The union Democrat., 1871-06-03


shall direct. but nos les han NV hundred dollars shall
bear the their issue and shah he signed hv the said
Liam Commissioners sns shall hare the seal Of ~" state
affixed terete and the faith Of the State os Caerns Is
h.rehv pledged fer the PAYMENT ef said lords and the
iasereSt sccruinc thereon As herein provided.
Sec. Csus- sS ein,>s .ha he attached 70 each
bond that thes be removed without injury or rauti
latNn the lsn a; sad coupons eonssrntvey NUMBER
Ell. shall be sigNei ey the Treasurer q the State
SEC Before the sale II any cf said bonds the said
Commissioners shah netiees # such sale 20 be
published kr ,ht sasce 81 one month. IN three daily
NEWSPAPERS Published in English ore in the City Of New
York IA the Cs az tnnen. in England. and one in
the CAn,s Of she State; n aud fur the ssce atons month
aalv newspaper published in French in the CITY 81
Paris in France, and tr the space 81 one month 20 Ny
newspaper published in German, In the Cry 81 FFsssft-
If ss % be sola. the rate e Interest they shalt
hear the day Snd hur Of sale, the place OF SALE Vhlcs
shall he tine state tsptNl ana tess $500 p''N ss
win BE- received by the said lssa Commissioner mr
the purchase If such heuis Within eae uanth frrni
the expiration OF such publication, and on The day snc
hour nsa'ed in said netiee. the sail Loan Smm,ssn-
shall sll salei proposals recetv-d by them
aha shah swari the purchase Of said bonds e SUCH
bidders will in their iRinn make tne mist aavSass-
Sesu bid r the States Provided. that sad Lan Commits
saners aay re~ct all bids II they do m u 70 the
svantags of the States ,ni Provided tnrsher that they
may refuse "a uske naless sufficient security
shNl he furnished h. the aers sr the compliance with
terms their bids; and Provided Mrthe that said
bonds shall NOT be Snld les than ninety cents on
the dollar iu gold cain, par vslne.
SEC II shall he the duty Of the Treasurer AMI Con-
reer each keep separate record of all bonds
sd uner the prvisiNn- Of this Act showing the num-,
her date ans OF interest Of each eond and
Ia whom the issued.
Sr q The sum nj Que thousand dollars hereby appro-
prae NJ the Gene al Fund for the payment Il the
expense that may he incurred nv The Liam Commissioners
in having such bonds prepared and said notices ru shed
SEC = The rroceea~ ef such bonds shall be paid into
the and shall be applied I" the nayaent of
the allowing bonds in the order ef their issuance;
FIR>r-The outstanding bonds issued under the act en-
titled Act provide for certain equitable claims against
the Sateof California and to con,sca funded debt for
that purpose. approved april tweayeght eighteen hum
drea and hnv
The outstanding bonds issued under the ACT
ofeshteep hundred and sixty
TuRp--The on standin soldiers relief bonds.
ForxrH--The outs anding soldiers bounty bonds.
SIC All having any IF the bonds specified in
section Of this Act shall presentation 81 such
bonds To the sad Liam Commissioners he entitled 10
change en AZ their PAR value far be
issued under this Act IT ninety three cents
The dollar par vane Int no bond shah he issued for
less than i've hundred dollars for fractional part
o. hu ,dred dollars but the said Liam Commissioners
NAV issue certificates of such fractional PARTS not hondeh
which said thcate shah he srale and entitled to
be paid out Of the proceeds OF the sales Of btnds pro-
vidd for section OF this Act Tie Loan Commits
aners shall cancel each bond exchanged and shall n
dTse such bond the date which they received tho
same, and from whom, the number and amount Of tho
bond issued IN exchange therefor shall file such bond
in the offt 81 the Secretary of State.
Ssc o Whenever there shall be in the treasury
from the proceeds of the sale of bonds Issued under this
Act sum OF ten thaus nd dollars it shall be the
duty of the Treasurer IL advertise in two newspapers
printed in English one in New York ami one in the Capt.
