The Placer herald., 1871-07-08

Indebtedness OF the State OF California, ana
TO Contract a Funded Debt for that Purpose
APPROVED APRIL 2, 1901
The People of the State of California, represented
in Senate and Assen,b'y do enact as follocS:
SECTION L. For the purpose of liquidatng and
providing for the payment of the funded indebt-
dness 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 Commits
soners, 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. q The said Loan Commissioners are
hereby authorized to issue and sell not exceed
ing three millions seven hundred thousan' dol
lars of the bonds of said State, beari-g interest
ut the rate of six per cont. per annum, which in
terest shall be payable semi-annually, in gold
| con 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
lfter 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 as herein provided
SEC g. Coupons for the interest shall be at
tached to each bond so that they may be remoy-
ed without injury mVtlation 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 to be published, for the space
of one month"; in three daily newspapers pubsh-
! L
in the City of London, il England, and one in
the Capital of the State; in and for the space o.
one month in daily newspaper published i'll
| French, in the City Of Paris, IN France, and for
the space Of one month in a daily newspaper
| published in German in the City Of Frankfort
on-tho-Main in Germany. S0ch notice shall
! specify the amount of bonds to be sold, tho 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 b.
! received by the said Loan Commissioners for the
| purchase OF such bonds. Wtnin 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 rs viii,
| in their opinion, make the most advantageous
bid for the State: prouiael, that said loan Com
mssoners may reject any or all bids, il the.
deem il u the advantage Of the State; pr0vjled
further that they may refuse 20 make any award
unless sufficient security shall be furnished by
the bidders for the compliance with the terms
their bids; and pyorided further, that said bond
! shall not be sold at less than ninety-one cents
on the do in gold coin, par value.
| SEC g. 1t shall b. .he duty of the Treasnrel
and Controller of State each Is keep splrat'
record of nil bonds sold under the prov :s'ons O.
! this Act, showing the number. deta, amount ant
| rate Of interest of each bond, and to whom the
same was issued.
| SEC g. The sum on one thousand dollars i
hereby appropriated out Of the General Fund
| for the payment of the expense that may be in
cured by the Loan Commissioners IN hayin
| such bonds prepared and SAID notices publ shed
SEC T. The proceeds Of such bonds shall b.
paid into the State treasury, and shall be ap-
piled to the payment of the following bonds, Iii
| he order of their issuance
FHst-The outstanding bonds issned undel
the Act entitled an Act to provide for certain
equitable claims against the State of California
and to contract a funded debt for chat purpose
approved April twenty-eighth, eighteen hundred
and iifty-seyen.
Secoad-The outstanding bonds issued under
| the Act Of eighteen hundred and sixty.
| Taird-The outstanding soldiers relief bonds
| FoWH-The outstanding soldiers bounty
| bonds.
SEC. 8. All persons having any of the bonds
specified in section seven of this Act shall, upon
! presentation of such bonds to the said Loal
!
their par value for bonds authorized to be issued
under this Act. at the rate of ninety-three cents
on the dollar par value, but no bond shall be
issued for less sum than five hundred dollars
nor for a fractional part of a hundred dollars
! but the said Loan Commissioners may issue Ger
| t.Gcates of such fractional parts not bonded
which said certificate shall be transf rable, and
o...c. - oe pai,. out OF the proceeds OF tn
sales of any bonds provided for IN section seven
of this Act. The Loan Commissioners shall
cancel each bond SO exchanged, and snail lhdoTS,
on such bond the date on which they received
tne same, and from whom, the number ahu
amount Of the bond issued in exchange therefor
and shall file such bond IN the ollcc u 'io ''OO
rotary Of State
SEC. 8. Whenever there shall be in the State
treasury from the proceeds OF the sale OF Dohd
issued under this Act, sum OF ten thousand
dollars or more. it shall be the duty OF the Treas
urer to advertise in two newspapers, printed III
English. one in New York and one i'll the Capi-
tai of the State, for two months, which adver-
tlsement shall state the amount of OF money III
tbe treasury applicable to the redemption OF
bonds, and the number of bonds, numbering
therein the order of their issuance which are re,
deemabla: and three months from the date OF
unless sooner paid, shall cease to draw ntere s.
but the money for the redemption OF such bonds
shall remain in the treasury to pay such ponds
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
:sned under this Act such rate OF tax on each
ono hundred dollars of the assessed value o.
peol unJ and and personal property in the State, to be
com computed @ by the Controller of State on the ea.
s;s df The assessed value of such property for
the the y preceding year, as shall produce annually, II
for the first five years, seven per eentun OF .he
amount of such bonds issued; ior the mex. ven