The Placer herald., 1871-08-05

to Contract n Funded Dent Tor that purpose.
APPROVED APRIL 2, 1901
The People ofhe State Of california;, represented
in Senate and assembly, do enact as folops:
SECTION i, For the purpose of liquidating 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 Commits
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 thousant dol
lars of the bonds of said STATE bearing interest
at the rate of six per cent. per ann'lm which in
terest shall be payable sem-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 rs 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
SEC g. Coupons for the interest snail be at
tached to each bond so that they may be remov
ed without injury mutaton to the bond; said
coupons, consecutively numbered, shall be
signed by the Treasurer of the State.
| SEC A. 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 publish
| ed in English one in the City of New York, one
| in the City of London, in England, and one III
the Capital of The State; in and for the space of
one month in daily newspaper published in
| French in the City of Paris, in France, and for
the space of one month in daily newspaper
published in German, in 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 at 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 as will,
in their opinion, make the most advantageous
bid for the State; prorided, that said Loan Com
| missoners may reject any all bids, if they
| deem it to the advantage Of the State; prouided
| 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 pnQUided further that said bonds
shall not 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
| this Act, showing the number, date, amount and
| rate of interest of each bond, and to whom the
| same issued
SEC 6. The sum on one thousand dollars Is
| I = tl,, nd
| 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 7. 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:
First-The outstanding bonds issned under
the Act entitled an 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 tifty-seven.
Second-The outstanding bonds issued under
the Act of eighteen hundred and sixty.
| Ihim-The outstanding soldiers relief bonds.
Fo,uth-The outstanding soldiers bounty
bonds.
SEC. s. Ali persons having any of the bonds
| snecitied 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-three cents
on o the dollar, par value, but no bond shall be
issued M led for less sum than five hundred dollars,
nor nor for 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 ana
entitled to be paid out of the proceeds OF the
sales of any bonds provided form sectioh seven y,
of this Act. The Loan Commissioners shall
cancel each bond SO exchanged and shallindorse
SEC. 0. Whenever there shall be in the state
treasury, from the proceeds Of the sale OF ooh'S