tai of the State. for two MONTHS which advertisements
shall state the amount Of money il the treasury appca
BILE TO the REDEMPTION Of bonds and the number of bonds
numbering therein the order cfthcr issuance which are
redeemahle and three months from the date af the
ptation Of such advertisements such hor, unless
paid shall draw interest the money for the
redemn of such bonds shall remain In the treasury TO
pay such bonds whenever presented
SIC 10. For therayment within twenty years Of the
principal and interest of the bonds issued under this Act
there shall be and is hereby levied annually after
been issued under this Act such rate of tax
eah hundred dollars of the assessed value Of real
and personal property in the State he computed by the
Controller of State the basis Of the assessed vaue @
such property for the preceding shall produce
annually. the first five years. seven per centun the
amonn Of such bonds issue r the yesrs there
after twelve centum Of the of such bonds is
sus and thereafter until all the bonds issued under
this Act are paid. fifteen per cenum of the amount OF
suh bonds issued The Controller shall certify the rate
of tax thus computed by him to the several County Audi
tors and the said Auditors hereby directed
quired enter Such the rolls Of their
respective conn'ies IN the same manner and with tbs
same effect as provided bv law in relation State
taxes Every tax levied under the provisions authority
OF this Act = hereby made lien against the property
sessed, which lieu shall attach the first Monday in
March in each and shall not he satisfied
until snch tax has heen paid. All moneys derived from
taxes authorized by the provisions of this section shall DO
paid int" the State treasury, and shall be applied
FIRsrTo the payment of the interest the bonds ist
sued by the provisions Of this Act
sEcoNpTo the payment the principal Of such bonds
PROVIDED that all moneys remaining in the State treas
ury on the third day Of January in each year. for tho
first five years after the any bonds under this
Act after all tie interest such bonds then due has been
paid shall be transferred by the Treasurer OF State the
General Fund
src H. Whenever. the third day January or July,
in any ear after the expiration OF five wears the
date OF issuance Of any bonds under this Act there
as after the payment Of the interest provided in.
Thousand dollars
more it shl be the duty Of the Treasurer ADVERTISER
for The space Of one month in daily newspaper pub
iShed IN English in the City Of New York and for
month IN one daily newspaper, published in English, at
The state Ctpal. for scaled proposals, to he opened
month after the expiration of such publication by the
treasurer IN presence 1t the Governor Controller at
the State Capitol for he render of bonds issued under
this Act which advertisement shall state the of
monev he has hand purpose of redemption and
they shall accept the lwest ais exceed
ing par valne may redeem the greatest amount of
bouGs until the amount of cash hand for the redemp
ton IL exhausted Provided, however n
amount OF such bonds shall not he offered aforesaid
exhaust the Sinking Fund 10 a less amount tha ten
Thousand dollars then it is hereby made the duty Of the
Treasurer To advertise in twa newspapers in New
York and one at the Capital If this State. for three
months. which ave rtsement shall the in
the Sinking Fund, aud the number of bonds numbering
them in the order OF their ssuan ahc such fund is
set apart I" and discharges md ifsuch bonds
beredn such advertisements shall not b. presented for
payment and cancellation at the expiration Of such :nb-
cations then such fund shall in the treasury to
dschage such bo DIS whenever preSent but they shall
draw nointeres after the expiration uch publication
before of said bonds shall he paid thew shan pre-
scented t. the Cntro Ter who shall indorse bond
the amount due thereon and shall write the face of
each bond the date Gifts and the name
person surrendering.
Sc II The Treasurer of State shall keep fnll and
particular account and record Of all his proceedings nm Ter
this and OF the bonds redeemed and surrendered,
and he shall transmit To the Governor abstract of all
his proceedings under Ills with his ANIMAL report to
he hv the vernon laid before the legislature and all
bo Ks and papers pertaining In the matter provided Tor In
this Act shall At all times b. open the inspection OF any
party nierese ed the Governor the Accomplishments
joint committee of both.
SIC Is 1t shall be the dnty Of the Treasurer to pay the
interest sail bonds when the same falls due. out OF
f>uicient; and il said fund he not
sufficient then The deficiency ont ut the General
Fund Provided that Controller of State shall first
draw his warrant on payable TO the order of
said Treasurer fir the amount of interest money about to
bee, me due which sal interest warrant shall be drawn
previous the matnring Of the interest
SEC a. This Act ~ take effect sixty days after the
ne Il general election to all its provisions except those
relating 10 and necessary for its Submission the people,
reuruing canvassng and proclaming the votes,
| " hch shall take effect Immediately.
SIC 15 This Act shall be submitted to the people Of the
ST tie FIR their ratification. the general election
and the aualied this State shall said etec
ton on their ballots State cers for or against
this Act: Those voting for the shall write or have
prini Ell on ballots the words Rafund the Debit
Yes those voting against the same, write or
have printed their ballots the words sRefund the
| Dehf-No."
SEC The votes cast COR and against this Act shall
counted returned and cancelled, declared in tb
subject the rules as votes cast
for the Treasurer of State and if appears that aor
all the cast for against this law as afre
said favor fhis Act then the same shall have az
feet herenbefore provided, and shall he rrenealahIa
until the principal aut interest OF the liabilities herein
created shall he pain and schar ed and the tioyernor
shall make proclamation hereof but if majority OF the