The Placer herald., 1871-06-17

teen per centum OF the amount OF Sucn 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 as
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
ty of this Act is hereby made a 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 been paid. All moneys derived from taxes
authorized by the provisions of this section shall
be paid into the State Treasury, and shall be ap
piled
Fust-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 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 all the
interest On such bonds then due has been paid
shall be transferred by the Treasurer of State to
the General Fund.
SEC. H. Whenever on the third day of Janu
AIRY 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 preced-
ing section, a surplus of ten thousand dollars OF
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,
Tor sealed proposals. to be opened one month af-
ter the expiration of such publication by the
Treasurer III presence of the Governor or Con.
troler at the State Capitol, for the surrender o!
bonds issued under this Act, which advertise
ment shall state the amount Of money he has Oh
hand for the purpose of redemption; and they
shall acc pit the lowest proposals, at rates not
exceeding par value, as may redeem the greatest
amount OF bonds, until the amount of cash
nand Tor the redemption Is eXhausted pr0rided,
however, in case sufficient amount of such
ponds Shall not be offered, as aforesaid, to ex.
haust the Sink NJ Fund to less amount than
ten thousand dollars, then il is her by made the
lnty Of the Ifearuler to advertise in two news
papers, one in New York and one at the Capital
)i this State for three months. which advertise
m mt shall state the amount in the Sinking
Fund, and the number of bonds, numbering
them in the ord L of their issuance which such
land is set apart to pay and scharge; and
such bonds so numbered i'll such adv, rtlsements
shall not be presented for payment and cancea.
tion at the expiration of such publications., then
such fund shall remain in the treasury to dis
charge such bonds whenever presented. but they
shall draw no interest after the expiration OF
such publication; before any of said bonds shall
who shall lndorse on each bond the amount due
thereon, and shall write across the face of each
bond the date of its surrender and the name OF
the person snrrendering
SEC. II. The Treasurer of State shall keep
full and particular account and record of all his
proceedings under THIS Act and of the bonds
redeemed and surrendered and he shall trans
NIT to the Governor an abstract of all his pro-
ceedugs under the Act, with his annual report
to be by the Governor laid before the Legisa-
ture; and all books and papers pertaining to the
matter provided for in this Act shall at all times
be open to the inspection of any party interest
d, or the Governor or the Attorney General, or
a committee of either branch Of the Legislature
or JOINT committee of both
SEC. IL. 1t shall be the duty of the Treasu-
rer to pay the interest on said bonds, when the
same falls due. out Of said Interest Fund, if
sufficient and if said fund be not sutlic ent then
to pay the deficiency out af the General Fund
Drorded, that the Controller of State shall first
RAW his warrant on the Treasurer, ayable t.
the order C said Treasurer, for the amount OF
interest money abo = to become due, which said
interest warrant shall be drawn at least one
month previous to the maturing of the interest.
SEC. II. 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 peope, and for return
ing. canvassing and proclaimng the votes, which
shall take effect Immediately.
SEC. 10. This Act shall be submitted to the
people of the State for their ratification, at the
next general election, and the qualified electors
)f this State shall, at said election, their bal
OTIS for State officers vote for or against this
Act; those voting for the same, shall write o.
nave printed on their ballots the words, "Rofund
he Debt--les," and those voting against 1t
same, shall write or have nted 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,
md declared in the same manner and subject
to the same rules as votes cast for the Treasu-
rer of State. and if it appears that majority OF
Ill the votes cast for or against this law, rs afore
said, are in favor Of this Act then the samt
shall have effect heroinbefore provided, and
shall be irrepealable 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 o.
the votes so cast are against this Act. then the
same shall become void.
SEC. H. 1t shall be the 'uty 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 general
election, for which publication no greater allow
ance shall he made than the rates allowed by
law to the State Printer.
June Sd, 1S7l.-3m.