The record-union., 1892-10-27
Official.

/ so exchanged, and shall -indorse on such bond
1 the date on which they received the same
/ and from whom, the number and the amount
I OF the pond issued III exchange therefor and
shall file such bond in the Office of the Secre-
tary of State.
Section 8. Whenever there. shall be. in the
state Treasury, from the proceeds of the sale
I OF bonds issued under this Act, a sum Of ten
Z thousand dollars or more, il shall be the duty
1 OF the Treasurer TO advertise in two neWspa-
l pers printed IN English, one in San Francisco
and one IN the Capital of the State for two
months, which advertisement shall state the
I amount OF money in the treasury applicable
i 10 the redemption of bonds, and the number Of
/ bonds, numbering them III the order OF their
I issuance, which are Tedeemable; and three
months nom the date OF the expiration of
/ such advertisement such bones, unless sooner
/ paid, snail cease 10 draw interest but the
I money for the redemption Of such bonds shall
whenever presented
Section 9. For the payment within twenty
years or the principal and interest of the bonds
issued under this Act, there shall be levied an
nualy by the State Board OF EqualiZatfon
after any bonds have been issued under this
ACT, such rate OF tax on each one hundred dol
lars OF the assessed value OF real and personal
property in the State, 10 be computed by tne
Controller of State on the basis OF the assessed
value OF such property for the preceding wear
as snail produce annually for the FIRST live
years seven per centum OF the amount of such
bonds issued; for the next ten wears there
after, twelve per centum Of the amount Of such
oOius issued; ana thereafter, until all the
bonds issued under this Act are paid fifteen
per centum of the amount of such bonds
Issued The State Board of Equalization shall
certify the rate OF tax thus computed TO the
several County Auditors and the said Audi
TORS are hereby directed and REQUIRED 20 enter
such rate ON the assessment rolls Of their re-
/ spectlNe counties. IN the same manner and
Win the same effect as is provided by law in
relation TO other State taxes Every tax IeCicd
under the provisions or authority of this Act
IS hereby lnaue lien against the property as
sessed, which lien shallattach on - of each
| year, ana snail not he satisfied orremoved IN
lil such tax has been paid. All moneys de-
rived from taxes authorized by the provisions
oI TINS section snail be paid into the State
| treasury, and shall be applied. firsC to the
! payment of the interest on the bonds issued
| by the provisions of this Act second to the
| payment OF the principal of such bonds: pro-
! NlQed, that all the moneys remaining In the
STATE treasury on the third day of January of
e;tch ear ior the nrst five years after the issu-
/ ance OF any bonds under this Act after all the
interest on such bonds then due has been paid
snail be transferred by the Treasurer of State
to the General Fund.
! Section 10. Whenever, on the third day of
January OF July IN any year, after the expira-
ton OF LiVe years from the date Of Issuance of
any ponds under this Act, there remains, after
the payment Of the interest as provided IN
Ihe preceding section, II 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 month in one daily paper published in
English at the State Capital, for sealed pro-
posals, to be opened one month after the ex-
plratlon OF such publication by the Treasurer
/ III presence OF the Governor or Controller al
I the State Capitol, for the surrender OF bonds
issue under this Act, which advertisements
shail state the amount OF money he has on
hand ior the purpose of redemption, ana they
snail accept the lowest proposals. al rates not
exceeding par value, as may redeem the great
est amount OF bonus, until the amount Of
caSn on hanC for redemption is exhausted;
provided, however, IN case Of a sufrcient
amount of such bonds shall not be offered as
aforesaid to exhaust the sinking fund to a
/ ~ FaF a ,T,1l
II IS hereby made the duty OF the Treasurer to
| advertise in two news papers. one in san Fran
cisco and one in the Capital of the State for
/ Jnree monIhs, which advertisements snau
| state the amount in the sinking fund. and the
number of bonds, mum bering them in the
order of their issuance, which such funds is
| set apart to pay and dischaege; and if such
/ bonds SO numbered in such advertisements
! shall not be presented for payment and can
! celiaton at the expiration of such publca-
| tlonsi lnen sucn fund shall remain in the
! treasury to discharge such bonds whenever
! presented; but theg shall draw no interest
/ alter the expiration of such publication. Be
! fore any of said bonds shall be paid they shall
/ be presented to the Controller, who shall in
| dorse on each bond the amount due thereon
1 and shall write across the face Of each bond
/ the date of Its surrender ana the name of the
person surrendering.
Section IL. The Treasurer shall keen a full
! and particular account and record Of an aie
/ proceeding under this Act, and OF the bonds
| redeemed and surrendered. and he shall trans
| NIT 70 the Governor an abstract of all his pro-
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 iuspection
of any party Interested or the Governor or
/ the Attorney-General,o or committee OF either
branch OF the Legislature, or a joint commit
| tee OF both.
Section IL. 1t shall be the duty of the Treas
urer TO pay the interest on said bonds when
the same falls due, out of said interest fund
| II sufficient; and If said fund be not sufficient
| then to pay the deficiency out of the general
| fund; provided, that the Controller Of State
| shall fIrst draw his warrant on the Treasurer
| payable to the order OF said Treasurer for the
amount of interest money about to become
| due, which said warrant snail be drawn AT
least one month previous to the maturing OF
| the interest.
| Section 8. This Act shall take effect sixty
| days after the next general election, as to all
Its provisions, except those relating to and
nee ssary for Its submission to the people
and for returning, canvassing and proclaim
ing the votes, which shall take effect imme-
diately.
Section 14.-This Act shall be 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. Those voting for the same
shall write or have printed on their ballots the
words, Refund the Debt-Yes;" and those
voting against the same shall write or have
printed on their ballots the words, Refund
the Debt-No"
Section 10. The votes cast for ana against
this Act shall be counted, returned and can
vassed, and declared in the same manner and
subject to the same rules as votes cast for
Treasurer of State: and if it appear that h ma
! Jorlty OF all the votes so cast for or against
this law as aforesaid are in favor of this Act.
then the same shall have effect as hereinbefOre
provided, and shall be irrepealabIe until tho
principal and interest of the liabilities herein
created shall be paid and discharged, and the
Governor shall make proclamation thereof;
but if majority of the votes so cast are
against this Act, then the same shall become
void.
retary OF State to have this Act published in
one newspaper in each county of this State for
four successive weeks Immediately preceding
election.