The Placer herald., 1871-08-05


tai of the State, for two months. which adver-
tsement shall state the amount of Of money in
the treasury applicable to the redempsion of
bonds, and the number of bonds, numbering
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 bonds
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, there shall be and is here
by levied annually, after any. bonds have bsen
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
by the Controller of State on the ha-
sis of the assessed value of such property for
the preceding year, as shall produce annually,
for the first five years, seven per centum of the
amount of such bonds issued; for the next ten
years thereafter, twelve per centum of the amount
70 such bonds issued, and thereafter, until all
on such bond the date on which they received
the same, and from whom, the number and
amount of the bond issued in exchange therefor,
and shall file such bond in the Office of the Sec
retary of State.
the bonds are 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 are hereby di-
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
provided by law in relation to other State taxes.
Every tax levied under the provisions or author
ity of this Act is hereby made lien against the
property assessed which lien shall attach on
the first Monday in March in each year, and
shall not be satisfied or removed until such tax
hos hoap pon tnyp
authorized by the provisions of this section shall
be paid into the State treasury, and shall be ap-
piled
Frst--To the payment of the interest on the
bonds issued by the provisions of this Act
Second--To the payment of the principal of
such bonds.
Prouided, that all moneys remaining in the
State treasury on the third day of January, in
each year, for the first five years after the issu-
ance of any bonds under this Act, after all the
interest on such bonds then due has been paid,
shall be transferred by the Treasurer of State to
the General Fund.
SEC. II. Whenever on the third day of Janu-
ary or July, in any year, after the expiration OF
five years from the date of issuance of any bonds
under this Act, there remains, after The pay
ment OF the interest, rs provided in the prcced-
ing section, surplus of ten thousand dollars or
more, it shall be the duty of the Treasurer to adj
vertise, for the space of one month, in one daily
newspaper, published in English in the city of
New York, and for one month i'll one daily news
paper, published in English at the State Capital,
for sealed proposals.. to be opened one month af-
ter the expiration of such publication by the
Treasurer, in presence Of the Governor or Con-
roller, at the State Capitol for the surrender Of
bonds issued under this Act, which advertise
ment shall state the amount of money he has on
hand for the purpose of redemption; and they
shall accept the lowest proposals, at rates not
amount of bonds, until the amount of cash on
hand for The redemption is exhausted; prorided,
however in case n sufficient amount of such
bonds shall not be offered, as aforesaid, to ex-
haust th Sinking Fund to a less Gmount than
ten Thousand dollars, then il is hereby made the
duty of the Trearurer to advertise in two news
papers, one in New York and one Mt the Capital
of this State, for three months, which advertise
ment shall state the amount in the Sinking
Fund. and the number of bonds, numbering
them in the order of their issugnce which such
fund is set apart to pay and discharge and if
such bonds so numbered in such advertisements
shall not be presented for payment and cancela-
ton at the expiration of such publications, then
such fund shall remain in the treasury to dis
charge such bonds whenever presented, but they
shall draw no interest after the expiration of
such publications; before any of said bonds shall
be paid, they shall be presented to the Controller,
who shall indorse on each bond the amount due
thereon and shall write across the face of each
bond the date of its surrender and the name of
the person surrenderng
SEC. 12 The Treasurer of State shall keep
full and particular account and record of all his
proceedings under this Act and of the bonds
redeemed and surrendered and he shall trans
nit to the Governor an abstract of all his pro-
ceedugs under this Act, with his annual report,
to be by the Governor laid before the Legisla-
ture; and all books and papers pertaining to the
l.1 -, t.t ball - all
be open to the inspection of any party interest
ed, or the Governor or the Attorney-General, or
a committee of either branch of the Legislature,
or Joint committee of both.
SEC. 13. 1t shall be the duty of the Treasu-
rer to pay the interest on said bonds, when the
same falls due, ont of said Interest Fund, if
sufficient and if said fund be not sufficient then
to pay the deficiency out af the General Fund;
provided, that the Controller of State shall first
draw his warrant on the Treasurer, payable to
the order of said Treasurer, for the amount of
interest money about to become due, which said
interest warrant shall be drawn at least one
month previous to the maturing of the interest.
Sec. IA. This act shall take effect sixty days
after the next general election, as to all its pro-
visions, except those relating to and necessary
for its submission to the people, and for return
ing, canvassing and proclaimng the votes, which
shall take effect Immediately.
SEC. Is. This Act shall be submitted to the
people of the State for their ratification, at the
next general election, and the qualified electors
of this State SHALL at said election, their bal
lots for State officers, vote for against this
Act those voting for the same, shall write or
have printed on their ballots the words, Refund
the Debt-Yes," and those voting against the
same, shall write or have printed on their ballots
the words, "Refund the Deht-No."
SEC 16. The votes cast for and against this
Act shall be counted, returned and cancelled,
and declared in the same manner aud subject
to the same rules as votes cast for the Treasu-
rer of State, and if it appears that majority of
all the votes cast for against this law as afore
said, are in favor of this Act, shen the same
shall have effect as hereinhefore provided, and
shall be irrepealable until the principal and in
terest of the liabilities herein created shall be
paid and discharged and the Governor shall
make proclamation hereof; hut if n majority of
the votes so cast are against this Act, then the
same shall become void,
SEC. II. 1t shall be the duty Of the Secretary
of State to have this Act published in one news
paper in each judicial district Of this State, for
three months next preceding the next general
election, for which publication no greater allow
ance shall he made than tho rates fllqwed by
law to the State Printer.
June Sd, 1S7l.-3m.