The Placer herald., 1871-09-02

State treasury on the third day Of January, in
each year. for the first five years after the issu-
ance of any bonds under this Act, after all the
interest en- such bonds then due has been paid,
shall be transferred by the Treasurer of State to
the General Fund. stk
SEC. II. Whenever on the third day of Janu-
afy or July, in any year, after the expiration OF
i've Years from the date Of issuance OF any bonds
under this Act there remains, after The pay
ment Of the interest, as provided in the preced-
ing section, surplus Of ten thousand dollars or
more it shall be the duty of the Treasurer to ad-
vertise, for the space of one month"; in one daily
newspaper, Published in English, in the city of
New York and for one month in one daily news
paper, published in English at the State Capital,
for sealed proposals. to be opened one month af-
ter the expiration of such publication by the
Treasurer in presence Of the Governor or Con
troller, at the State Capitol for the surrender OF
bonds issued under this Act, which advertise
ment shall state the amount of money he has on
hand for the purpose of redemption; and they
shall accept the lowest proposals. at rates not
exceeding par value, as may redeem the greatest
amount OF bonds, until the amount of cash on
hand for the redemption is exhausted; prorided,
however, in case n sufficient amount OF such
bonds shall not be offered, as aforesaid, to ex-
haust the Sinking Fund to less amount than
ten thousand dollars, then it is hereby made the
duty Of the Trearurer to advertise i'll two news
papers, one in New York and one at the Capital
Of this State for three months, which advertise
ment shall state the amonnt in the Sinking
Fund, and the number of bonds, numbering
them in the order of their issuance, which such
fund is set apart to pay and discharge; aad II
such bonds so numbered in such advertisements
shall not be presented for payment and cance,a
ton ut the expiration Of such publications, then
such fund shall remai in the treasury to dis
charge such bonds whenever presented, but they
shall draw no interest after the expiration OF
such publications before any Of said bonds shall
be paid, they shall be presented to the Controller,
who shall indorse on each bond the amount due
thereon, and shall write across the face of each
bond the date of its surrender and the name OF
the person surrendeiing
SEC II. The Treasurer Of State shall keep
full and particular account and record Of all his
proceedings under this Act and of the bonds
redeemed and surrendered and he shall trans
nit TO the Governor an abstract of all his pro-
ceodiugs under this Act, with his annual report,
to be by the Governor laid before the Legisla
ture; and all books and papers pertaining to the
matter provided for in this Act shall ut all times
be open to the inspection OF any party interest
ed, or the Governor or the Attorney-Cienortil, o'
n committee of either branch Of the Legislature
or JOINT committee Of both.
SEC -. 1t shall be the duty Of the Trcasu
rer to pay the interest on said bonds when the
same falls due. out of said Interest Fund II
sufficient; and il said fund be not sufficient then
to pay the deficiency ont af the General Fund:
proriied, that the Controller of State shall first
draw his warrant on the Treasurer, payable to
the order Of said Treasurer, for the amount OF
interest money about to become due, which said
interest warrant shall be drawn at least ono
month proyious to the maturing of the interest
SEC II. This act shall take effect sixty days
after tho next general election, as to all its pro-
'eions, except those relating TO and necessary
TO. ts submission to the peopc, and for return
ing. c.nv,. sing and proclaiming the votes, whicl
shall take eifec. Immediately
SGc. 49, This A. shall be submitted to In
people of the State for H. cir ratification. at th.
next general election. and to- qualified electors
of this State shall, at said eeciIoh on Their b'
lots for State officers, vote for or "ainst ID
Act; those voting for the same shall rte o.
have printed on their ballots the words, 'Re!n'lc
the ebt--Yes, " and those voting against thc
same shall write or have printed on their ballots
the words, Refund the Debt--No."
See. lG. The votes east for and against this
Act shnll be counted, returned and cancelled,
and declared in the snmc manner and subject
to the same rules MS votes ist for the Trcasu-
of State. and if it appears that ma iority Of
all the votes cast for against this law as afore
said. are in favor of this Act, then the same
shall have effect MS her0inb?fore provided, and
shall be irrcpeaable until the principal and in
terost Of the liabilities herein created shall b,
paid and discharged, and the Governor shall
make proclamation hereof; but if a majority OF
the votes SO cast are against this Act, then tht
same shall become void.
SEC II. 1t shall be the 'uty OF The Secretary
of state to have this Act published in one news
paper in each judicial district Of this State, for
three months next preceding the next general
election, for which publication no greater allow
ance shall he made than the rates allowed by
law to the State Printer.
June Sd, 1S7l.-3m.