The union Democrat., 1871-08-19
VOLUME XVIII.
AN ACT
To Provide for the Payment OF the Funded
Indebtedness OF ihe State OF California
and 90 contract n Funded debt for that

foliors
sEc7ns L. For the purpose oflquidatng and providing
payment Of the funded Of the State OF
California hereinafter specified the burden
OF TAXATION the Governor OF the State the Controller OF
State and of State and their in
ofee shall constitute Board Of Commissioners. TO be
etyed the Loan Commissioners Of the State Of California
shall have and exercise the powers and perform the
duties hereinafter provided.
SEe 2 The said Loan Commissioners are hereby
thorzed 10 issue and sell not exceeding three millions
seven hundred thousand dollars NJ the bonds Of said State
bearing interest at the rate Of six per ceai per annam
which interest shall be payable semiannualy, in gold
coin the second days in January and July in each
year Office of the Treasurer Of State. The pTinei
nal AZ said bonds shall be made payable in gold with
In twenty after the date OF their issue and shall he
of such denominations the said Loan Commissioners
shall direct but not less than five hundred dollars shall
their ISSUE and shall be signed by the said
Loan Commissioners and shall have the seal of the State
affixed therefor and the faith of the State Of California is
hereby pledged for the payment Of said bords and the
interest accruing thereon rs herein provided.
Sec g. Coupons for the shall be attached to each
bond that thew be removed withontinny or mutt
laton to the head; said coupons, consacntvey number
cd. shall be signed by the Treasurer OF the State
SEC a. Before the sale of any Of said bonds the said
Loan Commissioners shall notices of such sale To be
published for the space Of month. in three daily
newspapers published in English one in the City OF New
York In the City Of London, in England aud one in
the Cap,a States and for the space one month
in daily newspaper published in French in the City OF
Paris France and for the Of one month in daily
newspaper published in German in the City Of Frankfort
on.the Main in Germany. sneh notice shall specify me
amount bonds be sold the rate of interest they shall
day and hour OF sale the place OF
shall be at the Capital and that sealed proposals
will be received by the said Loan Commissioners for
the purchase Of such bonds. Within one month from
the expiration snch publication, and the day
hour named in said notice, the said Loan Commissions
es shall open all sealed proposals received by them
and shall award the purchase of said bonds to such
bidders as will In their opinion, make the most advanta
geous bid the State; Provided. that sad Loan Commis
soners may reject any all bids, they deem it TO the
advantage of the State; ana Provided further that obey
NAV refuse make any award unless sufficient security
shall he furnished by the bidders for the compliance with
the terms ofther bids and Provided further that said
bonds shall be sold nj less than ninety cents
the dollar. in gold coin, par value.
src s. 1t shall lie the duty of the Treasurer and Con
troer of State each to keep separate record OF al bonds
sold under the provisions of this Act showing the
Der date and rate ofnerest of each bond, and
TO whom the same was issued
SEC The of thousand dollars hereby appro
praed ont the Genei al Fund for the payment of the
expense that may be incurred by The Loan Commissioners
In having bonds prepared aud said notices published
SIZE Tho proceeds of such bonds shall be paid into
The State treasury and shall be applied to the payment of
the following bonds, in the order OF their issuance:
FIRsT-The outstanding bonds issued under the Act en-
titled Act provide for certain equitable claims agas
the of California and to contmca funded debt for
that purpose approved april twentyeght eighteen hun
dred and fifty
sEooNo-The outstanding bonds issued under the Act
of eighteen hundred and sixty.
TmRp-The GU standing soldiers relief bonds
FouRrn-The outs' anding soldiers bounty bonds
SEC All having of the bonds specified in
section seven this Act SHALL upon presentation Of such
bonds to the said Loan Commissioners be entitled TO ex-
change thea, their par value for bonds authorized to be
issued under this Act at the rate of ninety three cents
the dollar par value but bond shall be issued for a
than five hundred dollars tora fractional part
of n hundred dollars, but the said Loan Commissioners
may certificates of such fractional parts not bonded
which said certificate shall be transferable and entitled to
be paid the proceeds of tho sales OF any bends
yided for in section seven OF this Act The Loan Commits
snsr cane. each bond so and shall in.
such bond the date which they received the
same and from whom. the number and amount OF the
bond issued exchange therefor aad shall e such bond
In the Office Of the Secretary OF State.
