The union Democrat., 1871-07-15

pal rf said bonds shall be made IN Solu soa
in twenty Years aer the date Of er issue aud shall b
Of such demonstrations the said Lean commssaenes,
shall direct but less than ave hundred dollars; sha
Loan Cemmssicners and shahave the seal OF the Stst
axea thereto, and the faith OF the State Of California
hereby pledged for the payment 9. saaa v1' y"
interest areruing thereon as herein pfoSaea.
Sr Coupons for the interest shall be attached 70 eacl
houd 80 that they may removed OF mutt
ed shall De signed by the Treasurer OF the State.
SIC l. Before the sale Of any Of said bonds the ssso
published. for the Of one month"; IN three asln
newspapers published in English, one in the City OF New
York in the City Of London. in England and one y
the Capal Of the States in and for the one month
in daily newspaper published in French, IN the Cats q
Paris France and for the space Of month in daily
newspaper published in German in the City Of Frankfort
on-the Asin in Germany Such notice shall specify the
Of bonds be Sold the rate of interest they shall
hear the day and hour sale the place Of sale which
shall be the Capital and that scaled proposals
viii be received by the said Lean Commissioner for
the purchase sc such bonds. Within month fr,m
the expiration of such publication. and on the day ana
hour named in said notice, the said Loan Cemmison-
ers shalt open all scaled proposals received by them.
and shall award the purchase o. said bonds to such
bid for the States Provided that said Loan Commits
oners reject any all bids IL they deem il u the
advantage the States and Provided further that they
may refuse make any unless sufficient security
shall be furnished by the bidders for the compliance with
the terms II their bids: aud Provided further that said
bonds shall be sold at les than ninetyone cents on
| the dollar. in gold coin. par value:
SEC. II shall be the duty of the Treasurer and Con
4
sold under the provisions Of this Act showing the num-
date and rate ofnterest of each bond and
| TO whom the same issued.
SEC g. The sum of one thousand dollars hereby appro
priaed the al Fund for the payment Of the
expense that be incurred by the Loan
in having prepared aud said notices published
SEC I. The 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:
FRSr-The outstanding bonds issued under the Act
titled Act provide for certain equitable claims against
the California and contracts funded debt for
rnose
dred and fry
SEcoNa-The outstanding bonds issued under the Act
OF eighteen hundred and sixty
THlRp-The OUTSTANDING soldiers relief bonds.
ForRrH-The outstanding soldiers bounty bonds.
SEC All having any of the bonds specified In
section this Act SHALL npon presentation OF such
bonds To the said Lean Commissioners be entitled
issued under this Act the of ninety three
the dollar par value but no bond shall be issued for
less than five hundred dollars for fractional part
o. hundred dollars, but the said Loan Commissioners
issue certificates of such fractional parts bonded.
which said certificate shall be transferable, and entitled
be paid out of the proceeds of the sales If any bonds pro-
vded for in section of this Act Tie Loan Commits
sioners shall cancel each bond exchanged shall
dorse such which they received the
same and from whom the number and amount Of the
bond issued in exchange therefor and shall file such bond
in the ofite of the Secretary Of State.
SEc. g. Whenever there shall be in the State treasury
from the proceeds of the sale of bonds ssred this
Act of ten thous md dollars MORE be the
duty of the Treasurer 10 advertise in newspapers
printed in English. in New York in the Capt.
