The Placer herald., 1871-07-22

to Contract Funded Debt for TINT Purpose
[APPROVED APRIL g. 1901
The People Of the State of California. represented
in Senate and Assembly, do enact as .folloos:
SECTION l. For the purpose OF liquidating and
providing for the payment of the funded indebt-
edness of the State of California hereinafter spec
fled, and to lessen the burden of taxation. the
Governor of the State. the Controller of Stat,
and the Treasurer of State, and their successors
N Office, shall constitute Board of Commits
sioners, to be styled the Loan Commissioners OF
the State Of California. and shall have and exer-
else the powers and perform the duties herein
after provided.
SEc. g. The said Loan Commissioners are
hereby authorized to issue and sell not exceed
ing three millions seven hundred thousand dol
ars of the bonds of said State, bearing interest
at the rate of six per cent. per annum, which in
terest shall be payable semi-annua.ly, in golt!
coin, on the second days in January and July
in each year at the office of the Treasurer OF
State. The principal of said bonds shall be
made payable in gold coin within twenty years
after the date of their issue and shall be of such
denominations as the said Loan Commissioners
shall direct, but not less than five hundred dol
lars; shall bear the date of their issue, and shall
b, signed by the said Loan Commissioners, anG
shall have the seal of the State affixed thereto;
and the faith of the State of California is here
by pledged for the payment of said bonds and
the interest accruing thereon as herein provided.
Sec. g. Coupons for the interest shall be at
tached to each bond so that they may be remov-
ed without injury or mrtation to the bond said
coupons, consecutively numbered shall be
signed by the Treasurer of the State.
SEC 4. Before the sale of any of said bond,
the said Loan Commissioners shall cause no.
.ices of such sale to be published for the spac,
IF one month. in three daily newspapers publish
ed in English one in the City of New York, one
n the City of London, in England and one il
the Capital of the State; in and for the space o!
one month in a daily newspaper published il
French, in the City of Paris, i'll France, and for
the space of one month in a daily newspaper
published in German, in the City OF Frankfort
onthe- Main, in Germany. Such notice shall
specify the amount of bonds to be sold, the rate
Of interest they shall bear the day and hour Of
sale, the place of sale, which Shall be at the
State Capital, and that sealed proposals will b
received by the said Loan Commissioners for th'
purchase Of such bonds. Within one month
from the expiration of such publication and OF
the day and hour named in said notice, the said
Loan Commissioners shall open all sealed pro
posals received by them, and shall award the
purchase of said bonds to such bidders as will,
in their opinion, make the most advantageous
bid for the State prorded, that said Loan Com
missioners may reject any or all bids, If the;
leem it to the advantage of the State; proUded
further, that they may refuse to make any award
nnless sufficient security shall be furnished by
the bidders for the compliance with the terms o.
their bids and provided further, that said bond
shall not be sold at less than ninety-one cents
on the dollar, in gold coin, par value.
SEC. 5. 1t shall be the duty OF the Treasurer
and Controller of State each to keep separat,
record of all bonds sold under the provisions
this Act, showing the number date, amount and
rate of interest of each bond, and to whom the
same issued.
<horco,,1 doll 10
hereby appropriated out of the General Fund
for the payment of the expense that may be in
Cured by the Loan Commissioners III havlnt
such bonds prepared and said notices published
SEC. Z. The proceeds of such bonds shall b
paid into the State treasury, and shall be ap-
piled to the payment OF the following bonds, Ill
the order of their issuance;
Frst-The outstanding bonds issned under
the Act entitled an Act to provide for certain
equitable claims against the State of California,
md to contract funded debt for that purpose,
approved April twenty eighth, eighteen hundred
and fifty-seven
Second-The outstanding bonds issued under
the Act of eighteen hundred and sixty.
Third.-The outstanding soldiers relief bonds.
Fourth-The outstanding soldiers bounty
bonds
SEc. 8. All persons having any of the bonds
specified in section seven of this Act SHALL upon
presentation of such bonds to the said Loan
Commissioners, be entitled 10 excnanBe 'ueh' d.
their par value for bonds authorized to be issued
under this Act at the rate of ninety-three cents
on the dollar, par value, but no bond shall be
issued for less sum than five hundred dollars,
nor for fractional part of hundred dollars,
but the said Loan Commissioners may issue GER
tificates of such fractional parts not bonded,
which said certificate shall be transferable. and
entitled to be paid out Of the proceeds OF the
sales of any bonds provided for in section seven
OF this Act The Loan Commissioners shall
cancel each bond so exchanged, and shall indorse
SEC Q. Whenever there shall be in the State
treasury from the proceeds Of the sale Of bonds