SIC o. Whenever there shall be in the State treasury
from the proceeds of the sale of bonds issred under this
Act sum of ten thous md dollars more it shall be the
duty of the Treasurer to advertise in two newspapers
prined In English. in New York and one In tho Capt
tai af the State for months. which advertisement
shall the amount of money liz the treasury applica-
BILE to the REDEMPTION bonds and the number of bonds
numbering therein the order ofher issuance, which are
reeemabe and three months from the date of the
paton Of such advertisements such bords. unless
paid shall draw interest. but the money for the
redemption OF snch bonds shall remain the treasury TO
paw such bonds whenever presented.
SIC TO- For the payment within twenty years of the
principal and interest of the bonds issued under this Act
there shall be and is hereby levied annually after any
bonds have issued under this Act such rate of tax
on each hundred dollars of the assessed value of real
and personal property in the State TO by the
Controller of the basis of the assessed value OF
such property for the preceding year, shall produce
annually far the FIRST five years. per of the
amount Of such issuei for the three
after twelve per centum of the amount of such bonds is
sued and thereafter until all the bonds issuea under
this Act paid, fifteen per eenum of the amount OF
such bonds issned The Controller shall certify the rate
of tax thus computed by him TO the several County Audi
and the Auditors hefeoy directed
qured enter such the assessment rolls of their
respective counties. in the manner and with the
same provided by law in relation to other State
Every tax levied under the provisions or authority
of this hereby made lien against the property
sessed which lien shall attach the first Monday in
March in each year. and shall be satisfied removed
until such 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
FRsrfo the Payment Of the interest on the bonds is
sued by the provisions Of this Act.
sScoxpTo the payment of the principal of such bonds.
PReyInEn that all remainpg in the State treas
nry on the third day January. each year, the
first five years after the issuance ofany bonds under this
Act after all the interest on such bonds then due has been
paid shall be transferred by the Treasurer of State 10 tbs
SIC H. whenever on the third day Of January July
In any year. after the expiration of ve wears from tht
date of issuance of any bonds under this Act there
mains after the payment of the interest provided il
the preceding section surplus OF ten thousand dollars q
more shall be the duty of the Treasurer to advertise
for the space month, in daily newspaper. pub
lishea in EnSlish in the City Of New York. and for on
month in one daily newspaper. published in English q
the State Capital Tor sealed proposals to be opened on
month after the expiration of such publication by tn
Treasurer in presence Of the esernor or oentroer
the state CAPITOL for che surrender OF bonds issued une
this Act which advertisement shalt state the amount
money he has on hand for the purpose Of redemption an
they shall accept the lowest proposals AT rates not exceed
,nr mar value as may redeem the greatest amount G
bonds until the of cash ON hand for the redep
ton exhausted Provided. however, in case snfhsiea
an,onnt f such bonds shall be offered aforesaid,
exhaust the Sinking Fund To less amount THAI te
thausaad dollars then il is hereby made the duty OF III
York and enc ut the Capital Of this State, for thre
months which adse rtsement shall state the amount
the Sinking Fund aud the number of bonds. naneerin
them in the order Of their issuance. which snch ana
set apart to nav and discharge snd fsuch bonus 50 nun
berei in such advertisements shall net h. presented q
payment and cancellation at the expiration of such nei
cations then such faad shall remain ia the treasury
discharge such bonds whenever presented but they sha
draw after the expiration of such publication
before aay said bonds shall be paid they shall be pre-
scented the Contrer shall indorse each bone
due herean and shall write a>ross the face
each bond the date gifts sarrea ser aud the name OF tn
person surreadertGg.
Sgc L. The Treasurer of State shall Keep full an
this Act. and OF the bonds redeemed and surrenaere
aud he shall transmit O. the Governor abstract of a
his proceedings under ills Act with his annual report.
be by the Governor laid before the Legislature and a
books aud papers pertaining 70 the matter provided for
this Act shall all times he open the inspection Of
party ell the Governor the Attorney enera
or committee of either branch Of the Legislature,
Joint committee of both,
Sac 10 shall be the duty of the Treasurer pay Il
interest sai3 bonds, when the falls dae out
said Interest Fund 6suaicent aud il said fund be
suicient. then pay the deficiency of the Gener
Faud, Provided that the Controller Of State shall hr
draw his the Treasurer payable 90 the order
said Treasurer for the amount of interest money about
become due which said interest warrant shall be drawn
east one mouth previous to the maturing of the neret