The record-union., 1892-10-28

An Act to provide for the payment OF
funded Indebtedness Of the State Of
California, and to contract a funded
debt for that purpose.
The people of the State of California. repre-
sented III Senate and Assembly, do enact as
follows:
Section I. For the purpose of Huuidafing
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
a Board OF Commissioners, to be styled the
Loan commissioners OF the State OF Califor-
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-
ceedtng two million five hundred and twenty
eight thousand five hundred dollars tS2. .52S =
300 OF the bonds OF SAID State, bearing il ter
est at the rate OF four per cent. per annurn
which interest Shall be be payable seuni-annn,
ally, in gold coin, on the second days in April
and 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, ana shall be of such denominations as
the SAID Loan Comm iOneIs shall direct but
not less than five hundred dollars; snail bear
the date OF their issue, and shall be signed by
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
me M terest accruing thereon, as herein pro
vided-
section 3. Coupons for the interest shall he
attached to each bond, so that they NAV be
removed without injury or mutilation To the
bond; said coupons. cOnsecutiyely numbered
snali pc signed oy the treasurer OF State.
Section 4. Before the sale of any OF said
bonds the said 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 ia the cftv of
san francisco ana one in the Capital of the
state. SGcn notice shall specify the amount
OF bones 10 be sold, the rate OF interest thew
shall bear, the day and hour OF sale the place
of sale, which shall be at the Stafa Csnitol
and that sealed proposals will be retspi vf1 ~
the said Loan Commissioners for the purchase
OF said bonds, within one month from the s,
piratiOn OF such publication; and on the dav
and hour named In said notice the said Loan
commissioners snail open all sealed propo-
sails received by them, and shall award The
purchase OF said bonds to such bidders as will
in their opinion, make the most ADVANTAGE,
Gus bid for the state; provided that said Loan
Commissioners may reject any or all bids if
they deem II to the advantage of the State.
ana provided further, that they may refuse to
make any award unless sufficient security
shall be furnished by the bidders for the COM
plIance 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 5. 1t snail be the duty of the Treas
urer and Controller of State each to keep a
separate record OF all bonds sold under the
provisions of this Act, showing the number
date, amount ana rate of interest of each
oonu and to whom the same was issued
section 8. The proceeds of such bonds shall
oe PAID into the State Treasury and shall be
aaPplied to the payment OF the following
oonus, IA the order OF their issuance: The
outstanding bonds issued under the Act en-
@ @title1 An Act 10 provide for the payment of
the funded Indebtedness of the state of Cali
lorna, ana 10 contract funded debt for that
purpose" approved April second. eighteen
hundred and seventy.
oeStioh =. All persons having anv of the
bonds speclhed IN Section o of Jhfs Act shall
upon presentation OF such bonds to TIE said
Loan commissioners, be entitled to exchange
them at thelr par value for bonds authorized
hundred cents on the dollar, par value; but no
bond shall be issued for a less sum than i've
hundred dollars, nor for a fractional part Of q
hundred dollars, but the said Loan IConrnfs
sloners may issue certificates of such fTac.
uonai parts not bonded, which said Certificate
shall be transferable and entitled to be raid
out OF the proceeds OF the sales of any bonds
provided for in Section OF this Act. lie