Los Angeles herald., 1892-11-07

and provided further, that said bonds shall NOT
be sold for less than one hundred cents on the
SEC. s. It shall be the duty Of the Treasurer
and Controller OF State each TO keep separate
record Of all bonds sold under the provisions oi
this Act, showing the number, date amount
and rate OF interest Of each bond, and to whom
the same was issued.
paid into the State Treasury, and shall be ap-
piled to the payment of the following bonds, in
The order Of their issuance: The outstanding
provide for the payment Of the funded indebt.
edness of the State of California, and to con-
tract funded debt for that purpose" approved
April second, eighteen hundred and seventy.
bEc Z. All persons having any Of the bonds
specified In section six of this Act shall, upon
presentation of such bonds to the said Loan
Commissioners, be entitled to exchange them
at their par value for bonds authorized to be is.
sued under this Act at the rate of one hundred
cents on the dollar: par value; but no bond
shall be issued for a less sum than five hundred
dollars, nor for a fractional part of a hundred
dollars, but the said Loan Commissioners may
issue certificates Of such fractional parts not
bonded, which said certificate shall be transfer.
able and entitled to be paid out Of the proceeds
oi the sales Of any bonds provided for in section
SIX OF this Act. The Loan Commissioners shau
cancel each bond, SO exchanged and shall In
dcrse on such bond the date on which they re-
ceived the same, and from whom, the number
therefor, and shall file such bond in the ONCE
oil the Secretary of State.
SEC. 8. Whenever there shall be in the State
bonds Issued % under ns RiHsseus this Act Of ten
thousand dollars or more, 1t shall be the duty
OF the Treasurer TO advertise in two newspapers
printed in English, one in San Francisco, and
one In the capita OF the State, for two months,
which advertisements shall state the amount
oi money In the treasury applicaole 70 ds tne de
numbering them in the order OF their issuance,
which are redcemable; and three months from
the date OF the expiration OF such aayessei shsi
cease to draw interest, but the money LOT tne
redemption of such bonds .hall remain In
the treasury 20 pay such bonds whenever
SEC. o. For the payment within twenty
years of the principal and interest OF the ponos
nually by the State Board of Equalization,
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, to be computed by the
Controller of State on the basis Of the. assessed
value Of such property for the preceding year,
years seven per centum of the amount OF such
bonds issued; for the next ten year, thereafter,
issued; and thereafter, until all the bonds is
sued under this Act are paid. fifteen per
centum of 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 Auditors are
hereby directed and required to enter such
rate on the assessment rolls OF their res pecuve
counties, In the same manner and with the
same effect as Is provided by law IN relation TO
other State taxes. Every tax levied under me
provisions for authority of this Act is hereby
made lien against the property assessed,
which lien shall attach on - Of each year,
and shall not be satisfied or removed until such
TAX has been paid. All moneys derived from
taxes authorized by the provisions OF this sec
tion shall be paid into the State Treasury, and
shall be applied rst to the payment Of the In
this Act; second. to the payment OF the prin-
cipal OF such bonds; provided, that all the
moneys remaining in the State Treasury on the
third day Of Januarv nf each for the first
five years after the issuance of any bonds un-
der this Act, after all the interest on such
bonds then due has been paid, shall be trans.
ferred by the Treasurer of State to the General
Fund.
SEC. 10. whenever, on the third of January
years from the date Of Issuance Of any bonds
under this Act, there remains, after the pay
ment of the interest as provided in the preced-
or more, it shall be the duty OF the Treasurer to
advertise, ior the space Of one month, in one
daily ewspaper published in English in the
one daily newspaper published in Eng.
lish at the State capital. for sealed
proposals, to be opened one :, month month
by the Treasurer, in presence Of the Governor
or Controller, at the State Capitol. for the sur
render of bonds issued under this Act, which
advertisements shall state the amount of
money he has on hand for the purpose of re-
demption, and they shall accept the lowest
at
until the amount OF cash on hand for
redemption is exhausted; provided, ho,o,
such such bonds shall shall not be offered as Aforesaid to
exhaust the sinking fund to a less amount than
ten thousand dollars, then II Is hereby made
the duty Of the Treasurer to advertise in two
newspapers one in san Francisco and one in
the capital of the state, for three months,
which advertisements shall state the amount
In the sim ing iund, and the number OF bonds,
numbering them in the order of their issuance,
which such fund is set apart to pay and dis
charge; and II such bends SO numbers q IN such
ment and cancellation at the expiration OF
such publications, then such fund shall remain
in the treasury to discharge such bonds when-
ever presented: but they shall draw no interest
after the expiration of such publication. Be-
fore any of said bonds shall be paid they shall
dorse on each bond the amount due thereon,
and shall write across the face of each bond the
date of its surrender and the ma me OF the per-
SEC. II, The Treasurer shall keep full and
particular account and shall record all his pro-
oeedings under this Act and of the bonds re-
to the Governor an abstract OF all his proceed
ings under this Act with his annual report, 10
be by the Governor laid before the Legislature;
and all books and papers pertaining to the
matter provided for in this Act shall. at all
times, be open to the inspection of any party
General, or a committee of either branch of the
Legislature. or Joint committee of both.
SEC H. 1t shall be the duty OF the Treasury
TO phy Ine luIerest ou bdiu pouus Wneh tne
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 first draw his warrant on the Treasurer.
payable to the order OF said Treasurer,
for the amount OF interest money about to be-
come due. which said warrant shall be drawn
at least one month previous to the maturing OF
the interest
SEC. Is. This act shall take effect sixty days
after the next general election as to all It's pro-
Visions except those relating to and necessary
for its submission to the people, and for return
ing, canvassing, and proclaiming the Votes'
which shall take effect Immediately.
SEC. IA. This Act shall be submitted to the
people of the state for their ratification at the
Of this state shall at said election on their bal
lots for state officers, vote for or against this
Act Those voting for the same shall write OF
have printed on their ballots the words Re
fund the Debt--Yes;" and those voting against
the same shall write s or hsye printed On their
SEC IS. The votes cast for and against this
Act shall be counted returned, and canvassed,
and declared In the same manner ana suD1ect
to the same rules as votes cast Tor treasurer OF
6tate and If 1t appear that q majority of all
the votes SO cast for or against this law as
same shall have effect as hereinbefore pro-
vided, and shall be irrepealable until the
principal and interest Of the liabilities herein
created shall be paid and discharged, and the
S Il aof 30 tas srs
against this Act, then the same shall become
SEC. l6. 1t shall be the dutv of the Secretary
OF State to have this Act published in one news
paper in each county of this State for four sue
Each Act shall be voted upon separately from
the others, by ballot, at the next general cleo