The record-union., 1892-10-24
FOURTH.

An Act to provide for the payment of
funded Indebtedness Of the State of
California, and to contract funded
debt for that purpose.
The people of the State of California, repre-
sented in Senate and Assembly, do enact as
follows:
Section l. For the purpose of Houidatino
! and providing for the payment of the funded
/ Indebtedness of the State of California here
/ matter specified, and to lessen the burden OF
/ taxation, the Governor of the State, the Con-
! troller of State, and the Treasurer of State
and their successors in office, shall constitute
] Board OF Commissioners, to be styled the
| Loan commissioners of the State OF CaIifOr-
/ mia, and shall have and exercise the powers
and perform the duties hereinafter provided
Section 2. The said Loan Commissioners
! are hereby authorized to issue and sell not ex-
| ceeding two million i've hundred and twenty
! eight thousand five hundred dollars (S2 52S :
! 500 Of the bonds of said State, bearing Inter
! est at the rate OF four per cent. per annum
which interest Shall be be payable semi-annu3
ally, in gold coin, on the second days in April
ana october IN each year, at the Office of the
! treasurer OF state. The PRINCIPAL of said
| bonds shall be made payable in gold coin
within twenty years after the date of their
! issue, and shall be of such denominations as
the said Loan Commits sioneTs shall direct but
not less than five hundred dollars; shall bear
! the date OF their issue, and shall be signed nv
the said Loan Commissioners, and shall have
the seal of the State affixed thereto; and the
faith of the State of California is hereby
pledged for the payment of said bonds and
the interest accruing thereon, as herein pro-
vided.
section 3. Coupons for the interest shall he
attached to each bond, so that thev NAV he
removed without injury or mutilatiOn to the
bond; said coupons, consecutively numbered,
snail be signed by the Treasurer of State
Section a. Before the sale of any of said
bonuS the sad Loan Commissioners shall
cause notice of such sale to be published for
the space OF one month in two daily newspa-
pers published in English. one in the city Of
san francisco and one in the Capital of the
, State. Such notice shall specify the amount
OF bonds to be sold, the rate of interest they
shall bear, the day and hour of sale the place
of sale, which shall be at the State CaDitol
ana that sealed proposals will be received by
the said Loan Commissioners for the purchase
of said bonds, within one month from the ex-
piration of such publication; and on the dav
and hour named in said notice the said Loan
Comm lSsloners snail open all sealed prOpO-
sails received by them, and shall award the
purchase OF said bonds to such bidders as viii.
in their opinion, make the most advantage
GUS bid for the state; provided, that said oall
Commissioners may reject any or ali bids, if
they deem 1t to the advantage of the State.
ana provided further, that they may refuse 10
make any award unless sufficient security
shall be furnished by the bidders for the COM
plianee with the terms of their bids and pro-
vided further. that said bonds shall not be
sold for less than one hundred cents on the
dollar, in gold coin. par value.
Section 8. II snail be the duty OF the Treas
urer and Controller of State each to keep
separate record OF all bonds sold under the
3
cate, amount and rate of interest OF each
BOND and to whom the same was issued
section 8. The proceeds of such bonds shall
be paid into the State Treasury, and shall be
applied 10 the payment OF the following
bonus, IN the order of their issuance. The
outstanding bonds issued under the Act on
titled An Act TO provide for the payment of
the funded Indebtedness of the state OF CALI
fornla, and to contract funded debt for that
purpose approved April second. eighteen
hundred and seventy
Section 2. All persons having any of the
bonds specified in section 8 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 issued under this Act at the rate of one
hundred cents on the dollar, par value. bnt no
bond shall be issued for a less sum Than ii 70
hundred dollars, but the said Loan Commis-
sioners may issue certificates of such frac-
tional parts not bonded, which said cartif "a fp
shall be transferable and entitled To be maid
out OF the proceeds OF the sales of any bonds
provided for in Section OF this Act The