The union Democrat., 1871-08-12
[AprRoyrD APRIL ., 1870


folioics
sEcrnS l. For the purpose liqudatng and providin
for the payment Of the funded Indebtedness the
California hereinafter specified lessen the burden
OF taxaan the Governor OF the State the Controller
and the Treasurer Of State and their
Office shall constitute Beard Of Commissioners. b.
styled the Loaa Commissioners OF the state Of California
and shall have and exercise the powers and perform tn.
duties hef einater provided.
sEc ,. The said Loan Commissioners hereby au-
thorixed issue and sell not exceeding three millions
hundred thousand dollars of the bonds OF said State
bearing interest Mt the rate of six per per
which Interest shall be payable semannualiy in gold
CON- on the second days in January and July in each
year at office of the Treasurer of State The prnc
pal Of said bonds shall be made payable in gold coin with
In twenty years after the date OF their issue aud shall
of such denominations the said Loan Commissioners
shall direct but less than FIVE hundred dollars; shall
bear the date their issue. and all DO signed by said
Loan Commissioners and shahave the seal of the State
affixed thereto and the faith of the Of California
hereby pledged for the payment of said bonds and the
interest accrning thereon herein provided.
SEC. g. Coupons for the interest shall be attached to each
bond that they may be removed without injury or mutt
ation the bDad; said coupons. eonseenyey number
ed, shall be signed by the Treasurer OF the State.
SEC a. Before the sale OF any of said bonds the said
Loan Commissioners shall notices of such sale
published, for the space Of ono month, in three daily
newspapers published in English in the City of New
York IN the City OF London, in England, aud
the Capital Of the States IN and for the space
in daily newspaper published in French the CITY of
Paris In France, aud for the of month in daily
newspaper published in German in the City of Frankfort
onhe Main, in Germany. such notice shall specify the
Of bonds be Sold the rate OF interest they shall
bear day and hour Of SALE the place of sale, which
shall be at the State Capital aud that sealed proposals
will be received by the said Loan Commissioners for
the purchase of such bonds. Within month from
the expiration of snch publication, and the day
hour named in said notice, tho said Loan Commission
ers shall open all sealed proposals received by them.
shall award the purchase of said bonds TO such
bidders will in their opinion make the most adyanta
geous bid the State; Provided. that said Loan Commits
soners may reject any all bids if they deem it the
advantage Of the States and Provided further that they
may refuse mako any award unless sufficient security
shall be furnished by the bidders for the compliance with
theterms 6fther hds and Provided further, that said
bonds shall be sold at less than nineyone cents
the dollar. in gold coin, par value.
SEC g. 1t shall be the duty of the Treasurer and Con-
toler each keep separate record of all bonds
sold under the provisions of this Act showing the
ber date amount and rate ofnerest of each bond and
TO whom tho same was issued
SEC The of thousand dollars Is hereby appro
psaed the General Fund for the payment of the
expense that may be incurred by the Loan Commissioners
In having such bonds prepared and said notices published
SIC l. Tho proceeds of such bonds shall be paid into
the treasury and shall be applied the payment of
the following bonds In the order Of their issuance
FRsr-The outstanding bonds issued under the Act
titled an Act provide for certain equitable claims
the State of California and to contract funded debt for
that purpose, approved April twenyeght eighteen hun
dfed and fifty seven.
SFcoNp-Tho outstanding bonds issued under the Act
of eighteen hundred and sixty.
THRp-The outstanding soldiers relief bonds
FouRTH-The outstanding soldiers bounty bonds
SFc s. All persons having of the bonds specified in
section Of this Act SHALL upon presentation such
bonds TO the said Loan Commissioners be entitled to
change then their par value for bonds authorized to be
issued under this Act at the rate Of ninety three cents
the dollar par value, but no bond shall be issued for
less sum hundred dollars for fractional part
of hundred dollars but the said Loan Commissioners
may certificates such fractional parts not bonded
which said certificate shall be transferable and entitled
be paid the proceeds OF the sales OF bonds pro-
ylded section of this Act Tie Loan Commits
soners shall cancel each bond exchanged, aud shall in
dorse such bond the date which they received the
Same, and from whom. the number and amount of the
bond issued in exchange therefor aud shall file such bond
in the oflt eof the Secretary ofSiate.
