The record-union., 1892-10-25

paid, shall cease to draw interest. but the
! money tor the redemption Of such bonds shall
ilI IGLlaLn IN lhe treasury to pay such bonds
Section 8. For the payment within twenty
I years OF Inc principal and interest of the bonda
! issued under this Act there shall no ley-iad ~
hualIy by the state Board OF EQUALIZATION
after any bonds have been issued under this
( ACT, such rate OF tax on each one hundred doI-
/ lars OF the assessed value OF real and pnrsonoi
/ properly IN Lhe state, 70 be computed BY the
Controller of State on the basis of tie assessed
! value OF such property for the preceding year
/ as snail produce annually for the first five
/ years seven per centum OF the amount of such
! bonds issued; for the next ten wears there
after, twelve percentum OF the amount Of such
! bonds issued; and thereafter until ali the
/ bonds issued under this Act are paid fifteen
J per centum OF the QmOult of such bonds
! Issued The state Board of Equalization she'll
4 cefIlIy tne rate or tax thus computed 20 the
/ several County Auditors. and the said Audi
! tors are hereby directed and required TO enter
/ such rate on the assessment rolls of their re-
spectlye counties, in the same manner and
/ with the same effect as is provided by law in
relation 10 other State taxes. Every tax levied
4 under the provisions or authority Of this Act
/ Is HeFeby made lien against the property as
I sessed, which lien shall attach on - OF each
year, ana shall not be satisfied or removed un-
\ I'll such tax has been paid. All moneys de-
\ rived from taxes authorized by the provisions
/ OF This section shall be paid into the State
I treasury, and shall be applied, first, 10 the
/ by the provisions of this Act; second to the
| payment of the principal of such bonds; pro-
Elded, that all the moneys remaining in the
/ state Treasury on the third day Of January OF
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.
! Section 10. Whenever, on the third day of
/ january or july IN any year, after the cxpira-
! tlon or iiVe years from the date Of issuance OF
| any bonds under this Act, there remains. after
! the payment Of the interest as provided in
/ the preceding section, n surplus Of ten thou
sand dollars or more, it shall be the duty Of
| the treasurer TO advertise, for the space OF one
month, In one daily newspaper published in
English in the city Of san Francisco, and for
one one ihohlh IA one daily paper published in
! English at the state Capital for sealed pro-
| po$als, 10 be opened one month after the ex-
PhaJioh OF sucn publication by the Treasurer,
| IN presence Of the Governor or Controller at
/ The state Capitol, for the surrender OF bonds
| issued under this Act, which advertisements
| shall state the amount of money he has on
| hand 1or the purpose OF redemption, and they
! shall accept the lowest proposals at rates not
| exceeding par value as may redeem the great
| csI StihounC oi oohus, until The amount OF
| cash on hanG for redemption is exhausted:
! provided, however, in case Of a sufficient
! amount of such bonds shall not be offered AZ
| aforesaid to exhaust the sinking fund to
! less amount than ten thousand dollars, then
| II Is hereby made the duty OF the Treasurer to
advertise in two newspapers, one in san Fran
! cisco ana one in the Capital of the State, for
| three months, which advertisements shall
| state the amount in the sinking fund, and the
! NUMBER OF bonds, numbering them in the
| order of their issuance, when such funds is
/ set apart to pay and discharge; and if such
/ bonds so numbered in such advertisements
snail not be presented for payment and can
| collation. at the expiration of such publica-
! tiOnS, then such fund shall remain in the
/ treasury TO discharge such bonds whenever
| presented; Dut they snail draw no Interest
! after the expiration Of such publication. Be
/ fore any Of said bonds shall be paid they shall
! be presented to the Controller who Shall in
4 lDrgp on ~ 1tra
| and shall write across the face Of each bond
| the date Ofits surrender ana the maine Of the
/ person Surrendering.
Section II. The Treasurer shall keep q full
| and particular account and record of all his
| proceeding under this Act, and of the bonds
redeemed and surrendered. and he shall trans
nit To the Governor an abstract fall his pro-
| ceedings under this Act, with mis- annual re-
! port, 10 be by the Governor laid before the
/ Legislature; ana all books and papers pertain
| ing TO the matter provided for in this Act
shall, at all times, be open to the inSpecfiOn
| OF any party interested, or the Governor, or
/ the Attorney-GenerstlO ora committee OF either
! branch Of the Legislature, or a Joint commit
| tee OF both.
Section 12. 1t shall be the duty OF tf1e Treas-
! urer TO pay the interest on said bonds When
\ the same falls due, out OF said interest fund
if suthcicnt; and if said fund be not sufficient.
| then to pay the deficiency out OF the general
/ fundi provided that the Controller Oi State
! shall hrst draw his warrant on the Treasurer.
] payable to the order OF said Treasurer, for the
amount Of interest money about 10 become
! due which said warrant Shall be drawn at
{
/ least one month previous to the maturing OF
/ the interest.
/ Section / 3. This Act shall take effect sixty
/ days after the next general election, as to all
/ its provisions, except those relating u and
! nee ssaFy Tor its submission TO the people,
! ana Tor returning canNasSlDg and prOslaIm-
! ing the votes, which shall take eject imme-
| diately.
Section l4-This Act shall he submitted TO
/ the people OF the state for their ratification at
the next general election, and the qualified
electors OF this state shall at said election, on
their ballots for state officers, vote for or
| against this Act. These voting for the same
shall write or have printed on their ballots tine
| words, "Beiund the Debt-I es;' and those
voting against the same shall write or have
! printed on their ballots the words, ''Reiund
| the Debt-No"
! Section 10. The votes cast for and against
/ this Act shall be counted, returned ana cln-
| Vassed, ana declared IN the same manner and
| subject 10 the same rules as votes cast for
| Treasurer OF State; and il appear that II ma
JoIlty OF All the votes so cast for or against
/ TINS law as Aforesaid are i'm favor of this Act.
/ then the same shall have effect as herein before
| provided, and shall be irrepeaiable until the
/ principal and intere, of the liabilities herein
| created shall be paid and discharged, and the
I Governor shall make proclamation thereof;
but ii a majority Of the votes 50 east are
| against TINS Act, then the same shall become
! void.
Section 16. 1t shall be the duty Of the Sec
retary OF State to have this Act published in
one newspaper i'll eacn county of this state for
| four successive weeks Immediately preceding
election.
Each Act shall be voted upon separately
! from the others, by ballot, at the next general
election, to be held on Tuesday, the Sth day
| OF November, y. D. 1892.
| Each ballot used at such election must con-
| tain, printed thereon, the words:
! For the election of United States Senators
by direct vote OF the people.
Against the election Of United States Sen
ators by direct vote OF the people.
For the san Francisco Depot Act.
Against the San Francisco Depot Act.