The union Democrat., 1871-07-01

year at Office of the Treasurer Of state The princi
pa Of said bonds shall be made payable in gold coin with
twenty Years AFTER the date OF their issue, and shall be
~ such denominations the said loan Commissioners
s'Sa erect but not less than Ave hundred dollars shall
IN Se date OF their issue and shall be the said
commissioners and shallhave the seal Of the State
nsrete and the faith Of the State Of California is
pedsed for the payment Of said bonds and the
s. Coupons for the interest shall be attached to each
, - M they may be removed without injury mutt
ed shall be signed by the Treasurer Of the STATE
Loan .oe sale OF any Of said bonds the said
newspapers published in English one IN the CITY ofNew
h s. ~ nS sy o. London, in England and one in
N NAVY newspaper published French In the CITY of
- any,, ana LOT the space Of one month in daily
on,he Main, in Germany Such notice shs,l .nsf tbs
amount OF bonds to be Sold the rate Of Interest thsy hall
bear the aay and hour Of SALE the place Of sale which
shall be at the State Capital and thar ss.,s nsI
will be received by the said Loan CommsssanssS err
the expiration Of such publication and ON the Sav sn@
hour named in said notice, the said Loan C,en,;.,
ers shall open all scaled proposals received BY them.
and shall award the purchase Of said bonds To Snch
bidders WILL in their opinion make the mst aSvsnt
bid for the State. Provided that said Loan Cnmmls
soners may reject any or all bids If they dee II 10 the
advantage off States and Provided further thar thew
may refuse to make any unless Sufficient secnrSy
shall be furnished by the bidders for the Compliance with
the Of their hds and Provided further that said
bonds shall not be sold at less than ninetyne
the dollar in gold coin. par value;
oer Of State each to keep separate record Of all bonds
sold under the provisions Of this Act, showing num-
her date amount and rate ofnterest OF bond and
to whom the issued
SEC g. The thousand dollars hereby appr.
expense that may be Incurred by the Loan
in having such bonds prepared and said notices published
SEC Z. Tho proceeds Of such bonds shall be paid into
the State treasury and shall be applied the payment Of
the following bonds, in the order OF their issuance:
HRsr-The outstanding bonds issued under the Act en-
titled Act provide for certain equitable claims against
al dphf
that purpose approved April twentyeight eighteen hun
SEcoNp-The outstanding bonds issued under the Act
Of eight cen hundred and sixty.
THiRp-The outstanding soldiers relief bonds.
FouErH--The outstanding soldiers bounty bonds.
SEC. All persons having any Of the bonds specihedn
section Of this Act shall upon presentation Of such
change them at their value for bonds authorised to be
issued under this Act at the Of ninety
The dollar par value but no bond shall be issued for
of hundred dollars, but the said Loan Commissioners
issue certificates Of such fractional parts bonded
which said certificate shall be transferable and entedto
paid out of the proceeds o the sales Of any bends pro-
vded for in section Of this Act The Loan Commits
soners shall each bond so exchanged and shall in
dorse on such bond the date which they received the
same, and from whom, the number and amount Of the
bond issued in exchange therefor aud shall file such bond
in the office OF the Secretary Of State.
SEc g. Whenever there shall be In the State treasury
from the Of the sale Of bonds issued under this
Act sum Of ten thousand dollars il shall be the
duty OF the Treasurer to advertise in two newspaper
printed In English. in New York and In the Capt.
tai OF the State for two months, which advertisement
shall state the amount Of money In the treasury Appca.
