The union Democrat. [volume] (Sonora, Calif.) 1854-1946, 1871-08-05
AN ACT


purpose.
[AprRovrD APRIL 2, 1870.
The People of The State of California, repre-
scented in Senate and assembly, do enact as
folioscs
sRcrsnx l. For the purpose ofiiqudang and providing
Cor the payment Of the funded Of the State Of
California hereinafter specified and to lessen the burden
Of TAXATION Of the State the Controller Of
State and the Of State and their in
once shall constitute Board Of Commissioner to be
STYLED the Loan Commissioners Of the State Of California
and shall and exercise the powers and perform the
duties hereinafter provided.
SEC q The said Loan Commissioners are hereby au-
thorired and sell exceeding three millions
hundred thousand dollars Of the bonds OF said State
bearing interest the Of six per cent annum
which interest shall be payable semisnnually, In gold
coin on the second days In January and July In each
wear Al the once OF the Treasurer Of State The prnc
nsi az aid bonds .hs be made payable In gold coin with
In twenty years aer the date Of their issue aud shall be
Of such denominations as the said Loan Commissioner:
shall direct less than FIVE hundred dollars shall
bear the date Of and shall be signed by the said
Loan aud shall have the seal Of the State
axed thereto; and the faith Of the State OF California;
hereby pledged for the payment Of said bonds and the
interest accruing thereon rs herein provided.
sRc. B. Coupons for shall be attached 70 eaen
bond 90 that they be removed whoutinjury mutt
laton the bond said coupons, consecutrey number
ed, shall be signed by the Treasurer of the State
SEC L. Before the sale OF any OF said bonds the said
Loan Commissioners shall notices Of such sale 20 be
published for the space Of month. in three daily
newspapers published In English in the City of New
York one In the City of London, in England, and in
the Capital the States In and for the month
daily newspaper published In French, in the City of
Paris In France and for the Of month in daily
newspaper published In German In the City OF Frankfort
onthc MAN, in Germany Such notice shall specify the
amount Of bonds be sod the Of interest they shall
bear the day hour Of SALE the place of SALE which
sha be at the Capital and that sealed proposals
will be received by the said Loan Commissioners for
the purchase Of such bonds. Within mouth from
the expiration OF such publication and the day
hour named In said notice, the said Loan Commission
ers shall open all sealed proposals received by them,
nd ali
bidders as will in their opinion make the most advanta-
geous bid for the States Provided that said Loan Commits
advantage State; and Provided further that they
may refuse make any award unless sufficient security
shall be furnished by the bidders for the compliance with
the terms their bds and Provided further, that said
bonds shall sold at less than ninetyone cents
SEC II shall be the duty Of the Treasurer and Con.
of State each to keep separate record Of all bonds
sold under the provisions of this Act, showing the num-
ber date amount and rate OF each bond and
20 whom the issued.
src g. The sum thousand dollars Is hereby appro
expense that may be incurred by Loan
In having such bonds prepared and said notices published
SEC l. Tho proceeds Of such bonds shall be paid into
the State and shall be applied to the payment Of
the following bonds. In the order OF their issuance;
Fmsr-The outstanding bonds issued under the Act
titled an provide for certain equitable claims against
the State Of California and contracts funded debt for
that purpose approved April twentyeigh eighteen hun
dred and any
SEcoNp-The outstanding bonds issued under the Act
of eighteen hundred and sixty.
THIRp-The outstanding soldiers relief bonds.
FouRrH-The outstanding soldiers bounty bonds.
SEC All persons having any Of the bonds specified in
section Of this Act SHALL upon Of such
bonds the said Loan Commissioners be entitled to
change their value for bonds authorized to be
issued under this Act At the rate Of cents
the dollar par value hut bond shall be issued for
less than Ave hundred dollars for fractional part
of hundred dollars but the said Loan Commissioners
NAV issue certificates Of such fractional bonded
which said certificate shall be transferable and entitled
he Maid out of the proceeds the any pro-
vded for In section OF this Act The Loan Commits
soners shall cancel each bond so exchanged and shall In
orse such bond the date which they received the
same and from whom. the number and amount Of the
bond issued in exchange therefor and shall file such bond
In the once OF the Secretary Estate.
