and shall award the
| purchase of said bonds to such bidders as VIII,
| in their opinion make the most advantageous
bid for the State; pr0rided, that said Loan Com
nssioncrs may reject any or al bids, if they
deem it to the advantage Of the State; proc'deR
further, that they may refuse to make any award
unless sufficient security shall be furnished by
| the bidders for the compliance with the terms OF
tnt1T ana DIptWtu S'ti't pVlf'
shall not be sold mt less than ninety-one cents
on the dollar, in gold coin, par value.
| SEC. 5. 1t shall be the duty of Che Treasurer
and Controller Of State each to keep separate
record Of all bonds sold under the provisions of
this Act showing the number date, amount and
rate of interest of each bond, and to whom the
same was issued
| SEC. 6. The sum on one thousand dollars is
hereby appropriated out of the General Fund
for the payment of the expense that may be in
CURED by the Loan Commissioners in having
| such bonds prepared and said notices published.
SEC. T. 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:
Hrst-The outstanding bonds issued under
the Act entitled an Act to provide for certain
equitable claims against the State of California,
and to contract n funded debt for that purpose,
approved April twenty-eighth, eighteen hundred
| and fifty-sevon. .s-..
Second-The outstanding bonds issued under
the Act of eighteen hundred and sixty.
| Third-The outstanding soldiers relief bonds.
FourM-,rhe 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
under this Act at the rate of ninety y-three cents
on the dollar, par valus but no bond shall be
| issued for II less sum than five hundred dollars,
nor for n fractional part of a hundred dollars,
| but the said Loan Commissioners may issue GER
tiicates of such fractional parts not bonded,
which said certificate shall be transferable, and
entitled to be paid out 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 indorse
SEC. o. Whenever there shall be in the State
treasury, from the proceeds of the sale of bonds
| lSguprl under this Act pf ton Thousand
dollars or more. it shall be the duty of the Treas
| urer to advertise in two newspapers, pNnted in
English, one in New York aud one in the Capt
| tai of the State, for two months, which adver-
| tisemcnt 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 are re-
deemable; and three months from the date Of
the expiration Of such advertisement, such bonds,
unless sooner paid, shall cease to draw interest.
but the money for the redemption of such bonds
shall remain in the treasury TO pay such bonds
| whenever presented.
SEC. 10. For the payment within twenty
years OF the principal and interest of the bonds
issued under this Act there shall be and is here
| by levied annually, after any bonds have been
issued under this Act, suoh rate of tax on each
one hundred dollars of the assessed value of
real and personal property in the State, to be
computed by the Controller of State on the ba-
sis of the assessed value Of such property for
the preceding yenr, as snail produce annuity,
| for the first five years. seveN per centum of TIL
amount of such bonds issued; for the next ten
years thereafter twelveper centum of the amount
70 such bonds issued, and thereafter. until all
on such bond the date on which they received
! the same and from whom, the number and
amount of the bond issued inc xohange therefor,
and shall file such bond in the Office of the Sec
retary of State. ID.
the 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
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 "a hen 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
hnS been maid III M 1arve1 toy