The union Democrat. [volume] (Sonora, Calif.) 1854-1946, 1871-06-24

In twenty yeSta amer tks atp q eir issns and sha =
Of such Denominations the said Lcsn Commissioners
bear date Of their issue shall Be che aid
Loan Commissioners and shah hare the se Of the State
asssa s en- the sn e ne s sa q:
interest accrning thereon - herein provided.
sE s. Coupons for the interest shall be attached to e.e
aticn 70 the bonds said coupons, ccnsecdvey number
ed. shall designed by The Treasurer Of the state
SIC 1 Before the sale Of any e said Z, bonds h sas nd
Published. for the space Of month. in three daily
newspapers published Eagsh in the City Of New
the Capital Of the State; br the space ofone month
in daily newspaper published In French. In the City Of
u sos % the q s q
on-the Main. IN Germany: Such notice shall specify ns
Of bonds be Sold the rate Of interest they .ha
bear the day and hour Of SALE the place OF sale, which
shall be At the State Capital and that sealed proposAs
win be received by the said Loan Commissioners r
the expiration Of such publication and the day aha
hour named in said notice, the said Loan Commsson.
ers shall open all sealed proposals received by them
bidders will In their opinion make the most advante.
bid for the State; Provided that said Loan Ccmg
advantage 9TH State: and Provided further thai they
may refuse to make any awari unless sufficient security
shall be FURNISHED By the bidders r the complains. With a
bonds shall not be sold at less than nineone cents ON
the dollar in gold coin. par valae -
troer Of State each keep separate record q all bonds
sold under the provisions OF this Act. showing the NUM-
oer date amount and ofnterest Of each bond, and
to whom the same issued
SEC g. The one thousand dollars hereby appro
expense that may incurred by the Loan Commissioned
M having such bonds prepared said notices pabshe
SIC 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.
fssE-The outstanding bonds issued Under the Act en-.
titled an Act to provide for certain equitable claims against
the State Of California and 10 contractA funded debt for
that purpose approved April eighteen hum
SEcoNp-The outstanding bonds issued under the Act
OF eighteen hundred and sixty.
TMRn-The outstanding soldiers relief bonds.
fouRTH-The outstanding soldiers bounty bonds
SIC All persons having Of the bonds specified IN
section seven Of this Act SHALL upon OF such
bonds to the said Loan COMMISSIONER be entitled to -
change them at their par value for bonds authorized to be
issued under this Act at the Of ninety
less than Ave hundred dollars nor for fractional part
OF hundred dollars, but the said Lean Commissioners
may issue Of such fractional parts not bonded
which said certificate shall be transferable aud entitled TO
be paid out proceeds Of the sales Of any bends pro-
vded for in section Of this Act The Loan Commits
dorse 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 file such bond
In the ONCE OF the Secretary Of State.
SEc. Whenever there shall in the State treasury,
from the proceeds Of the sale Of bonds issued under this
Act sum OF ten thousand dollars more 1t shall be the
duty Of the Treasurer two newspaper
printed in English In New York and in the Capt.
tai of the State, for two months, which advertisement
shall the Of money the treasury applca
bic 10 the redemption OF bonds and the number Of bond
therein the order other which are
praton Of such advertisements such bonds unless
paid shall to draw interest, but the for the
redemption of such bonds shall remain In the treasury to
pay such bonds whenever presented.
SIC. 10. For Repayment within twenty years Of the
there shall be and is hereby levied annually after any
honda have been issued under this Act such rate Of tax
and personal property In the State to be by the
Controller of State the basis Of the assessed value OF
such property for the preceding year. shall produce
amount Of such bonds issued for the next ten years three
AFTER twelve per centum Of the Of such bonds s
sued and thereafter until all the bonds are issued under
this Act are paid, fifteen per cenum Of the amount OF
such bonds ssued The Controller shall certify the rate
tors, and the said Auditors hereby directed and
qured to enter such the rolls Of their
respective Counties, In the same manner and with the
effect is provided by law in relation 70 other State
Every tax levied Under the provisions authority
of this Act hereby made lien against the property
sessed, which lien shall attach the FIRST Monday In
March in each year. and shall not be satisfied or removed
until such tax has been paid All moneys derived nom
authorized by the provisions this section shall DO
paid into the State treasury, and shall be applied
FRsr-To the payment Of the interest the bonds II.
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
the third day of January, In each year. for the
after all the interest such bonds then has been
paid shall be transferred BY the Treasurer Of State to the
General Fund.
SEC IL whenever on the third day Of January or July
any year, after the expiration of Ave years the
date issuance of bonds under this Act there
MAINS after the payment the interest," provided in
the preceding section surplus of ten thousand dollars
more il shall be the aty OF the Treasurer to ADVERTISE
for the space month, daily newspaper pub
lshed in English in the City Of New York. and for
month in 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 Of the Governor Controller at
the State Capitol for the surrender of bonds issued under
this Act which advertisement shall the Of
money he has hand for the purpose redemption and
they shall accept the lowest proposals. exceed
Ing par value, as may redeem the greatest amount Of
bonds until the of cash hand for the redemp
tion Is exhausted Provided, however, In sufficient
amount of such bonds shall not be offered aforesaid
exhaust the Sinking Fund to less amount than ten
thousand dollars then it hereby made the duty OF the
Treasurer to advertise in two newspapers In New
York and at the Capital Ct this State. for three
months, which advertisement shall state the amount in
the Sinking Fund.- aud the number OF bonds numbering
them in the order Of their issuance which such fund 10
apart to pay and discharges and fsuch bonds num-
bered in such advertisements shall be presented for
payment and cancellation at the expiration Of such publ
cations then such fund shall remain In the treasury to
discharge such bonds whenever presented but they shall
draw interest after the expiration OF such publication
before Of said bonds shall be paid they shall be
sented to the Controller who shall indoe on each bond
the amount due thereon and shall write across the face Of
each bond the date os surrender and the Of the
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