The Placer herald., 1871-06-10

the bonds are issued under this Act raid fiji
teen per centum of the amount of such bonds
issued. The Controller shall certify the rate of
tax thus computed by him to the several County
Auditors and the SAID Auditors are hereby di-
rected and required to enter such rate on the
sessment rolls of their respective counties, in
the same manner and with the same effect as is
provided by law in relation to other State taxes
Every tax levied under the provisions or author
ity of this Act is hereby made lien against the
property assessed, which lien shall attach on
the first Monday in March in each year, and
shall not be satisfied or removed until such tax
has tee paid. All moneys derived from taxes
authorized BY the provisions of this section shall
be paid into the State treasury, and shall b. up
Piled
FirstTo tho payment of the interest on the
bonds issued by the provisions of this Act
Second--To the payment of the principal Of
such bonds.
Propided that all moneys remaining in the
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 ali the
interest cn 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 Janu
ary or July in any year, after the expiration of
FIVE 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 prece,l.
/ IL
more, it shall be the duty of the Treasurer to adj
vertise, for the space of one month"; lii one daily
newspaper, published i'll English, in the city of
New York, and for one month i'll one daily news
paper, published in English at the State Capital,
Tor sealed proposals.. to be opened one month AT
ter the expiration OF such publication by the
Treasurer, III presence Of the Governor or Con
trollcr, at the State Capitol, for the surrender OF
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 ace tpt the lowest proposals. at rates not
exceeding par value, us may redeem the greatest,
amount OF bonds, until the amount OF cash on
hand for the redemption is exhausted prorided,
however III sufficient amount OF such
| bonds shall not be offered, aforesaid, to eX.
hnnst the Sinking Fund to II lnss amount than
ten Thousand dollars, then it j. her by made the
duty Of h, Trearule to adver, Sc IN two news
papers, one in New York ana one at the Capital
Of this State, for three months which advertise
III mt shall state the amount i'll the Sinking
Fdnd, and the number of bonls, numbering
tlem i'll the ord r Of III, ir 1851 ice, which such
| innd is set apart to pay and Il schnrgc; aud II
such bonds numbered in such adv ,rtlsenents
shall not be presented for payment and canccla-
ton at the expiration OF such publications, then
| such fund shall remain in the treasury to dis
charge such bonds whenever presented, but thsy
| shall draw no interest after The expiration OF
such publication; before any Of SAID bonds shall
be pad, they shll be presented to the Controller,
WHO shall in-lorse on each bond the amount due
thereon, and shall write across the face of caSH
bond the date Of its surrender and the nam
the person slrren'e ing.
SEC. II. The Treasurer Of State shalh,kcep q
full and particular account and record c&Hk his
proceedings under this Act, and Of f1lf<SY!!lds
redeemed and surrendered, and he NaFSts.laS,
NIT to the Governor an abstract Of nkthis fx1,
ceedugs under this Act, with II $ anniiSl re3iaf1
| to be by the Governor laid before the LcIiilII
ture and all books and papers perta mn -
matter provided for in this Act shall at all tNSo6
be open to the inspection Of any party intagb
| ed or the Governor or the Attorney Generaf, 'bl
a committee Of either branch of the Leg slsl ~
Oh JOINT committee Of both.
SEC. 13. 1t shall be the duty of the Treasu
rer to pay the interest said bonds, when the
same falls dife, out of said Interest Fund, il
sufficient and fsad fund be not suf1ic ent, ther
to pay the dcfciencNQut af the General Fund
prouilcd, that the Controller of State shall first
draw his warrant on the Treasurer tayabe tC
the order of said Treasurer, for the amount OF
interest money about to become due, which said
interest warrant shall be drawn at least one
month previous to the maturing Of the interest
SEC. IA. This act shall take effect sixty days
after the next general election, as to all its pro
visions, except those relating to and necessary
for its submission to the peop'e and for return
ing. canvassng and procaimng the votes, which
shall take effect Immediately.
SEC. 10. This Act shall be submitted to the
people of the State for their ratification at tn,
next general election, and the qualified elect ors
of this State shall at said election, on their bal
'ots for State officers, vote for or against this
Act; those voting for the same, shall write OF
have printed on their ballots the words, Refund
the Debt--Yes," and those voting against the
same, shall write or have printed their ballots
the words Refund the De! NO.
SEC. 1G. The votes cast for AMI against thi,
Act shall be counted, returned and cancelled
and declared in the same manner and subject
to the same rules rs votes cast for the Treasu
rer of State. and if it appears that majority o
all the votes cast for against this law, afore
said. are in favor of this Act, then the same
shall have effect herNinbcfore provided nnt
shall be irrepealable until the principal and in
terest of the liabilities herein created shall bt
paid and discharged, and the Governor shal
make proclamation hereof; but if n majority O
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 70,
three months next preceding the next genera
election, for which publication greater allow
ance shall he made than the rates allowed b,
law to the State Printer.
| June Sd, 1S71.-3m.