The union Democrat., 1871-09-02
AN ACT
To Provide for the Payment Of the Funded
Indebsedneas Of the state Of California,
mnd 60 contract n Funded debt for that
purpose.
lAPPRoyED APRIL 2, 1870
The People of the Slate of California. repre-
scented ia Senate and assembly, do enact as
folIoics
APPROVED APRIL 2, 1870 ]

lAe {eOptc OF tHe IStdfe o| ONIOFHu, IePe
sented ia Senate and assembly, do enact as
foliops
srcsfnN l. For the purpose ofli9niiaing and providing
for the payment Of the funded indebtedness Of the State
Carnia hereinafter specified and to lessen the burden
Of axe tho Governor OF the State the Controller OF
State aud the Treasurer Of State and their in
once. shall constitute Bard Of COMMISSIONER TO be
styled The Loan Commissioners of the State Of California
and shall have and exercise the aud perform the
duties het einsfteF provided
sxc q Tie said Loan Commissioners are hereby an
thorzed issue end sci, excrecing three millions
hundred Thousand dollars of he bonds of said State
bearing interest at the rate of six
which interest shall be payable semi annually in gold
coin. the second days In January and July In each
year. n Office Of the Treasurer of State The pinc
pal IL said shall he made payable gold coin with
10 twenty after the date o their issue and shall he
OF such denominations the said Loan Commissioner
shall direct but less 'han FIVE hundred dollars; shall
bear the date o their issue and shall be signed by the said
Loan Commissioners aud shall have the seal Of the State
affixed therefor and the faith OF tie State OF California
hereby pledged for the payment Of said bords and the
interest accrung thereon rs herein provided.
SGc Coupons for the interest shall be attached to each
bond that they be removed without injury or mutt
lation the 10 d; said coupons consecutivey number
ed shall be signed hy the Treasurer OF the State.
SEC. L. Before the sale Of any of said bonds the said
Loan Commissioners shall cause notices of such sale to be
published, for tho space of month"; in three daily
newspapers published in English. one in the City OF New
York. IN the City Of London, in England and one in
the Capa Of the State; in and for the space oon month
tn daily newspaper published In French IN the City OF
Paris in France and for thes space of one month In daily
newspaper published In German in the City OF Frankfort
on.the Man in Germany Such notice shall specify the
amount bonds be sold the rate of interest they shall
bear day and hour Of SALE the place of SALE which
shall the State Capital and that sealed proposals
viii be received by the said Loan Commissioners
the purchase of such bonds. Within month from
the expiration OF snch publication and on the day ana
hour named Ia said notice, the said Loan Commisson-
ers shall open all sealed proposals received by them.
and shall award the purchase OF said bonds to such
bidders will. in their opinon make the most advanta
geous bid for the States Provided that sad loan Comms
may reject any all bids IL they deem IL 10 the
advantage fthe State; and Provided further that they
may refuse to make award unless sufficient security
shall be furnished by the bidders for the compliance with
the terms of their bids; and Provided rther, that SAID
bonds shall he sold at less than ninety cents
the dollar, in gold coin, par value.
SEC g. 1t shall be the duty of the Treasurer and Con-
troller each keep separate record OF all bonds
sold under the provisions of this Act, showing the num-
bar date amount and rate ointerest OF each bond and
70 whom the was issued
src The sum Of one Thousand dollars hereby appro-
priae out Of the al Fund for the payment Of the
expense that may be incurred by the Loan Commissioners
In havtg snch bonds prepared and said notices published
SEC Tho proceeds of such bonds shall he paid into
the State and shall be applied to the payment OF
the following bonds In the order OF their issuance
FRsr-The outstanding bonds issued under the Act en-
titled an Act 20 provide for certain equitable claims against
the State Of California and 10 contracta funded debt for
that purpnse approved April twenty eighteen hun
drcd and dny seven.
SEcoS The outstanding bonds issued under the Act
OF eight cen hundred aud sixty
TuIRp-fhe on staudin, soldiers relief bonds.
