The union Democrat. [volume] (Sonora, Calif.) 1854-1946, 1871-07-08

pal Of said shall be payable gold coin With
IN twenty amer the date Of their issue. and shall
OF such deaeinations the said Loan Commissioners
shs direct but less than Eve hundred dlarss shall
hear the date their issue she'll be signed BY the said
Lsn Commissioners and shaha the seal of the State
anNe thereto aud the faith OF the State Of California
p.eged for the payment Of said horde and the
| ss. "esrasng thereon ~ herein provided.
Sc Coupons for the shall be attached each
saa 80 that thew be removed without injury nu,
| ed: shall be signed by the Treasurer OF the state
I neore the sale Of any Of said bonds the said
published. for the space Of one mouth IN three lsiv
NEWSPAPERS Published in English one in the CITY Of New
h n,,, .sS w! LoHdoa. in England and one ia
tne OF the state; in and for the space one month
in daily newspaper published in Fr~pch In the CITY OF
newspaper published in German in ths NV &c rsc,.s
onhe Man, IN Germany. Such notice shall snecfv the
amount OF nnds 70 be Sold the Of interest they ha
shall be at the State Capital and that scaled nrs~Is
VII be received by the said Loan Commissioners Nr
the expiration Of such publication and on the asv ana
hour named in said notice, the said Loan Comn,issoa
shall open all scaled proposals received NV them
and shall award the purchase Of said bonas 20 sn"h
bidders will in their opinion, make the most .dvan,s
geous bid for the States Provided that said ISn Cmm.
soners may reject any all bids. IL they deem il ,n ,he
advantage ofthe State; and Provided further thar ,h.
may refuse to make any award unless sufficient security
shall be furnished by the bidders for the compance with
the of therbids, and Provided further thar sat
bonds shall not be sold at less than CENTS ON
SRc. 1t shall be the duty Of the Treasurer and Con
roller Of State each to keep separate record bonds
l
her, date amount and ofnterpst of bond and
TO whom the same was issued.
sEc 8. The Of Thousand dollars is hereby sppr
priated ont Of the General Fund for the payment tho
expense that may be incurred by the Loan Commissioners
in having such bonds prepared aud said notices published
SEC T. The proceeds OF such bonds shall be paid into
the State treasury and shall be applied to the payment Of
the following bonds. in the order Of their issuance:
HRsr-The outstanding bonds issued under the Act
titled Act provide for equitable claims against
the State of California and 60 contract funded debt for
that purpose. approved April twenty sight eighteen hun
sEcoSp-The outstanding bonds issued under the Act
ofeghteen hundred and sixty.
THiRp-The outstandns soldiers' relief bonds.
forRTH-The outstanding soldiers bounty bonds
SEC s. All persons having any Of the bonds specified In
bonds to the said Loan Commissioners be entitled
change them at their value for bonds authorized TO he
the dollar, par value but bond shall be issued for
less sum than five hundred dollars for fractional part
of hundred dollars, but the said Lean Commissioners
which said certificate shall be and entitled
be paid out of the proceeds of the sales of any bends pro-
yided for section seven this Act The Loan Commits
sioners shall cancel each bond exchanged and shall
dorse on such bond the date which they received the
same aud from whom the number and amount of the
bond issued in exchange therefor and shall e such bond
in the ohfteot the Secretary of State.
SIC Whenever there shall be in the State treasury,
the proceeds of the sale of bonds issued under this
Act of ten thousa dollars il shall he the
duty Of the Treasurer to advertise in two newspapers
printed in English one In New York and one in the Capt.
tai Of the State for two months, which advertisement
shall state the amount of money IL the treasury applca.