Src. Q Whenever there shall be in the State treasury
from the proceeds Of the sale Of bonds ssned under this
Act sum of thons and dollars it shall be the
duty the Treasurer ta advertise in two newspapers
printed in English in New York aud in the Capt.
tal Of the State for months which advertisement
shall state the amount Of money il the treasury appca-
BILE the redemption OF bonds and the number of bonds
therein the order ofiher issuance which are
and three months from the date of the
ot such advertisement. such bords unless
paid shalt draw interest, but the money for the
of such bonds shall rerain in the treasury
pay such bonds whenever presented.
SEe 10. For herayment within twenty years of the
principal and interest Of the bonds issued under this Act
there shall be and hereby levied annually, after any
bonds have been issued under this Act such of
on each hundred dollars Of the assessed value real
and personal property in the State To be by the
Controller Of State the basis of the value of
such property for the preceding year, shall produce
annually for the first tive years seven per eentum of the
such bonds issued for the three
AFTER twelve per centnm of the amount of such bonds is
suea and thereafter until all the bonds issued under
this Act paid. fifteen per cenum of the amount OF
bonds Issued The Controller shall certify the
tax thus computed by him to the several County Audi
ors and the said Auditors are hereby directed and
lured such the assessment rolls of their
respective counties, in the same manner and with the
ame effect Is provdedb by law in relation to other State
axes Every levied under the provisions authority
this Act is hereby made lien against the property as
sssed which lien shall attach on the first Monday in
March in each wear and shall not be satisfied or removed
antil 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 ct the interest on the bonds is
'uei by the provisions Of this Act.
sSoSpTo the payment of the principal Of such bonds
PsovnYp, that all moneysremauing in the State treas
lry on the third day OF January IN each year. for the
ars five years after the issuance Of any bonds under this
after all the interest such bonds then due has been
nad shall be by the Treasurer Of State to the
General Fund.
SEo H. Whenever the third day OF January July
N any year after the expiration of five years from the
tate If any bonds under this Act there re-
mains after the payment of the interest provided
he preceding section surplus of ten thousand dollars
more shall be the duty of the Treasurer ADVERTISE
Or the space Of month, in daily newspaper pub
ished English in the City Of New York and for one
he State Capital fer sealed proposals. 10 be opened
month after the expiration Of such publication by the
treasurer, in presence af the Governor or Catrer at
he State CAPITOL Tor she Surrender Of bonds issued
his Act which advertisement shall state the amount of
money he has ON hand r the purpose Of redemption and
hey shall accept the lowest proposals. at exceed
nr par value as may redeem the greatest amount of
onis until the amount of cash hand Tor the redemp
ion exhausted Provided, however, in case sufficient
mount Of such bonds shall be offered. aforesaid
xhaast the sinking Fund TO less amount than ten
thousand dollars then is hereby made the duty of the
Jerk and cue At the Capital Of this State. for three
aonhS which advertisement shall state the amount in
he Sinking Fund. and the number Of bonds numbering
the order II their issuance. which such fund is
ct apart 10 pay and discharge and fsuch bonds
ere such advertisements shall not BE- presented for
ayment cancellation at the expiration Of such ub
aians then such fund shall remain in the treasury
seharSc such eos whenever presented but they shall
raw no interest AFTER the expiration of such publication
efre any Of said bonds shall he paid they shah be pre-
cated the Ceasr eT who shall tndosse each bond
he amount due thereon and shall write the face of
erson surreadsriGg
Ssc Il The Treasurer of State shall keep fall and
artienlar account record all his proceedings under
ais Act and of the bonds redeemed aai surrendered.
nd he shall transmit the Governor abstract Of all
proceedings under this Act with his annual report to
hy the Governor laid before the Legislatures aud all
as aud papers pertaining the provided for In
his Act shall at all times be open the inspection Of any
arty interest ed the Governor the Attorney
committee IL either branch Of the Legislature, or
aint Committee of both.
SIC Is shall be the duty Of the Treasurer pay the
aterest On said bonds. whea the falls due Of
Aid Interest Fund, dsuoieat and if said fand be not
aeient then pay the deficiency of the General
and Provided thai the Controller Of State shall first
his warrant the Treasurer payable the order Of
Treasurer for the amount Of interest money about to
eeoe due which said interest shah be drawn At
enc month previous to the maturing Of the interets