The Placer herald., 1871-08-12

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 oil The
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 jam.
airy or July, in any year, after the expiration ~
five years from the IatC Of issuance of any bonds
under this Act, there ~emains. after .he pay
ment of the interest, as provided in the prccod-
ing section, a surplus of ten thousand dollars %
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, atthe State Capital.
for sealed proposals. to be opened one month NJ.
ter the expiration of such publication by The
Treasurer, in presence of the Governor or Con.
troler, at the State Capitol, for the surrender 81
bonds issued under this Act, which advertise
ment shall state the amount of money he hv on
hand for the purpose of redemption; and they
shall accept the lowest proposals. ut rates not
exceeding par value, may redeem the greatest
amount of bonds, until the amount of cash on
hand for the redemption is exhausted: prordtd.
however in case sufficient amount Of such
bonds shall not be offered as aforesaid, TO ,1s
haust the Sinking Fund to less amount than
ten thousand dollars, then it is hereby made ihs
duty Of the Trearurar 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, numhofina
them in the order of their issuance. which such
fund is set apart to pay and discharge; aud =
such bonds so numbered in such advertisements
shall not be presented FOR payment and cancell.
ton at the expiration of such publications, then
such fund shall remain IN the treasury to dia.
charge such bonds whencyerpresontcd, hut thtt
shall draw no interest after the expiration "
such publication; before any Of said bonds shall
be paid, they shall be presented to the Controller
who shall indorse on each bond the amount duf
thereon, and shall write across the face os each
bond the date Of its surrender and the name ui
the person surrendoring.
SEC 12 The Treasurer of State shall keep
full and particular account and record Of all his
proceedings under this Act, and of thc bonis
redeemed and surrendered, and he shall trans
nit to the Governor an abstract Of all his pro
ceediugs under this Act with his annual report
to be by the Governor laid before the Legisls.
ture and all books and papers pertaining to th'
matter provided for in this Act shall at all timfs
be open to the inspection of any party Interest
ed, or the Governor or the Attorney-Gencral 0
committee Of either branch Of the Legislature
or Joint committee Of both.
SEC. 13. 1t shall be the duty Of the Trcasa.
rer to pay the interest on said bonds. when tht
same falls due, out of said Interest Fund. II
sufficient; and if said fund be not sufficient hrn
to pay the deficiency out af the General Fund
prorided, that the Controller Of State shall ffsi
draw his warrant on the Treasurer Jayablf O.
the order Of said Treasurer. for the amouni q
interest money about to become due. which ail
interest warrant shall be drawn at leas, ous
month previous to the maturing Of the interest
SEC. ii. This act shall take effect sixty itts
after the next general election, to all It's pin
visions, except those relating 10 and neccssaGt
for its submission to the people, and for return.
ing, canvassing and proclaiming the votes whth
shall take effect Immediately.
SIC 15 This Act shall be submitted h o.
people of the State for their rathcaton. a. o.
next general election. and the qualified clcoi0fs
of this State shall az said election, on their hil.
lots for State officers, vote for or against III
Act; those voting for the same shall vrie 81
have printed on their ballots the words, Refund
the Debt-Yes, aud those voting ngains; ihf
same, shall write or have printed on their haois
the words, Refund the Debt-No."
SEC. 16. The votes cast for and against ihs
Act shall be counted. returned and cancelled
and declared in the same manner and suhtsi
to the same rules as votes east for the 1rtasu,
rer of State. and II il appears that a majority q
all the votes cast fore against this law as aflfs
said, are in favor Of this Act, then the same
shall have effect as heroinbefore provided. ani
shtii pe HIeINfhui' Alatii tIc lIihtiIlAl anu lNf
terest OF the liabilities herein created shall o.
paid and discharged, and the Governor shall
make proclamation hereof; but II majority q
the votes so cast are against this Act, thou Co.,
same shall become void.
SEC. II. II shall be the duty Of the SccroiafJ
Of State to have this Act published in one uevss
paper in each judicial district Of this State. g.
three months next preceding the next gcnemi
election, for which publication no greater alos,
ance shall he made than the rates allowed -
law TO the State Printer