SIC o. Whenever there shall be In the State treasury
fom the proceeds the sale Of bonds issued under this
Act sum Of ten and dollars or more shall be the
duty of the Treasurer 60 advertise In two newspapers
printed English, one in New York and one in the Capt.
tai Of the State for two months, which advertisement
sha state the amount Of money in the treasury appca.
e to the redemption Of bonds the number bonds
numbering therein the order ofther issuance, which
redeemable and three months nom the date OF the ex
paid shall draw interest. but the for the
redemption Of such bonds shall in the treasury to
nav 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 sha be and Is hereby levied annually, acr
hon have been issued under this Act such rate of
ON each one hundred dollars Of the value
and personal property In the State to the
Controller Of State the basis Of the assessed value
such property for the preceding year. shall produce
annually for the first Ave years. seven centum of the
after twelve per centum Of the Of such bonds is
sued and thereafter until all the bonds issued
this Act are paid, heen per centum Of the Of
mrh bonds ssued The Controller shall certify the rate
Of tax thus computed by him to the several County Audi
tors and the said Auditors hereby directed and
aured to enter such the rolls Of their
respective counties, In the manner and with the
same effect provided by law In relation TO other State
taxes Every tax under the provisions authority
Of this Act IL hereby made lien against the property as
aessed which lien shall attach the FIRST Monday In
March In each and shall not be satisfied or removed
n haan maid II Aariva al frNuA
taxes authorised by 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 hy the provisions Of this Act.
the payment Of principal Of such bonds
PRovpKp that all moneys remaining in the State treas
ury on the of January, in each year. for the
years after the issuance ofany bonds under this
Act all the interest such bonds then due has been
paid shall be transferred by the Treasurer OF State to the
SIC H. Whenever on the third day ofJanuary July,
IN any year after the expiration OF ss years from the
MAINS after the payment Of the interest," as provided in
the preceding section surplus Of thousand dollars or
ore shall the dety Of the Treasurer to advertise,
for the space one month, In daily newspaper pub
ished In Engish in the City Of New York. and for
the state Capital for sealed proposals. to be opened
month AFTER the expiration Of such publication by the
Treasurer in presence Of the Governor or Controller,
this Act which advertisement shall state the amount of
money hand for the purpose Of redemption and
they shall accept the lowest at rates not exceed
ing par value IS may redeem the greatest amount of
bonds until the Of cash hand for the redemp
ton 10 exhausted Provided however, in Sufficient
amount of such bonds shall not be offered aforesaid TO
exhaust the sinking Fund to less amount than ten
thousand dollars then is hereby made the duty of the
Treasurer to advertise In two newspapers, in New
York and at the Capital az 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 issuance which fund
set apart to pay and discharge and fsnch bonds
bered In such advertisements shall not bs presented for
payment and cancellation ct the expiration Of such cuh
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 any Of said bonds shall he paid they shall be pre-
scented TO the Controller who shall inorse each bond
the due thereon and shall write the face Of
each date gifts surrender and the Of the
person surrendering.
ssc IL The Treasurer Of state shall keep full and
particular and record Of all his proceedings under
this Act and Of the bonds redeemed and surrendered
and he shall transmit 20 the Governor abstract Of all
ha preceding under this Act with his report.
be hy the laid before the Legislature and all
hooks papers pertaining the matter provided for in
this Act shall at all times be open TO the inspection Of
party the Governor the
committee Of either branch Of the Legislxture
Joint committee Of both.
ls n shall hehe duty Of the Treasurer TO pay the
interest said bonds. when the falls due Of
said Interest Fund. nsufcient and IL said fund be
sncient then TO the deficiency out Of the General
Fund Provided that the Controller of State shall
draw his warrant the Treasurer payable the order
sAid for the 70