The Placer herald., 1871-09-09

State, treasp1rv on the third day ~ 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 10
the General Fund.
SEC. IL. Whenever on the third day of Janu-
airy or July in any year, after the expiration OF
five years from the date Of issuance of any bonds
under this Act, there remains, after .he pay
ment Of the interest, as provided i'll the preced-
ing section q 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 al
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 il exhausted; procded,
however, in case q 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 Ia 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 amount in the Sinking
Fund and the number Of bonds, numbering
them in the order of their issuance, which snch
fund IL set apart to pay and discharge; and II
such bonds so numbered in such advertisements
shall not be presented for payment and cancela-
ton at the expiration Of such publications. then
such fund shall remain in the treasury to dis
charge such bonds whenever presented, but they
shall draw no interest after the expiration of
such publication; before any of said bonds shall
be paid, they shall be presented to the Controller,
who shall ndorse on each bond the amount due
thereon and shall write across the face OF each
bond the date of its surrender and the name o!
the person surrendering.
SEc u. The Treasurer Of State shall keep II
fall 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-
ooediugs Nnder this Act, with his annual report,
to be by the Governor laid before the Legsla-
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-General, or
a committee of either branch of the Legislature,
or Joint committee of both
SEc 49, 1t shall be the duty of the Treasu-
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 out af the General Fund;
prluiTc2, that the Controller Of State shall first
draw his warrant ON the Treasurer, layalic to
the order Of said Treasurer, for the amount Of
interest money about to become due, which said
interest warrant shall be drawn mt least one
month previous 10 the maturing OF the interest
SIC. r. This act shall take eject siNiy drys
niter the next general election, to all ~ pro
visions, except those relating to and necessary
fur it's submission 10 the pcop'o, and ior return
ing, cnnyassng and prociaimin@th the rot s. whicL
shall take effect immediately.
SEC. 10. This Act shall be submit Il to the
people of the State for their ratification, at the
next general election, and the qualiii,d oS'ctols
of this State shall at snd election, on the'r bal
lots for State officers, vote for or against ia S
Act; those voting for the same, shall write or
have printed ON their ballots the words "Refunl
the Dcht.-Ycs, " and those voting against the
same shall write or have printed on their ballots
the words. "Rcfund the DcNt No.
Src lG. The votes cast for and agniust this
Act shall be counted, returned and cancelled
and declared in the same manner and sublcct
to the same rules as votes cast for the Trcasu-
rer of State. and if 1t appears thlt n majority If
all the votes cast for or against this law a aloo
said are in favor OF this Act, then the same
shall have effect rs Leroinheforo provided, and
shall be rrepeasihe until the principal mud in
terest of the liabilities herein created shall be
paid and discharged and the Governor shall
make proclamation hereof, bnt If majority of
the votes SO cast against this Act, then the
same shall become void.
Src II. It shall be the 'utv of the Secretary
of State to have this Act published in one news
paper in each judicial district of this State, foI
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, 1S71.-3m.