The Placer herald., 1871-07-22
AUBURN, PLACER COUNTY, CALIFORNIA, JULY %, 1871

| ISSUED under this Act, a sum of ten thousand
dollars Or more it shall be the duty Of the Treas
urer to advertise in two newspapers, printed in
English one in New York and one in the Capt.
| tai Of the State, for two months, which adver-
tisement shall state the amount of of money i'll
the treasury applicable to the redemption OF
bonds, and the number Of bonds, numbering
therein the order of their issuance, which are
deernabla; and three months from the date OF
the expiration Of such advertisement, such bonds
unless sooner paid, shall cease to draw intere st.
out the money tor the redemption Of such bonds
shall remain IN the treasury to pay such bonds
whenever presented.
SEC. ~. For the payment within twenty
years Of the principal and interest of the bonds
ISSUED under this Act, there shall be and is here.
by levied annually, after any bonds have been
ssued under this Act, such rate of tax on each
one hundred dollaIs of the assessed value o.
real and personal property in the State, to b,
computed by the Controller of State the ba-
Sis OF the assessed value of such property foi
the preceding year. shall produce arnually,
Tor the first five years, seven per centum of tho
amount of such bonds issued; for the next ten
years thereafter, twelve per centum of the amount
TO such bonds issued and thereafter. until ali
IN such bond the date on which they received
the same, and from whom, the number ana
amount of the bond issued in exchange therefor,
and shall file such bond in the Office of the Sec
retary of State.
teen per centum of the amount of such bonds
issued. The Controller shall certify the rate OF
AK thus computed by him to the several County
auditors, and the sad Auditors are hereby di.
rected and required to enter SUCH rate on the
;essment rolls of their respective counties III
the same manner and with the effect is
provided by law in relation to other State taxes.
Every tax levied under the provisions or author
ty OF this Act Is hereby made II lien against the
property assessed which lien shall attach Oh
he first Monday in March in each year, and
shall not be satisfied or removed until such taA
las been paid. All moneys derived from taxes
authorized by the provisions of this section shall
De paid into the State treasury, and shall be ap-
Piled
Frst--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.
Prorided, that all moneys remaining in TIL
State treasury on the third day Of January, III
ach year. for the first five years after the issu'
tnce OF any bonds under this Act, after all tn
interest n such bonds then due has been paid
'hall be transferred by the Treasurer of State to
The General Fund
SEC. IL. Whenever on the third day Of Janu-
Try or July, in any year, after the expiration o.
ive 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, surplus of ten thousand dollars
more, it shall be the duty of the Treasurer to ad-
vertlse, for the space of one month, in one daily
newspaper, published in English, in the city o!
New York, and for one month in daily news
paper, published in English, at the State Capital
or sealed proposals. to be opened one month al
ter the expiration of such publication by tn,
Treasurer, in presence of the Governor or Con
roller at the State Capitol, for the surrender o.
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
exceeding par value as may redeem the greatest
amount of bonds, until the amount of cash OF
land for the redemption is eXhausted; prOrided
however, in case sutii cient amount of suol
ponds shall not be offered, MS aforesaid, to ex.
laust the Sinking Fund to less amount than
ten thousand dollars, then it is hereby made tn,
lnty Of the Treaurer to advertise in two news
papers, one in New York and one at the Capita.
of this State. for three months which advertise
nent shall state the amount in the Sinkin,
Fund, and the number of bonds, numberin,
them in the order of their issuance, which such
'nnd is set apart to pay and scharge; and il
such bonds so numbered in such advertisements
shall not be presented for payne mt and cancela
ton at the expiration of such publications., then
such fund shall rema n in the treasury to dis
,harge such bonds whenever presented. but they
hall draw no interest after the expiration OF
such publication; before any of said bonds shal
be paid they shall be presented to the Controller
who shall ndorse on each bond the amount du.
thereon, and shall write across the face of eacl
bond the date of its surrender and the name O.
the person surrenderng
SEC II. The Treasurer of State shall keep q
full and particular account and record of all hi
proceedings under tn S Act and of the bond,
tedeemed and surrendered and he shall trans
NIT to the Governor an abstract of all his pro
,eediugs under this Act, with his annual report
70 be by the Governor laid before the Legisn
ture; and all books and papers pertaining to tn
natter provided for in this Act shall at all times
De open to the inspection of any party interest
d, or the Governor or the Attorney General,
, committee of either branch of the Legislature
or JOINT committee of both.
SEC. 10. 1t shall be the dnty of the Treasu
rer to pay the interest on said bonds when tn,
same falls due. out of said Interest Fund, j,
sufficient; and if said fund be not suffc ent, thel
TO pay the deficiency out af the General Fund
or0rtled that the Controller of State shall first
.iraw his warrant on the Treasurer. ayabe t.
the order of said Treasurer, for the amount o.
interest money about to become due, which sale
interest warrant shall be drawn at least on
month previous to the maturing of the interest
Sec. IA. This act shall take effect sixty days
lfter the next general election, as to all its pro
visions, except those relating to and necessary
or its submission to the peop'e, and for return
ing. canvassng and proclaiming the votes, whicl
.hall take effect immediately.
SEC 15. This Act shall be submitted TO th'
people of the State for their ratification at tn,
next general election, and the qualified electors
IF this State shall, at said election, their bal
lots for State officers, vote for against this
Act; those voting for the same, shall write o,
have printed on their ballots the words, 'Iefunt
he Debt-Yes, " and those voting against tn.
same, shall write or have printed on their ballots
the words, 'Refund the Debt--NO."
SEC 16. The votes cast for and against this
Act shall be counted, returned and cancelled
and declared in the same manner and subjec;
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, as afore
said are in favor of this Act, then the SAME
shall have effect as heroinbefore provided, and
shall be rrepeaahle 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 duty of the Secretary
of State to have this Act published in one news
paper in each judicial district of this State, for
three months next preceding the next genera
election, for which publication no greater allow
ance shall he made than the rates allowed by