The union Democrat. [volume] (Sonora, Calif.) 1854-1946, 1871-07-29
AN ACT
re Provide fer the Payment Of the Fanded
Indebseaueas Of the State Of California.
and % contract Funded debt for shat
parpose.
[ApPaovED APRIL 2, 1870
he People Of The STATE Of California. repre-
scented IN Senate and assembly, do enact as
folioscs

Tie People of Me State Of California. repre-
scented IN Senate and assembly, do enact as
folioscs
escz,nv l. For the purpose ofIquatng and providing
Cor the payment Of the nded indebtedness Of the State OF
California hereinafter specified and TO lessen the burden
Of taxaoo ths Governor Of the State the Controller Of
State and the Treasurer Of State and their In
once. shall constitute Board OF Commissioners. TO be
styled the Loan Commissioners of the State Of CALIFORNIA;
and aha have and exercise the powers and perform the
duties hereinafter provided.
SIC q The said Loan Commissioners hereby au-
shorixed 10 issue and se not exceecing three millions
hundred Thousand dollars IT the bonds OF said State
bearing interest the rats Of six per cent annum
which interest shall be payable semLannnay. In gold
coin, the second days In January and July tn each
year at n ONCE Of the Treasurer 81 State The p Incl
pal 81 said bonds shall be made payable In gold coin with
In after the date OF their ssue and shall be
OF such denominations the said Loan Commissioners
shall direct but not less han five hundred dollars; shall
the date Of their ssne and shall he signed by the said
Loan Commissioners aud shall have the seal Of the State
axed theretn and the faith Of the State Of California Is
hereby pledged for the payment Of said bords and the
interest accrning thereon as herein provided.
sRc Coupons for the inter shall be attached TO each
bond thai thev be removed without injury mutt
~ ~ in 10 81 sv the OF the State
SEC. BEFORE the sale Of any Of said bonds the said
Losn Commissioners shall notices Of such sale TO be
newspapers published in English In the City Of New
York In the City Of London, In England and one in
the Capital Of the States n and for the space Of month
Paris in France and for the space Of month in daily
Newspaper published In German In the City OF Frankfort
on.the Main in Germany. Such notice shall specify the
amount sod the rate Of interest they shall
bear the day and hour Of SALE the place Of SALE which
shall be at the State Capital and that sealed proposals
will be received by the said Loan Commissioners for
tho purchase Of such bonds. Within month from
the expiration OF snch publication. and the day ana
hour named In said notice, the said Loan Commission
ere shall open all sealed proposals received by them
and ahall award the purchase OF said bonds to such
bidders a. will in their opinion make the most aGvanta
sonsrs may reject any all bids IL they deem II to the
advantage ofthe States and Provided further. that they
refuse make awari unless sufficient security
shall furnished the dders for the compliance with
che their bds and Provided further. that said
bonds shall not be sold aess than nnetyo cents on
she dollar. In gold coin, par vane.
SEC. II shalt he the duty Of the Treasurer and Con-
tcer Of State each TO keep separate record Of all bonds
cold under the provisions of this Act showing the num-
bar date. and ofnterest Of each bond and
20 whom the same was issued.
Sac 9. The Of one thousand dollars IL mrehy appro-
prated ont n the Gene al Fund for the payment IT the
expense that he incurred by The Loan
In having snch bonds and said notices
SEC I. Tho proceeds Of such bonds shall be paid into
che State treasury and shall be applied the payment OF
the following bonds. In the order Of their issuance:
Fmsr-The outstanding bonds ssned under the Act
ed Act 10 provide for certain equitable claims against
shc State OF California and to contract funded debt for
that purpose approved April twenyeght eighteen hun
dred and hftv seven.
SxcoNn-The outstanding bonds issued under the Act
Of eight cen hundred and sixty
THRD-The OUTSTANDING soldiers relief bonds
fouRrH-The outstanding soldiers bounty bonds
SEc All having any Of the bonds specified In
section of this Act SHALL upon presentation of such
bonds the said Loan COMMISSIONER be entitled to
change them at their par value authorized be
issned under this Act the of ninety three cents
the dollar par value but bond shall be issued for
less sum than ve hundred dollars for acticna part
OF hundred dollars. hat the said Loan Commissioners
issue certificates NJ such fractional parts not bonded
which said certificate shall be transferable and entitled to
be paid ihe proceeds Of sales of nds pro-
vided for in section az this Act Tie Loan Commits
souers shall cancel each bond exchanged and shah In
dorse such houd the date which they received the
same, and from ~hom the number and amount Of the
bond sned IN exchange therefor and shalt file such bond
In The ofiiteo the Secretary Estate
SIC Whenever there shall he in rhe State treasury
from the Of the sale Of bends sred under this
Act Of ten thons nd dollars I: shall be TIE
duty Of the Treasurer to advertise IN two newspapers
printed In English. in New York and In the Capt.
