The union Democrat., 1871-06-17

resr a. az eaof The treasurer of State The pinci-
psi ef said bonds shall be made payable in gold coin With
Of such denominations "a the said Loan Commissioners
shall direct hut less than i've hundred dollars shall
Commissioners and shall have the seal OF the state
affixed thereto and the faith of the State OF Caornia Is
hereby pledged tos the payment Of said lords ana the
interest accruiag thereon herein provided. :.
3 Coupons fer the interest shall be attached 10 ear
bond that they may be removed Without injury or mutt
asen 10 the hona said coupons consecutively number
ed shall be signed hy the Treasurer Of the State.
SEc Resore the sale of any Of said bonds the said
Loan Commissioners shall cSHse notices Of such safe 10 pc
newspapers published IN English, in the City of New
York one in the City Of Lcn5cn. in England and one IN
the psal o the State; in and for the space of one month
daily newspaper published in French IN the ea.y on
Paris in France and for Of one month IN daiy
newspaper published in German in he city Of Frankfort
onthe~ Main in Germany. Such notice shall specify the
aount al ns be soi the rate Of interest they shall
bear the ay and hour Of SALE the place 81 sxc which
shall he at the State Capital, and that sealed proposals
viii he received by the said Lean Commissioners hr
the purchase OF such bonds. Within one nscnth ne5n
the expiration Of snch publication and On the day ana
honr named in said notice. the said Loan Comn1ssen-
shall open all sealed proposals received by them,
and shah award the purchase Of said bonds to such
bidders will in their opinion, make the most sranta-
geeus hid for the State Provided. that said Lean Commits
seners reject any all bids II they deem ~ 70 the
advantage the State; and Provided further, that they
may refuse 10 mako award unless sufficient SECURITY
shalt be furnished nv the bidders for the compliance wrt
the terms q their bids: and Provided further that sa
bonds shall be sed at less than nnetyone cents On
the dollar, in gold coin, rAr value.
3 II shall be the duty Of the Treasurer and Con-
oer Of State each to keen separate record o. all bonus
sold under the provisions Of this Act showing the NUM-
her date smount aoS rate ofnteret of each bond and
70 whom the same issued.
SEC g. THE Of one thousand dollars il hereby arpro
prated ont of the Genei al Fund for the payment os the
expense that may be Incurred by the Loan Commissioners
in having such bends prepared and slid notices published
SIC q Tho proceeds Of such bonds shah be paid into
the State treasury and shall he applied to the payment ct
the following bonds in the order OF their issuance:
FIRSTThe outstanding bonds issued under the Act en-
titled Act to provide fer certain equitable claims against
that purpose, approved April twenyeght eighteen hun
dres and my Seven
SECoND-The outstanding bonds issued under the Act
efeighteen hundred and sixty.
TTiEn-The outstanding soldiers reliefhOnds.
FouRvR-The outstanding soldiers bounty bonds
section Of this Act shall upon presentation of such
bonds 10 the said Lean Commissioners be entitled to eS
change them at their par value for bonds authorized 10 he
issued under this Act the rate Of ninety three cents
the dollar par value. bat bond shall be issued for
less sum than five hundred dollars nor Cor fractional part
Of hundred dollars but the said Lean Commissioners
issue certificates Of such fractional parts not boade
which said certificate shall be transferable and entitled
be paid out Of the proceeds OF the sales of any bends
vided for in section Of this Act The Loan Commits
soncrs shall cancel each bond exchanged and shall n
dorse 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 tho Office of the Secretary of State.
SEC 9. Whenever there shall be in the State treasury,
from the proceeds of the sale Of bonds issued under this
Act of ten thousand dollars more Il shall he the
duty OF the Treasurer to advertise IN two newspapers
printed in English. in New York and IN the Capt.
tai of the State for two months which advertisements
shall state the amount Of money the treasury Rpplica
BILE TO the redemption of bonds and the number OF boud
numbering therein the order ofther issuance, which
redeemable and three months from the date Of the ex
praon of such advertisements such bonds unless
paid shall to draw interest but the money for tho
reempen of such bonds shall remain in the treasury to
pay such bonds whenever presented.
