The record-union., 1892-10-21


issued under this Act, there shall be levied an
I nually BY the State BOard OF Humiliation
alter any bonds have been issued under this
/ Act such rate Of tax on each one hundred dol
7 lars OF the assessed value OF real and personal
property Ia the state, To be computed by the
Contloiier OF State Oh the basis OF the assessed
/ value OF such property Tor 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 years there
aitel, Twelve per centum OF the amount of such
ponds issued; and thereafter, until all the
BONDS issued under this Act are paid, fifteen
per centum OF the amount of such bonds
lss ueG. The State Board OF Equalization shall
eertIy the rate OF tax thus computedto the
/ several County Auditors and the said Audi
m IoIs are hereby directed and required TO enter
such rate on the assessment rolls OF their re-
! SpectlNe counties in the same manner and
/ WITH the same effect as is provided by Jaw in
( Iel5llon 10 otner State taxes. Every tax levied
unueI the provisions or authority of this Act
Il leiSDy lnaue a lien against the property as
sessed which lien shall attach on - of each
year ana shalt not lie satisfied or removed uIl-
! III Sltch TAX has been paid All moneys de-
rived from taxes authorized Inv the nrovisions
| OF TINS section Shall be paid into the State
treasury, and shall be applied first to the
| payment OF the interest on the bonds issued
oy tue PROVISIONS of this Act; second TO the
payment OF the principal of such bonds; pro-
ylded, that all the moneys remaining in the
state Trt aSury on the third dav of January OF
each year, for the first iYe years after the iSau-
ance OF any bonds under this Act after aII the
interest on such bonds then due has been raid
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-
lion OF five years from the date of Issuance of
any bonds under this Act, there remains fter
the payment OF tile interest as provided IN
the preceding section, a surplus OF ten thou
sane dollars or more, IL shall be the duty of
the treasurer 10 advertise for the space OF one
month, In one daily newspaper published in
EHSlIsh IN The city OF San Francisco, and tor
one one month IN one daily paper published in
Il fNr.- .fo.A
po ais. to he opened ore month after the ex-
plratlon of such publication by the Treasurer,
IN presence Of the Governor or Controller at
lhe SIiJe capitol, tor the surrender OF bonds
issued under this Act, which advertisements
Shall state the amount of money lie has ON
hand for the purpose Of redemption and they
| snail accept the lowest proposals, at rates not
exceeding par value, as may redeem the great
est amount OF bonds. until the amount of
cash on hanG for redemption is exhausted;
PROVIDED, however, IN case OF q sufficient
amount of such bonds shall not be offered as
aforesaid to exhaust the sinking fund to a
less amount than ten thousand dollars, then
1t IS hereby made the duty of the Treasurer TO
advertise in two newspapers, one in San Fran
CISCO and one in the Capital of the State for
three months, which advertisements shall
state Jhe amount IN the sinking fund. and the
number of bonds, numbering them in the
order of their issuance, which such funds is
set apart to pay and discharge; and ii such
ponds so numbered in such advertisements
shall 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; but they shall draw no interest
after the expiration of such publication Be
fore any of said bonds shall be paid they snail
be pres s9nted 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 and the name of the
person surrendering.
Section II. The Treasurer shall keep a full
and particular account and record of all his
proceeding under this Act, and of the bonds
lEfICTr nod. a a
NIT TO the Governor an abstract of all his pro
ceedtngs under this Act, with his annual re-
port, to be by the Governor laid before the
Legislature; and all books and papers PERTAIN
ing TO the matter provided for in this Act
shall, at all times, be open TO the inspection
of any party interested, or the Governor or
the Attorney-General, orr committee of either
branch of the Legislature, or a Joint commit
tee OF both.
Section 12. 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
If 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 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 shall be drawn at
least one month previous to the maturing OF
The interest
Section l g. 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
ana Tor returning, caHvaSSing 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 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 if it appear that a ma
jor1ty of all the votes cast for or against
this law as aforesaid are in favor of this Act,
then the same shall have effect as hereinbetore
provided, and shall be irrepealabe until the
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
Section 16. 1t shall be the duty of the Sec
retary of State to have this Act published in
one newspaper i'll each county of this State for
four successive weeks Immediately preceding
election.