FoukrH--The outs andng soldiers bounty bonds
Src All pesons having any Of the conls specified In
section of this Act shalt presentation Of such
bonds the sad Liam Commissioners be enei to ex-
change them nj their value for hands auhorize To he
issued under this the n ninety three
the dollar par value, hut no bond shall he issued for
less so than five hundred dollars acti, nal part
of hn 1.rel dollars Int the said Luan Commissioners
NAV certificates ut such fractional parts not bouded
which certificate shah be sferahe and entitled 10
he psi ont proceeds the sales nf h n
vd, section oi this Act Tte Loan C'mmis
shall cancel each bond So exchsnged and shall in
dorse snch bond the date which they received the
same aud from whom. the number and amount of the
bond issued in exchange therefor aud shall file such bond
In the ofit oi the Secretary OF State
Ssc o. Whenever there shall be in the State treasury
from the proceeds o the sale of bonds issr ed under this
Act of ten tons md dollars or more i: shall be the
duty Treasurer advertise In two newspapers.
printed In English in New York an one in the Cp
tai of the State, for two months, which advertisement
shall state the amount nf money IL the treasury appca-
Bile 10 the reemrtn OF ,nds and the number of bonds
numbering therein the order ofther issuance, which are
reeemahe and three months from the date OF the ex'
piration n advertisements such bords, unless
paid shall To draw interest but the money for the
redemp such bonds shall in the treasury to
pay such honds whenever presented
SEc. TO- For therayment within twenty years Of the
principal and " the bonds issued under this Act
there shall be and is hereby levied annually after ANY
bonds have been issued under this Act such rate Of tax
each hundred dollars OF the assessed vaihe OF real
and personal property in the State to by the
Controller OF State the basis OF the assessed vane OF
such property the preceding year. shall produce
annually for the per centum of the
amount of such bonds issue the years three
ae twelve per centum Of the amount of such bonds is
sued and thereafter until all the bonds are ssuc under
this Act paid fifteen per eentnm OF the amount of
of tax thus computed by him to the several County Audi
tors and the said Auditors hereby directed and
qured to enter such rate ON the rolls OF Their
respective eonn,cs in the ssme manner and with the
same effect as provided bv law in relation to other State
Every levied under the provisions or 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 removed
until such tax has been paid All moneys derived from
taxe authorized hy the provisions of this section shall be
paid into the State treasury. and shall be applied
FRsrTo the payment Of the interest on the bonds is
sued by the provisions ot this Act.
SrcSp-To the payment the principal Of sueh bonds
PRovIpRp that all moneys remaining in the State treas
ury on third day of January. in esch year, for the
rst years after the issuance ofauy bonds under this
Act after all the such bonds then due has been
paid shall be transferred by the Treasurer OF State to the
SIC H. Whenever on the third day Of January July
In any year. after the expiration OF five years from the
date Of Of any bonds under this Act, there re-
mains after the rayment the interest provided in
the preceding section surplus OF ten thousand dollars or
shall be the duty OF the Treasurer to advertise
for the space o month"; in daily newspaper, pub
llshed in EnSsh in the City of New York, and for one
month In one daily newspaper, published in English, at
the State Cpita for sealed prpasas, 10 be opened one
month after the expiration Of such publication by the
Treasurer presence of the Governor or Cntrocr at
the State Capitol for he Surrender ct bonds issued under
this Act which advertisement shall state the mount ot
money he hand COR the purpose of redemption and
they shall accsp, the lowest al rates not exceed
Ing par value, nay redeem the greatest amount OF
bonds until the amount nf cash on hand for the retcmp-
tion exh austed Provided however, in case sufficient
amour, of such bonds shall be offered aforesaid to
exhaust the Sinking Fund less amount thai ten
Thousand dlars then Is hereby nude the duty OF the
Treasurer advertise In twn newspapers one in New
York and the CAPITAL Gf this State. for three
months which adv rtiseent shall state the amount in
the Sinking Fund aad the nualher Of bonds numbering
them in the order their issutn which sch fund
set ansrt To my aud discharges sn1 fsuch bonds 81 num-
berei in such shall not b presented for
payment and cancellation at the expiration of such ub
cations then such fund shs dn in the treasury TO
discharge such s whenever presented hut they shall
draw no interest AFTER the expiration Of ich publication
befre any of said bonds shsli he pei they shall be
sented q, the ,ntro er woshail inorse each bond
the amount due herenn and shall writs the ftce
each bond the cfts ser ani the mans OF the
person surrendersg,
Ssr II The Treasurer Of State shall Keep full and
particular account and record Of all his proceedings un Ter
this Act AMI of the bonds redeemed aal surrendered,
and he shalt transmit te the tSoveruer abstract of all
his proceedings noder this te with his annual report, TO
hooks AMI papers pertaining TO the matter provided for in
PARTY the the
committee Of either branch Of the Legislature.
Joint committee Of both.
iS IL shall be the duty of the Treasurer to the
interest ssii bonds. when the falls due, cut OF
said Interest Fund fsucent and if said fund be not
sufficient then to pay the deficiency ont of the Generai
Fund Provided that the Controller of State shalt nrt
his the Treasurer payable the order Of
said Treasurer for the amount of interest about 20
become dus which said interest warrant shall be drawn
ssss month previous 70 ;he maturing os the tnseres