SIC. 10. For the payment within twenty years of the
principal and interest of the bonds issued under this Act
there shall he and is hereby levied annually, ator
bonds have been issued under this Act such rate of tax
each hundred dollars of the assessed value of real
and personal property in the State be computed by the
Controller OF State the basis of the assessed value of
such property for the preceding year. shall produce
annually for the first five years. per ecntum of the
amount Of such bonds issued for the next ten years three
after twelve per centum of the of such bonds is
sued and thereafter until all the bonds issued under
this Act paid, fifteen per centum of the amount of
such bonds issued. The Controller shall certify the rate
of tax thus computed by him the several County Audi
tors and the said Auditors are hereby directed and
qured 10 enter such rate the rolls of their
respective counties in the manner and with the
same provided by law in relation other State
of this Act is hereby made lieu against the property
sessed which lien shall attach on the first Monday in
March in each year. and shall not be satisfied removed
until such tax has been paid. All moneys derived from
taxes authorized by the provisions Of this section shall be
paid into the State treasury and shall be applied
FRsTTo the payment Of the interest on the bonds is
sued by the provisions of this Act
SEcoDTo the payment of the principal Of such bonds
PROVIDED that all moneys remaining in the State treas
the third day of January in each year, for the
first five years after the issuance any bonds under this
Act after all TIE interest such bonds then due has been
paid shall be transferred by the Treasurer OF State to the
General Fund.
SEC H. Whenever on the third day of January or July
in any year. after the expiration of Eve years from the
date Of issuance of any bonds under this Act there
mains after the payment the interest provided in
the preceding section surplus of ten thousand dollars
more it shall he the duty of the Treasurer ADVERTISE,
for the space of one MONTH In one daily newspaper pub
shed in English. in the City Of New York, and for
month in daily newspaper, published in English, at
the State Capital for sealed proposals. TO he opened
month after the expiration of such publication by the
Treasurer in presence Of the Governor Controller mt
the State Capitol for the surrender bonds issued under
this Act which advertisement shall state the amount of
money he has on hand for the purpose of redemption and
they shall accept the lowest proposals. rates exceed
ing par vaIue, may redeem the greatest amount of
bonds, until the amount of cash on hand for the redemp
ton exhausted Provided, however, in sufficient
amount Of such bonds shall not be offered aforesaid to
exhaust the Sinking Fund 20 less amount than ten
thousand dollars then hereby made the duty Of the
Treasurer to advertise in two newspapers in New
York and at the Capital Of this state, for three
months, which advertisement shall state the amount in
the Sinking Fund.- and the number Of bonds numbering
them in the order Of their issuance which such fund 10
apart to pay and discharge and fsuch bonds
bered in such advertisements shall not be presented for
navlnept and cancellation at the expiration Of such .bi
cations, then such fund shall remain in the treasury
discharge such bonds whenever presented but they sha
draw no interest after the expiration of snch publication
before any of said bonds shall he paid they shall he pre-
sented to the Controller who shall ndorse each bond
the amount due thereon and shall write the face Of
each bond the date ofs surrender and the Of the
person surrenderiae.
Il. The State shall keep fnll and
particular account and record of all his proceedings under
this Act and of the bonds redeemed and surrendered
and he shall transmit 70 the Governor abstract Of all
his proceedings under this Act with bis annual report To
be by the Governor laid before the Legislature and all
books and papers pertaining the matter provided for in
this shall all times be open the inspection of
party interest the Governor the Attorney General
or committee of either branch of the Legislature
joint committee of both.
SEC Is. 1t shall be the duty of the Treasurer to pay the
interest said bonds when the falls due cut OF
said Interest Fund fsufcen and if said fund be not
sufficient then pay the deficiency OF the General
Fund Provided that the Controller of State shall first
draw his the Treasurer. payable to the order Of
said Treasurer for the OF interest Money about TO
due which said interest shall be drawn
least one month previous the maturing the interest
SEC II. This Act shall take effect sixty days after tho
general election all its provisions except those
relating and necessary for its submission to the people,
and for returning canpasng and procaming the votes
which shall take effect Immediately
I5 This Act shall be submitted TO the people Of the
for their ratification. NJ the general election
the qualified electors of this State SHALL said cleo
ton on their ballots officers or against
this Act those voting for the same shall write have
printed their ballots the words, 'efuni the Debt
Yes. and those voting against the same. shall write
have printed their ballots the words, 'Refund the
Debt-No.'
SEC L. The cast for and against this Act shall
be counted returned and cancelled and declared in the
same and subject TO the rules votes
for the Treasurer Of State and If il appears That maori
ty of all the for against this law. afore
sd in favor Of this Act then the same shall have eff