The union Democrat., 1871-06-10

coin on the second days in January and July in each
year at the Office Of State The princi
raj Il said bonds shah be made payable in gold coin with
in twenty years aer the date Of their issue and shall be
az such denominations as the said Loan Commissioners
shall direct less than I'VE hundred dollars snail
the date Of their issue and shall he signed oy inc sara
Lean Commissioners aud shall have the seal OF the State
affixed thereto faith az the State Of California IL
hereby pledged the payment Of said hords and the
interest accruing thereon rs herein provided.
Sr Coxpor for the nteres; shall be attached to each
bond 50 that they nay De removed without injury or mutt
lsios 70 the hosa san son ~ sss S,sts
Sr l. Before the sale OF any Of said bonds the said
Ioan Commissioners shalt cause notices Of such sale to Dc
puhllshei for the Srace Of month"; IN three dxy
newspapers published In English in the City OF new
York one in the CITY Of London. ia England and one m
the Capita the State; In and Tor the ofone month
in daily newspaper published in French. in the City OF
Paris France and for the space % ose month IN ay
newspaper published in German IN the CITY OF FrsnSios.
amount Of he Sold the rate Of interest they sst
hear the day hour Of SALE the place OF SALE which
shall be at the State Capital. and that sealed proposals
will be received by the said Loan Commissioner tor
the purchase Of such bonds Within one month irNm
boar named in said notice. the said Loan Commisson
shat opaa all sealed proposals received cy thena
and shall award the purchase Of said bonds TO rach
bidders as will in their opinion, make the most advsnts
bid for the States Provided. that said Loan Cnms
s'sners Nay reject any or a., ns, y ",ss aSn y :. e
may refuse make any unless sufficient security
shah be furnished hy the bidders for the eenpIance wis
the terms II their bids; and Provided arher, that st
bonds shall sold less than nnetyone cents ON
| the dollar, in gold cain, par value.
Sgc s. 1t shall be the duty Of the Treasurer and Con-
treer each keep separate record Of all bcos
sold under the provisions Of this Act showing the nu
br date, amount and rate otntercst OF each bond ana
| 10 whom the same issued.
Sgc g. The sum Of one thousand dollars hereby appr
patei out o the Gene,a al Fund for payment Of the
expense that he incurred by the Loan Commissioners
in having such bonds prepared and said notices published
SIC 4 Tho proceeds sneh bonds shall be paid into
the State treasury and shall he applied 20 the payment OF
| the following bonds in the order OF their assurances:
FRSr-The outstanding bonds issued under the Act en-,
Ma Al Nirastsa
the State of California aud TO eontracta funded debt for
that purpose approved April twenyeght eighteen nun
dred and htty seven.
SEcoNp-The outstanding bonds issued under the Act
! OF eighteen hundred and sixty.
THlRn-The outstanding soldiers relief bonds.
foURrH-The outstanding soldiers bounty bonds.
Sgc. All persons having any of the bonds specified IN
section Of this Act shall presentation Of such
bonds to the said Loan Commissioners be entitled to ex-
change them their par value for bonds authorized TO be
issued under this Act at the Of ninety cents ON
the dollar par value, but bond shall be issued for
less than five hundred dollars for part
OF hundred dollars, but the said Loan Commissioners
NAV certificates such fractional parts not bonded
which said certificate shall be transferable and entitled To
be paid ont of the proceeds of the sales NJ bends
ydsd for in section seven Of this Act The Loan Commits
ioners shall cancel each bond exchanged and shah In
dorse such bond the date which they received the
same aud from whom, the number and amount Of the
bond issued in exchange therefor and shall file such bond
| in the Office Of the Secretary ofState.