tai Of the State, for two months, which advertisement
BILE to the redemption Of bonds and the number bonds
numbering therein the order their issuance which are
redeemahe and three months from the date of the ex
paton of such advertisements such bonds unless
paid shall to draw interest the money for the
redemption of such bonds shall the treasury to
pay such bonds whenever presented
SEC 10. For the payment within twenty years of the
principal and interest of the bonds under this Act
there shall be and is hereby levied annually after any
bonds have been issued under this Act rate of tax
each hundred dollars of the assessed valuo real
and property in the State to be by the
&C tafa
such property for the preceding year. shall produce
annually for the first five years. per centun of the
Of such bonds issued for the three
aer twelve per centum OF the amount of such bonds is
sued and thereafter until all the bonds issued under
this Act are paid fifteen per centum of the Of
such bonds issued The Controller shall certify the rate
of tax thus computed by him to the several County Audi
tors, and the said Auditors hereby directed
qured to enter such rate the rolls of their
respective counties, in the and with the
effect is provided by law in relation State
Every levied under the provisions authority
this Act is hereby made lien against the property
sessed, which lien shall attach the first Monday in
March in each and shall not be satisfied removed
until such tax has been paid All moneys derived from
authorized by the provisions of this section shall be
paid into the State treasury, and shall be applied
FRsrTo the payment Of the interest the bonds is.
sued by the provisions Of this Act.
sEcoSDTo the payment of the principal Of such bonds
PROVIDED that all remaining in the State treas
mry on third day of January in each year for the
first five years after the issuance of any bonds under this
Act after all the interest such bonds then due has been
paid shall be transferred by the Treasurer State to the
General Fund
SEC IL. Whenever. the third day OF January or July
in any after the expiration of five years from the
date Of issuance of any bonds under this Act there re-
MAINS after the payment of the interest, provided In
the preceding section surplus of ten thousand dollars
1t shall be the duty of the Treasurer to advertise
for the space of one month"; in daily newspaper pub
lshed in English in the City of New York. and for
month in one daily newspaper, published In English at
the Capital for sealed proposals, be opened one
month after the expiration of such publication by the
the Capitol for the surrender bonds under
this Act which advertisement shall state the amount of
he has hand for the purpose of redemption and
they shall accept the lowest at rates not exceed
ing par value. redeem the greatest amount of
bonds until the of cash hand for the redemp
ton exhausted Provided, however, in sufficient
such bonds shall not be offered aforesaid
exhaust the Sinking Fund to less amount than ten
Thousand dollars then II is hereby made the duty of the
Treasurer to advertise in two newspapers in New
York and at the Capital Of 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 discharge and fsuch bonds
bered in such shall not be presented for
payment cancellation the expiration Of such ?ubl
cations then fund shall remain in the
discharge such bods whenever presented but they shall
after the expiration of such publication
any of said bonds shall be paid they shall be pre-
the Controller who shall indorse each bond
due thereon and shall write across the face of
each bond the ofits the of the
/ person surrendering.
src 70 The Treasurer of State shall keep full and
particular and record OF all his proceedings under
this and of the bonds redeemed and surrendered
and he shall transmit to the Governor an abstract OF all
his proceedings this Act with his annual report to
be by laid before the Legislature. and all
books and papers pertaining to the matter provided for in
shall all times be to the inspection of
party the Governor the Attorney
or committee of either branch of the Legislature,
/ Joint committee of both.
SEC 3 1t shall bethe duty of the Treasurer to pay the
interest bonds when the falls due out Of
said Interest Fund Insufficient and il said fund be not
sufficient pay the deficiency out of the General
Fund Provided that the Controller of State shall first
draw his warrant the Treasurer payable the order Of
said Treasurer for the amount of interest about to
become due which said interest shall be drawn at
least one month previous the maturing Of the interest
SEC IL This Act shall take effect sixty days after the
next general election all ts provisions except those
relating to and necessary for its submission to the people,
and for returning canvassng proclaimng the votes
! which shall take effect Immediately.
SEC Is This Act shall be submitted to the people Of the
ratification at the next general election,
the electors of this State SHALL at said cleo
on on their ballots State officers, vote for against
this Act: those voting for the shall write have
printed ballots the WORDS Refund the Debt
Yes and those voting against the same shall write or
have printed their ballots the words Refund the
Debt-No.'
SEC 49, The votes for and against this Act shall
be cnted returned cancelled and declared in the
same manner subject the rules votes cast
for the State. and 1t that majori
ty of for against this law afore
said are in favor cfthis Act then the shall have eff
feet a. herenbefore provided and shall be irrepeaable
until the principal interest of the liabilities herein
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