number
numbering therein the order ofher issuance, which
redeemahle and three months from the date Of the
ration Of such advertisement. such bonds, unless
paid shall cease to draw interest," but the money for the
redemption Of such bonds shalt remain In the treasury
pay such bonds whenever presented
SEC. TO- For thepayment within twenty years Of the
principal and interest Of the bonds issued under this Act
there shall be and hereby levied annually after any
bonds have been issued under this Act such rate of tax
each hundred dollars Of the assessed value Of real
and personal property In the State be by the
Controller of State the basis of the assessed value Of
sur Tho IN aRhn
annually for the first five years. per of the
of such bonds issued for the next years three
AFTER twelve centum Of the amount Of such bonds is
sued and thereafter until all the bonds issued under
this Act paid, fifteen per centum of the amount Of
such bonds issued The Controller shall certify the
Of tax thus computed by him to the several County Audi
tors and the said Auditors hereby directed and
qured to enter such rate the rolls Of their
respective counties In the same manner and with the
effect as provided by law In relation other State
Every levied under the provisions authority
of this Act Is hereby made lien against the property
sessed, which lien shall attach the first Monday In
March in each year. and shall not be satisfied removed
until such tax has been paid All moneys derived from
taxes authorized by the provisions this section shall DO
paid into the State treasury. and shall be applied
| sued by the provisions Of this Act
SEcoSD-To the payment Of the principal Of such bonds
PROVIDED that all moneys remaining in the State treas
ury the third day Of January. in each year. for the
first five years after the issuance any bonds under this
Act after all the interest such bonds then due has been
paid shall be transferred by the Treasurer OF State to the
| General Fund.
IL. Whenever the third day of January July,
date of issuance OF bonds under this Act there
MAINS after the payment of the interest provided in
the preceding section surplus of ten thousand dollars
more shall be the duty Of the Treasurer advertise
for the space Of one month"; in daily newspaper pubs
shed In English IN the City of New York. and for
month in one daily newspaper. published in English at
the State Capital for sealed proposals. to be opened
month after the expiration of such publication by the
Treasurer in presence If the Governor Controller at
the State Capitol for che surrender of bonds issued under
this Act which advertisement shall the Of
money he has hand FOR the purpose of redemption and
they shall accept the lowest proposals. exceed
ing par value, may redeem the greatest amount of
bonds until the of cash hand for the redemp-
ton is exhausted Provided, however, in Gaze sufficient
amount OF such bonds shall not be offered aforesaid to
thousand dollars then is hereby made the duty Of the
Treasurer to advertise in two newspapers one in New
York and one at the Capal sf mis- state for thpee
months which shall state the amount in
the Sinking Fund.- aud the number of bonds numbering
them in the order of their issuance which such fund Is
apart to and discharge; md fsuch bonds
bered in such advertisements shall not BIO for
payment and cancellation at the expiration Of ;ubli
cations then such fund shall remain in the treasury
discharge such boz DIS whenever presented but they shall
draw ointerest after the expiration of such publication
before any Of said bonds shall be paid they shall he pre-
seued to the Contro Ter who shall ndorse each bond
the dine thereon and shall write the face Of
each bond the date Gifts surrender and the of the
/ person surrenderiHg.
SEC T. The Treasurer of State shall keep full and
particular and record of all his proceedings under
this Act and Of the bonds redeemed and surrendered
and he shall transmit 10 the Governor abstract
proceedings under this Act with his report tn
be by the Governor laid before the Legislature all
books and papers pertaining TO the matter provided for
this shall at all times be open the inspection Of any
party interest ed the Governor the
committee of either branch of the Legislature or
| Joint committee of both
SEC 49, Il shall he the duty of the pay the
interest said bonds when the ais due of
said Interest Fund fsuicisuts and If said fd DO net
sufficient then to pay the deficiency out of the General
Fund Provided that the Controller of State shall fret
draw his the Treasurer payable TO the order OF
said Treasurer for the money about TO
become DUE which said interest be drawn
least month previous TO the maturing OF
SEC a. This Act shall take effect sixty days
next general election to all its provisions except
relating to and necessary for its submission people,
and for returning canvassng and proclamng votes
| which shall take effect Immediately.
SEC To- This Act shall be submitted to the people Of the
State for their ratification at the general election
and the qualified electors Of this State shall said cleo
on their ballots for State officers or against
this Act; those voting for the same, shall
printed ON their ballots the words Reund the Debt
Yes and those voting against the same, shall write
have printed their ballots the words 'efnnd the
| Debt-No."
SEC. IT, The votes cast for and against this Act shall
be counted. returned and cancelled and declared in the
same manner and subject to the rules votes cast
for the Treasurer of State and If appears that naor-
fy OF all the votes cast for against law atore
sad are in favor ofthis Act then tsame shalhave eff
feet as hereinbeore provided and shall be ePeaiable
until the principal and interest of the liabilities herein
created shall be paid and discharged and the Governor
shall make proclamation hereof but il majority OF the