The Placer herald., 1871-06-03
AN ACT.
To Provide for the Payment Of the Funded
Indebtedness Of the state Of California, and
to Contract Funded Debt for that Purpose
[APPEONED APRIL Q $50

Tie People of tie Strts of California, represented
in Se1,lte and assembly, do enact as forocs:
SECTION l. For the purpose of fliquidatingand
providing for the payment of the funded indebt
,dness of the State of California hereinafter spec
fled, an | to lessen the hurd IL of tlxation tn
Governor of the State. the Controller of Stat
md The Treasurer of State, and their successor
n Office, shall constitute a Board of Commits
soner', 10 be STYLED the Loan Commissioners O,
the state of California and shall have and excr
else til powers and perform the duties herein.
after provided.
SEC. ,. The said Loan Commissioners ar
hereby authorized to issue and sell not exceed
NJ three millions seven hundred thousan' dol
ars of the bonds of said State, beari z interes'
1t the rate of six per cent per annnm. which in.
terest shall be payable semi-annually in gold
,oin on the second davs in January and Jul1
IN each wear at the office of the Treasurer of
state. The principal of said bonds shall b.
m lGe payable in gold coin within twenty wears
tsr the date Of their issue. and shall BE- of sach
denominations as the sad Loan Commissioner S
shall direct, but not less than five hundred dll-
lars; shall bear the date of their issue and shal
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 bond, and
the interest aeerling thereon as herein provided.
Sc. 3. Coupons for the interest shall be at
I'd without injury or mutation to the bond said
coupons, eonsecutively 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 clusa 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
n the City of London, in England, and one in
the Capital OF the State; in and for the space o.
lne month in a daily newspaper Published in
French, IN the City of Paris. in France, and fol
the space of one month in daily newspaper
publishef III German, i'll the City of Frankfort
on-the-Man, in Germany. Such notice shall
specify the amount of bonds to be sold the rate
OF interest they shall bear. the day and hour o.
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 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-
posals 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
| missioners may reject any or all bids if they
deem 1t 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 o.
their bids; and prorided further, that said bonds
shall not be sold at less than ninety-one cents
on the dollar, in gold coin, par value
SEC. D. 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, amoun: and