The Placer herald., 1871-08-26
AN ACT,

|
AN ACT.
To Provide for the Payment Of the Funded
Indebtedness OF the state of California, and
| to Contract n Funded Debt for that Purpose.
APPROVED APRIL Q, 1901
The People of the state Of California; represented
in Senate and Assembly, do enact as .fotiocs:
SECTION I. For the purpose of liqnidatng and
providing for the payment Of the funded indebt-
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 a 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. 2. 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 ISSUE 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. 3. Coupons for the interest shall be at
tached to each bond 50 that they may be remov-
ed without injury or mrtllatlon to the bond; said
coupons consecutvely numbered, shall be
signed by the Treasurer Of the State.
| SEC. 4. Before the sale Of any of said bonds
| I..n
tees of such sale to be published, for the space
Of one month, in three daily newspapers publish
ed in English, one in the City of New York, one
| in the City of London, in England, and one in
the Capital of the State in and for the space of
one month in daily newspaper published III
| French, in the City of Pars, i'll France, and for
| the space of one month in daily newspaper
published in German, i'll the City Of Frankfort
! on-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
SALE the place of sale, which shall be Mt the
State Capital, and that sealed 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 sealed pro
posas received by them, and shall award the
purchase of said bonds to such bidders WILL
| in their opinion, make the most advantageous
bid for the State; proridcd, that said Loan Com
missioners may reject any or all bids, if they
deem it to the advantage of the State; proridtd
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
their bids and prorided further, that said bonds
shall rot be sold at less than ninety-one cents
on the dollar, in gold coin, par value.
SEC 5. 1t shall be the duty of the Treasurer
| and Controller of State each to keep separate
record of all bonds sold under the provisions of
/ I. 1.t.
rate Of interest of each bond, and to whom the
same 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. 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, III
the order of their issuance:
Frst-The outstanding bonds issned under
the Act entitled IN 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 ffty-seven.
Second-The outstanding bonds issued under
the Act of eighteen hundred and sixty.
Third-The outstanding soldiers relief bonds.
| TOuth-The outstanding soldiers bounty
bonds.
SEC. s. All persons having any of the bonds
| specified i'll section seven of this Act shall, upon
presentation OF such bonds to the said Loan
! Commissioners, be entitled TO exchange them ut
| their par value for bonds authorized to be issued
under this Act at the rate of Ginety-three CeAts
on the dollar, par value, but no bond shall lie
| issued for less sum than five hundred dollars,
nor for u fractional part of hundred dollars,
but the said Loan Commissioners may issue GER
tifcates of such fractional parts not bonded,
which said certificate shall be transferable, and
| AI.1l L., e L., A1,x
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. 8. Whenever there shall be in the State
treasury from the proceeds of the sale of bonds
is 'ued under this Act, sum of ten thousand
dollars more. it shall be the duty of the Treas
urer to advertise III two newspapers, printed IN
English, one in New York and one in the Capt.
| tai of the State, for two months, which adyer-
tsement shall state the amount OF of money in
the treasury applicable to the redemption Of
bonds, and the number of bonds, numb harlng
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 bohds
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, .here shall be and is here
by levied annually after any bonds have been
issued under this Act, such 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 cf the assess ID value of such property for
The preceding year, as shall produce annually,
for the first five years, seven per ccntum OF the
amount of such bonds issued for the next ten
years thereafter, twevepe centum of the amount
TO such bonds is sued, and thereafter. until all
on such bond the date which they received
the same, aud fron whom, the number and
amount of the bond Issued in exchange therefor,
and shall file such bon in the Office of the Sec
retary of State.
the bonds issued under this Act are paid, fif.
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 hereby d-
rected and required to enter such rate on the
sessment rolls of their respective counties, in
the same manner and with the same effect as is