The record-union., 1892-10-20

Section o. For the payment within twenty
years OF he principal and interest of the bonds
issued under tits Act, there shall be Levied am
nually by the State Board OF Equalization
after any bonds have been issued under this
Act. such Taie OF tax on each one hundred dol
lars of the assessed Na.ue Of real and personal
property in the State. to be computed bv the
Controller of State / the basis OF the assessed
value OF such property for the preceding year.
as shall produce annually for the first five
years seven per centum OF the amount of such
bonds issued; for the next ten years there
aIler, Twelve per centum OF the amount OF such
oonds issued: and thereafter, until all the
bonds issued under this Act are paid, fifteen
per centum of the amount of such bones
issued The State Board of Equalization shall
certfy the rate OF tax thus computed TO the
several county Auditors and the said Audi
tors are hereby directed and required to enter
sucl rate on the assessment rolls OF their re-
specuNe counties, in the same manner and
with lne same effect as is provided by law in
relation 10 other State taxes. Every tax levied
unuef the provisions or authority of this Act
l. nefeOy made i lien against the property as
sesseu, when lien shall attach on - of each
year and snail not be satisfied or removed I'M
VI sucn tax mas been paid. All moneys de-
rived from taxes authorized by the provisions
OF this section shall be paid into the State
treasury, ana shall be applied first to the
payment OF the interest on the bonds issued
by the provisions of this Act; second, to the
pay nent OF the principal OF such bonds; pro-
Nlded, thlL all the moneys remaining in the
state Treasury on the third day OF January OF
each year, for the first We years after the ssu-
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 expira-
non OF hNe 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, q surplus Of ten thou
sahd dollars or more, II shall be the duty of
the Treasurer TO advertise, for the space OF one
IIMHoHi;h, n one caily newspaper published in
English In the city of san Francisco, and for
one lnonlh III one daily paper published in
English at the State Capital, for scaled pro-
po ais, TO he opened one month after the ex-
platlon OF such publication by the Treasurer
IN presence OF the Governor or Controller at
the State Capitol, for the surrender OF bonds
lssued under this Act, which ad yertiselnents
Shail state the amount OF money he has on
hand for the purpose of redemp ption ami they
snail accept the lowest proposals a rates not
exceeding par value, as may redeem the great
tsI amount o! bohds. until the amount of
cash on hanc for redemption is exhausted;
provided, however, IN of a sufficient
amount of such bonds shall not be offered as
aforesaid 10 exhaust the sinking fund to a
less amount than ten thousand dollars then
IL is hereby made the duty OF the Treasurer to
alNertise 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 tand ana The
number of bonds, numbering them in the
order of their issuance. which such funds is
set apart to pay and discharge; and ifsucl
bOnds so numbered in such advertisements
SItt!l not De presented lOf payment and can
collation. at the expiration of such publicil-
tiOns, then such fund shah remain in the
treasury to discharge such bonds whenever
presented; but they Shall draw no interest
after the expiration Of such publication Be
fore any OF said bonds shall be paid they shall
be pres to the Controller, who Shall in
dOrse on each bond the amount due thereon
and shall write across the face OF each bond
the date Of its surrender ana the name of the
person surreudering.
Section II. The Treasurer shall keep a full
and particular account and Gf faII
proceeding under this Act, and of tine bonds
redeemed and surrendered, and he snail trans
init 10 the Governor an abstract of all his pro
ceedings under this Act with his annual re-
port, TO be by the Governor laid before the
Legislature; ana all books and papers pertain
ing 10 the matter provided for in this Act
shall, at all times, be open to the inspec ion
OF any party interested, or the Governor or
the Attorney-General, ora committee Of either
branch o. the Legislature, or joint commit
tee of both.
Section 10. 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
il sufficient; and if said fund be not sufficient
then to pay the deficiency ont of the general
fund; provided that the Controller OF State
shall nrst 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 saall be drawn at
least one month previous to the maturing of
the interest.
Section Is. This Act shall take effect sixty
days afier the next general election. as TO all
nee AIRY for its submission TO the people
and for returning, canvassng ana proclaim
ing the votes, which shall take effect imme-
diately.
Section 14.-This 4 ct shall lie 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-Ies;i and those
voting against the same shall write or have
printed on their ballots the words, Refund
the Debt-No"
Section Is. The votes cast for and. against
this Act shall be counted, returned ana can
Vassed, and declared in the same manner and
subject to the same rules as votes cast for
Treasurer of State; and il it appear that "a ma
Jority OF all the votes so cast for or against
this law as aforesaid are in favor of this Act
then the same shall have elect as heFeinbeiore
provided, and shall be irrepealable until the
principal and intere,t I 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.
Section 16. 1t shall be the duty of the Sec
retary OF State to have this Act published in
one newspaper in each county of this State for
four successive weeks Immediately preceding
election.