The Placer herald., 1871-07-08


teen per oentum Of the amount of such bonds
issued. The Controller shall certify the rate OF
tax thus computed by him to the several County
Auditors, and the SAID Auditors are hereby di-
reoted and required TO enter such rate on the as
| sessment rolls of their respective counties, in
the same manner and with the same effect as is
provided by law in relation to other State taxes.
Every tax levied under the provisions or author
lty of this Act is hereby made lien against the
property assessed which lien shall attach on
the first Monday in March in each year, and
shall not be satisfied or 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 ap-
piled
Fus,-To the payment of the interest on the
bends issued by the provisions of this Act
Second-To the payment of the principal OF
such bonds.
ii Prorided, that all moneys remaining in the
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 tn
interest on such bonds then due has been paid
shall be transferred by the Treasurer of State to
the General Fund
SEC. IL. Whenever on the third day of Janu-
airy or July, in any year. after the expiration OF
ave years from the date of issuance of any bonds
under this Act, there remains, after .he pay
ment of the interest, as provided IN the preced-
ing section, a surplus of ten thousand dollars OF
more, 1t 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 i'll English, at the State Capital
ior sealed proposals. to be opened one month af-
ter the expiration of such publication by the
| Treasurer, i'll 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 acc pit the lowest proposals. at rates no..
exceeding par value, as may redeem the greatest
amount OF bonds, until the amount of cash on
hand for the redemption is exhausted; prorioed
however, in case sufficient amount Of such
bonds shat not De oitAred, as aforesaid, to ex-
haust the Sinking Fund to less amount than
ten thousand dollars, then it is hereby made the
| 1uty of the Trearurer to advertise in two news
papers, one in New York and one at the Capital
Of this State, for three months. which advertise
ment shall state the amount 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; and
such bonds 50 numbered in such advertisements
shall not be presented for payment and cancela-
ton ut the expiration of such publications, then
such fund shall remain in the treasury 10 dis
ehdrge such bonds whenever presented but they
shall draw no interest after the expiration OF
such publication; before any of said bonds shall
be pad, 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 surrenderne.
SEC IL. The Treasurer of State shall keep n
| iull and particular account and record of all his
| proceedings under this Act, and of the bonds
| r,deemed and surrendered, and he shall trans
| NIT to the Governor abstract of all his pro-
! ceodugs under this Act with his annual report,
| TO be by the Governor laid before the Legjsla-
ture; and all books and papers pertaining to the
natter provided for in this Act shall at all times
! be open to the inspection Of any party interest
| d, or the Governor or the Attorney-General, OF
| 4 committee Of either branch of the Legislature,
OF q JOINT committee of both.
SEC 49, 1t shall be the duty Of the TreasJi-
! cer to pay the interest on said bonds, when the
| me falls due ont Of said Interest Fund, il
sufficient; and if said fund be not suffic ent then
to pay the deficiency out af the General Fund;
! Drori8ed that the Controller of State shl first
! lraw his warrant on the Treasurer, ayab,e t.
the order of said Treasurer, for the amount Of
! interest money about to become due, which said
! interest warrant shall be drawn ut least ont
month l."ey.ol5 to the maturing of the interest.
| osu. il. This at shall take effect sixty days
lfter the next general election, as to all Its pro
visions, except those relating to and necessary
for its submission to The peop'e, and for returi,-
ing. canyassing and procaimAg the votes, which
shall take effect Immediately.
SEC. 10. This Act Shall be submitted to The
people OF the State for their ratification, Mt the
next general election, and the qualified electors
Of this State shall at said election, their bal
OTIS for State officers, vote for or a9ainst tn s
Act; those voting for the same, shall write o.
have printed on their ballots the words, "Refund
| the. .Debt--Yes," and those voting against the
same, shall write or have printed on their ballots
the words, "Refund the Debt-No."
| SEC IS. The votes cast for and against this
| Act shall be counted, returned and cancelled,
and declared in the same manner and suhjec,
to the same rules as votes cast for the Treasu-
rer of State and if it appears that majority Of
all the votes cast for against this law afore
said are in favor of this Act, then the same
shall have effect as heroinbetore provided, and
shall be irrepealable until the principal and in
terest of the liabilities herein created shall be
paid and discharged, and the Governor shall
make proclamation hereof; but if a majority Of
the votes so cast are against this Act then the
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, fo
three months next preceding the next genera
election for which publication no greater allow
apce shall he made than the rates allowed by
law to the State Printer.
June 3D., lS7l.--3m.
| TuE E3inurEeT cAEFST hWH CHEhpFS!