The Placer herald., 1871-07-15
AN ACT.


To Provide for the Payment Of the Fundc Il
Indebtedness Of the state Of California, aud
to Contract n Funded Debt for that Purpose
APPROVED APRIL 3, 1901
The People ofh State of California, represented
in Senlte and assembly, do en1ct as .folo,cs.
SECTION l. For the purpose of liquidating and
providing for the payment of the fun led indebt-
dness of tn ate of California hereinafter spec
ied and to lessen the burden of taxation tn
Governor of the State, the Controller of Stat
md the Treasurer Of State, and their successors
n office, shall constitute Board of Commits
'ioners, to be styled the Loan Commissioners O
the State of California. and shall have and exer
Use the powers and perform the duties herein
after provided. J
SEC. 2. The said Loan Commissioners ar
| hereby authorized to issue and sell not exceed
! ny three millions seven hundred THOUSAND dol
ars of the bonds of said State, bear interes'
ut the rate of six per cent. per annum, which in
serest shall be payable semi-annually, in gol
roin, on the second days in January and Jul,
n each year at the Office of the Treasurer o,
State The principal of said bonds shall b,
made payable in gold coin within twenty years
lfter the date of their issue. and shall b. of snc
denominations the sad loan Commissioners
shall direct, but not less than five hundred do
tlrs; shall b ar the date of their issue. and sha
b signed by the SAID Loan Commissioners, an
md the faith of the State of California is here
| y pledged for the plyment of said bonds an,
| he interest accrhing thereon as herein provided
SEC. 3, Coupons for the interest shall be at
tached to each bond so that they may be remo,-
ed without injary or mrtllation to the bond; sac
coupons, consecutively numbered, shall b,
| signed by the Treasurer of the State.
SEC. 4. Before the sale of any of said bonds
| he said Loan Commissioners shall cause no
ticcs of such sale to be published, for the spac
! If one month, in three daily newspapers publish
ed III English, one in the City of New York, on
n the City Of London, in England, and one j
The Capital of the State; in and for the space
me month in a daily newspaper p lbshed il
t'fench in the City Of Paris, in France, and 70
he space Of one month in a daily newspap
ptblishet in German ia the CITY of Fran Sfoft
pn-the-M Main, i'll Germany Such notice shal
'pecify the amount of bonds to be sold, the rat
# interest they shall bear, the day and hour
sale, the place of sale, which shall be at til,
State Cap tai, and that sealed proposals will b :
received by the said Loan COMMISSIONS rs for tn
purchase of such bonds Within montl
from the expiration of such publication, and Qi
the day and honr named in sa notice the sal,
Loan Commissioners sh I'll open all sealed pro
posas received by tn IN, and shall award thu
purchase of said bon Is to such b id RS as will,
n their opinion, make the most advantageou
id for the State; pr0rded that said Loan Com
nissoners may reject any or all bids, if the
leem it to the advantage of the State; ;-pr0side.
iurther, that they may refuse to make any awar,.
lness sufficient security shall be furnish d b.
the bidders for the compliance with the terms
their bids; and prorided further, that said bond
shall not b. sold at less than ninety-one cent
IN the dollar, in gold coin, par value.
! SEC. 5. 1t shall b. the duty Of the Treasure
md Controller of State each to keep S p irat
'ecord Of all bonds sold under the provisions o
this Act, showing the number date, amount
ate of interest of each bond, and to whom tn
! same was issued.
SEC 6. The sum on one thousand dollars
| hereby appropriated out of the General Fun
or the payment of the expense that may be in
lrred BY the Loan Commissioners IN hlvin
such bonds pre pared and sa notices publ shed
| SIC. z. The proceeds of such bonds shall
lja, into the State treasury and shall b. az
Is )lied to the payment of the follow ng bonds, IL
he order of heiAissuance:
| Ffrst-The oufJtanding bonds issned unde'
| he Act entitled an Act to provide for certal
| quitable claims against the State - California
| md to contract a funded debt for that purpose
| approved April twenty-eighth eighteen hundred
| md fifty-seven.
| Second-The outstanding bonds issued under
he Act of eighteen hundred and sixty.
Taird-The outstanding soldiers relief bonds
Flurth-The outstanding soldiers bount
,onds
SEC. s. All persons having any of the bond
resentation of such bonds to the said Loal
% rmissontr rs be entitled to exchange then.
heir par value for bonds authorized to be issueo
inder this Act. at the rate of ninety-three cent
III the dollar, par value, but no bond shall be
ssued for less sum than five hundred dollars
or for fractional part of hundred dollars
Dut the said Loan Commissioners may Issue Ger
fcates of such fractional parts not bonded
which said certificate shall be transferable, an
Untitled to be paid out of the proceeds of tn
,ales of any bonds provided for IN section sevei
If this Act. The Loan Commissioners shal
cancel each bond so exchanged and shall indors.
! IN sucb bond the date on which they received
he same, and from whom, the number an
amount Of the bond issued in exchange therefor,
md shall file such bond in the Office of the Sec
rsary of State Va
| SEC o. Wh.never there shall be in the Stats
| treasury, from the proceeds of the sale of bond
| ssued under this Act sum OF ten thousano
lolars or more it shall be the duty of the Treas
urer to advertise in two newspapers, printed il
| English one in New York and one iii the Capi-
| t,l of the State for two months, which adver-
| Il sement shall state the amount of of money IL
he treasury applicable to the redemption OF
| bonds. and the number of bonds. numberins
/ therein the order other ISSUANCE, which are re
| 1eemablN and three m0nths from the date
the expiration of such advertisement, such bonds
unless sooner paid: shall cease to draw interest
but the money for the redemption of such bonds
shall remain in the treasury to pay such bonds
1 whenever presented. .u t
SEc. 10. For the payment within twenty
wears of the principal and interest of the bonds
issued under this Act there shall be and is here
by levied annually, after any bonds have been
1 issued under this Act such rate Of tax on each
one hundred dollars of the assessed value o
real and personal property IN the state, 70 o.
computed by the Controller OF State on tne ga
sis Of the assessed value of such property ior
the preceding year as shall produce annually
for the first ave wears, seven per centum OF th'
amount of such bonds issued; for the next ten