Morning appeal. [volume] (Carson City, Nev.) 1877-1906, 1879-03-25

and ALSO all securities, ana now to or coming
into the State School Fund, may be used 70
the purchase of the State Bonds here
in specified, on account and for the
benefit of the State School Fund,
in the manner hereinafter set forth, under
the direction of a Board of Commissioners,
consisting of the Governor, Attorney General,
Superintendent of Public Instruction, Sur
veyor General, State Controller and State
Treasurer. The Governor shall be Chairman
and the Superintendent of Public Instruction
Secretary of said board.
SEC. 2. Section Three is hereby amended
so as to read as follows:
Section Three. The Commissioners herein
named are authorized to purchase the bonds
herein specified, if they can purchase the
whole issue, (three hundred and eighty thou
sand dollars), and not otherwise, if such pur-
chase can be made at such rate of premium
as would guarantee to the purchaser four and
one half per cent per annum interest on the
amount paid during the life of the bonds so
purchased, they are also authorized in max
ing such purchase to exchange the United
States and other bonds, now in the Terrific
rial Interest and Sinking Fund, and also in
the State School Fund, for the bonds herein
proposed to be purchased provided, that in
making, such exchange, the value of such
United States and other bonds, shall be at
least the value of such bonds, with the aver
age premium added as shown by the sales of
such securities in the market on the day of ex-
change and in no case at less than par. The
amount of securities placed at the disposal of
| said Board of Commissioners, for the purpose
herein specified, is as follows: One hundred
thousand dollars in United States bonds, and
| seventy five thousand dollars i'll money now
| in the Territorial Interest and sinking Fund,
| and three hundred and twenty-five thousand
dollars in United States bonds and money in
the State School Fund, and no more,
SEC. 3. Section Four of said Act is hereby
| amendad 50 as to read as follows:
Section Four. Upon the purchase of the
bonds herein mentioned the Board of Com
missioners shall surrender them to the State
| Treasurer for cancellation, and bond to the
amount of three hundred and eighty thou
sand dollars not redeemable or transferable,
| bearing interest at the rate of five per cent.
| per snnnm shall be issued to the State School
| fund of the State of Nevada; said bond shall
| be signed by the Governor and State Con
| troller, countersigned by the State Treas
| urer and authenticated with the Great Seal
| of the State, and shall state, in substance,
| that the State of Nevada owes to its State
School Fund, three hundred and eighty thotl-
sand dollars the interest on which sum at
the rate OF five per cent per annum she
| agrees to pay for all time for the benefit OF
the common schools of the State; SAID bond
shall be engrossed on parchment, and depos-
tied with the Treasurer of the State, the in
| Gerest on said bond shall be paid sem-an-
| nuaIly on the first days of January and July
| of each year, on the written order of the State
| Board of Education to the State Controller,
directing him to draw his warrant for the
amount 0fsnch semi annual interest on the
Territorial Interest Fund herein created.
All sums derived from the interest on said
bond shall 20 into the General School Fund
70! TIE support of the cOninou schools of the
State, ana for the regular ana prompt pay
'noHt # said interest, the faith and credit OF
the State : hereby solemniy pledged.
SEC. 4 Section Five of this said Act is
iercby amended So - to read rs follows:
Section Five. There shall be levied and
collected for the fiscal year commencing Jan
uary first, eighteen hundred and seventy
nine, and annually thereafter, an ad valorem
tax of eight cents upon each one hundred dol
l,rs OF all the taxable property in the State,
inclu ding the tax upon the proceeds of the
mines, hich tax shall take the place and be in
lieu of the tax heretofore levied for Terrific
rial Interest and Sinking Fund purposes All
sums derived from this tax shall go into the
Territorial Interest Fund, and shall be dis
posed of as provided for in this Act.
SEC. 5. Section Seven of said Act is
hereby amended so as to read as follows:
Section Seven In the event that the
Commissioners are unable to purchase the
% eyyitocial bonds" of the State under the
terms of this Act, The securities herein placed
a: thor disposal for that purpose shalt remain
III thvir respective funds, and the resources
OF tha Territorial Interest and Sinking Fund +,
Tor lie fifteenth and sixteenth fiscal years
shall be, first, all money now in said fund, or
that small come into it from delinquent taxes
ana interest on the United States bonds, now
or th,t may be placed in said fund, and sec
ond, all money from the tax herein levied for
a Territorial Interest Fund.
SrC 6. Section Eight of the Act to which
this Act is au,eldatory is hereby repealed.