BILE to the redemption OF bonds aud the number Of bonds
numbering therein the order ofher issuance, which
redeemable and three months from the date Of the
praon Of such advertisements such bonds unless sooner
paid, shall to draw interest," but the money for the
redemption Of such bonds shall remain In the treasury
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 hereby levied annually, amer any
bonds have been issued under this Act rate Of tax
each hundred dollars Of the assessed value Of real
md Nu In
Controller of State the basis of the value Of
such property for the preceding year, shall produce
amount of such bonds issued for the years three
AFTER twelve per centum Of the of such bonds
ana unt ali the ponds are issued under
this Act are paid fifteen 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 Audi
tors and the said Auditors are hereby directed and
qued to enter such rate the rolls Of their
respective counties. in the same manner and with the
same effect provided by law In relation to other State
taxes Every levied under the provisions authority
of this Act hereby made lien against the property
sessed, which lien shall attach on the first Monday in
March in each year. and shall be satisfied
until such tax has been paid. All moneys derived from
taxes authorized by the provisions of this section shall be
paid into the State treasury, and shall be applied
FRsTTo the payment of the interest the bonds is
sued by the provisions Of this Act
sEcoNDTo 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 ve years after the issuance ofany bonds under this
Act after all the interest such bonds then due has been
paid shall be transferred by the Treasurer Of State to tho
General Fund.
SEC H. Whenever on the third day Of January or July
in any year. after the expiration Of five years from the
date issuance of any bonds under this Act there
MAINS after the payment of the interest," as provided In
the preceding section surpus of ten thousand dollars or
more it shall be the daty Of the Treasurer to ADVERTISE
for the space Of month in daily newspaper pub
lished in English In the City Of New York. and for one
month in one daily newspaper published in English at
the State Capital for sealed proposals. opened
Treasurer in Of the Governor Controller
the State Capitol for the surrender Of bonds issued
this Act which advertisement shall state the Of
he has hand for the purpose redemption and
they shall accept the lowest proposals.
ing par value as may redeem the greatest amount Of
bonds until the amount Of cash hand for the redemp
on Is exhausted Provided, however, in case sufficient
amount of such bonds shall be offered aforesaid to
exhaust the Sinking Fund 10 less amount than ten
thousand dollars, then il is hereby made the duty OF the
Treasurer to advertise in two newspapers in New
York and one at the Capital Of this State, for three
months which advertisement shall amount i'm
the Sinking Fund. aud the number of bonds numbering
them in the order of their issuance, which such fund Is
apart to and discharge and fsuch bonds so num-
bered in such advertisements shall be presented for
payment cancellation the expiration of such nb
cations then such fund shall remain in the treasury 10
discharge such bonds whenever presented thew shall
draw no interest after the expiration of such publication
before Of said bonds shall be paid they shall be pre-
scented to the Controller who shall indorse each bond
the amount due thereon and shall write the face Of
each bond the date os surrender and the Of the
person surrendering.
SEC II. The Treasurer Of State shall keep f,lI and
particular account and record Of all his proceedings under
this Act and of the bonds redeemed and surrendered
he shall transmit the Governor an abstract az ali
his proceedings under this Act with his annual report 10
be by the Governor laid before the Legislature and all
books and papers pertaining TO the provided for in
this Act shall at all times be the of nnv
party Interested the Governor the
committee Of either branch of the Legislature or a
joint committee of both.
SEC 49, 1t shall be the duty Of the Treasurer 10 nav the
interest said bonds when the falls due ont Of
said Interest Fund.- ifsucent and If said fund be not
sufficient then to pay the deficiency ont Of the General
Fund Provided that the Controller OF State shall frat
draw his warrant 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 AZ
least month previous to the maturing of the
Sec IA. This Act shall take effect sixty DAYS after the
next general election to all s provisions except those
relating to and for its submission to the people
and for returning canyassng aud proclamng 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 general election
and the qualified electors of this State SHALL at said cleo
ton, their ballots for State officers vote for or 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 ssRefund the
Sec 16 The votes cast for against this Act shall
be counted returned and cancelled and declared in the
and subject to the rules as votes cast
for the Treasurer Of State and appears that major
ty OF all the votes cast for against this law as aore
sad in favor ofths Act then the same shall have e
feet as hereinbefore provided and shall be rrepeaabe
until the principal and interest Of the liabilities herein
IA "a andd iarhar al