SEC. O. Whenever there shall be in the State treasury,
fm the proceeds Of the sale of bonds issued under this
Act Of ten thous and dollars IL shall be the
duty Of the Treasurer to advertise in two newspaper,
tai of the State, for months which advertisement
shall state the Of money the treasury applica
bic to the REDEMPTION Of bonds aud the number Of bonds
numbering therein the order ofher issuance which
rcdeemahe and three months from the date Of the
praon of such advertisement. such bonds. unless sooner
paid shall cease 10 draw interest but the money for tire
redemption such bonds shall In the treasury
| pay such bonds whenever presented
SEc. 10. Fer therayment within twenty years of tho
principal and interest Of the bonds issued under this Act
there shall he and is hereby levied annually afcr any
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 to be by tho
Controller OF State the basis OF the assessed value OF
such property for the preceding year, shall produce
annually for the first Ave per Of the
amount OF such bonds issued for the next ten years three
AFTER twelve per cenum Of tho amount Of such bonds Is
sued and thereafter until all the bonds issued under
this Act paid, fifteen per of the Of
such bonds issued The Controller shall certify the
of thus computed by him TO the several County Audi
tors and the said Auditors are hereby directed and re-
quired such the rolls Of their
respective counties, in the manner and with the
effect provided by law in relation other State
taxes Every tax levied under the provisions authority
of this Act is hereby made lien against the property
| sessed. which lien shall attach the FIRST Monday In
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
FRsT-To the payment of the interest the bonds is
| sued by the provisions of this Act.
sEcoNDTo the payment 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 Of bonds uader this
Act all the interest such bonds then due has been
paid shall be by the Treasurer of State to tho
General Fund.
SEC H. Whenever the third day Of January July,
in any year. after the expiration Of five years from the
date of issuance of any bonds under this Act there
MAINS after the payment of the interest provided In
the preceding section surplus Of ten thousand dollars
it shall be the duty of the Treasurer to advertise,
for the space OF one month"; in 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 be opened
month after the expiration Of such publication by the
Treasurer in presence Of the Governor Controller, o.
The state anito for .he surrender of bonds issued under
ACT nd
he has hand for the purpose of redemption and
they shall accept the lowest proposals. rates not exceed
ing par vaue, as may redeem the greatest amount OF
bonds. until the Of cash hand for the redemp
ton exhausted Provided, however, in sufficient
amount of such bonds shall not be offered aforesaid To
exhaust the Sinking Fund to a 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 e 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 their issuance which such fund Is
apart pay and discharges and ifsuch bonds
bered in such advertisements shall not be presented for
payment and cancellation at the expiration of such subl
cations. then such fund shall remain in the treasury 60
discharge such bonds whenever presented but they il
draw interest after the expiration Of such publication
before of said bonds shall be paid they shall be 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 surrendering.
SEC H. The Treasurer of 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 to the Governor an abstract
his proceedings under this with his annual report 10
be by the Governor laid before the Legislatures and all
books and papers pertaining to the matter provided for IN
this Act shall at all times be to the inspection Of any
party interest the Governor the Attorney
committee Of either branch OF the Legislature, or
joint committee of both.
SEC 49, 1t shall bethe duty of the Treasurer to pay the
interest said bonds when the falls due out OF
said Interest Fund.- Insufficient and il said fund be not
sufficient then to pay the deficiency ont of the General
Fund Provided that the Controller of State shall first
draw his the Treasurer payable to the order Of
Treasurer for the of interest about
become due, which said interest shall be drawn
least month previous the maturing of the interest
SEC. II. This Act shall take effect sixty days after the
next general election TO all ts provisions except those
relating 10 and necessary for its submission the people,
and for returning canvassng and proeaimng the
which shall take effect Immediately.
Sec 15 This Act shall be submitted the people OF the
State for their ratification, at the general election.
and the qualified electors Of this State SHALL at said cleo
ton. their ballots for State officers for against
this Ac those voting for the same, shall write have
printed their ballots the words, Refund the Debt
Yes and those voting against the same, shall write
have printed their ballots the words ''Refand the
Debt-No."
SEC. To- The votes cast for and against this Act shalt
be counted returned and cancelled and declared In the
same manner and subject to the
for the Treasurer of State and if appears that MAORI
ty of all the against this law as aore
Leaf - a.