tai 81 the State for two months which advertisement
shall state the amount Of money IL the treasury applca-
BILE to the redemntian Of bonds and the number bonds
numbering therein the order oftheir issuance which
redeemahe and three months from the date "f the
raton ~ such such hords unless
paid shall 10 draw interest hut fhe money for the
redemption of such bonds shall Ia the treasury to
pay such bonds whenever presented
Sac. 10. For Payment within wears Of the
principal &c tho hons issue under this Act
there shall I've and is hereby levied annually after any
bond have been issued under this Act such of
esch hundred doll Of the assessed value
and revsoral property In the State he computed the
Coatro',er Of State the basis Of the assessed value
each property for the preceding year. shalt produce
anNaaily for the first FIVE wears per centum Of the
amount az sach bonds issuei for the years
aer twelve centnm of the Of such bonds ia
sned and thereafter until all the bonds issuet under
this Act paid feen per centum Of the amount Of
such bonds iseed The Controller shall certify the rate
Of TINS computed him 10 the several County Audi
tors. and the said Auditors hereby directed aud
quire 10 enter such rate the rolls OF their
respective counties. in the same and with the
same effect ne IL provided hv law relation other State
saxes Every levied under the provisions or authority
o. tnis Act hereby made lien against tie property as
sessed. which lien shall attach the first Monday in
March In each and shall not he satisfied
until such tax has been paid All derived from
authorized by the provisions of this section shall be
paid into the State treasury. and shall he applied
fnsrTo the If the interest on the bonds is
sued by the provsons of this Act.
ercoSpTo the payment Of the principal Of such bonds.
Psovtnxn that all remaining In the State treas
sry on the third day Of January. in each wear, for the
Act after all tire interest snch bonds then due has been
paid shall be transferred by the Treasurer of State to the
General Fund
SIC H. Whenever on the third day 81 january or July
In after the expiration Of five wears the
date Of issuance OF bonds under this Act there
nana amer the payment Of the interest," provided in
the preceding section surplus of ten Thousand dollars
Il shall be the du,y Of the Treasurer advertise
or the space az month"; in daily newspaper pub.
ishe In English In the City Of New York and Cor one
month In one daily newspaper, published in Eneish at
the State cspt Cor sesled proposals. to be opened
month amer the expiration Of such publication hy the
Treasurer In presence Of the Governor Cntroer
the State Capitol for the surrender Of bonds issued under
shis Act. which advertisement shall the Of
cuey he has on hand Cor the purpose Of redemption and
they shall accept the lowest proposals exceed
ine par vsne ~ my redeem the greatest amount of
oonds until the amount IT cash on hand f the redemp
tca 10 exhausted Provided. however, In sufficient
amount Of such bonds shall be offered as aforesaid to
exhaust the Sinking Fund To = less than ten
thousand dars then Il e hereby made the Of
Treasurer 20 advertise In two newspapers one in New
York and 80 the Capital of this State for three
months. which advertisement shalt the In
she Sinking Fnnd and the number Of bonds numbering
them IN the order of their issuance. which srch fund is
go an4Kt 60 and discharge, sn ifsuch bonds
bered In such Advertisements shall presented
payment and cancellation at the expiration Of ah
eattons, then such fnnd shall remain IN the treasury
1eeharee such binds whenever d. they shall
draw Interest aer the expiration Of such publication
seated 20 the Osntrier. shalt inorse On bond
che aoant due therein and shall across the face 81
each hind the date gifts aud the Of the
person sarrenderine
Sac IL The Treasurer Of State shall keen full and
particular account and record of all his proceedings under
Shis Act and OF the bonds redeemed aud surrendered.
he shsN transmit the Governor abstract all
his prcceeuSs under this tet with his report
Be Hy the Governor laid before the legislature and all
boks aud papers pertaining 10 the matter provided r In
this Act shall all times be open the inspection Of
PARTY interest the Governor the Attorney General
committee Of either branch Of the Legislature.
Joint committee OF bath.
SIC Is To shall be the duty o the Treasurer 30 pay the
interest said bnnis when the falls due cat OF
sAid Interest Fund ifsncien and IL said fund be not
sucient then TO nay the deficiency out " the General
1pnd Provided that the Controller of State shall nrst
cav his warrant the Treasurer payable to the order Of
80 for the amount Of interest money ahcut 70
hce due which said interest warrant shall be drawn ~
lssse ocs month previous 70 the maturing Of the interest