The record-union., 1892-10-24

Section .. For the payment within twenty
years OF the principal and interest of the bonds
issued under this Act there shall be leviedan-
hnaiiy oy 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
Naiue OF such property Tor the preceding year
as shalt produce annually for the first five
years seven per centum of the amount of sucl.
bonds issued; for the next ten years there
after, twelve percentum of the amount of such
bonds issued; and thereafter, until ali the
bonds issued under this Act are paid fifteen
per centum 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 Audi
tors are hereby directed and required to enter
such rate on the assessment rolls OF their re-
specuVe counties, in the same manner and
with the same effect as is provided 10y law in
relation TO other state taxes Every tax levied
/ under the provisions or authority of this Act
/ Is hereby made q lien against the property as
sessed, which lien shall attach on - Of each
! year, ana snail not be satisfied or removed TN
til such tax has been paid. All moneys de
rived from taxes authorized by the provisions
OF this section shall be paid into the State
Treasury, and shall be applied, first to the
pay ylnent OF the interest on the bonds issued
by the provisions of this Act; second, to the
payment OF the principal of such bonds; pro-
Vlded. that all the moneys remaining in the
state Treasury on the third day OF January of
each year, for the frst II We years after the Ssu-
ance OF any bonds under this Act. after all the
q.
snail be transferred by the Treasurer OF state
to the General Fund.
Section 10. Whenever. on the third day CT
January or July in anv wear. after the exDirf-
uon of live years from the date of issuance OF
any bonds under this Act, there remains after
the payment of the interest as provided N
the preceding section, a surplus Of ten thou
salG sun u collars or more, IL snail be the duty Of
the Treasurer 10 advertise for the space of one
month, II one daily newspaper published in
| English IN the city of san Francisco, and for
| one month in one daily paper published in
! English at the State Capital, for scaled pro-
/ poSals, 10 be opened one month after the ex-
| piration of such publication by the Treasurer,
/ i'll presence of the Governor or Controller aI
| the state Capitol, for the surrender OF bonds
! issued under this Act, which advertisements
shali state the amount of money he has on
| hand for the purpose of redemption, and they
shall 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 ease Of a sufficient
! amount of such bonds shall not be offered as
1 aforesaid To exhaust the sinking fund TO q
| 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 the 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 If such
! bOnus so numbered in such advertisements
! shall not be presented for payment and can
collation. at the expiration of such pubica-
| tions, then such fund shall remain in the
! treasury TO discharge such bonds whenever
presen ed; but they shall draw no interest
after the expiration OF such publication. Be
fore any of said bonds shall be paid they shall
! be presented TO the Controller, who shall in
/ dorse on each bond the amount due thereon
! and shall write across the lace OF each bond
| the date OF its surrender and the name of the
person surrenderng.
| Section II. The Treasurer shall keep a full
! and particular account and record Of All his
! proceeding under this Act, and OF the bonds
I a iarD Il he.s s,IIf
NIT to the Governor an aDstract OF all his pro
| ceedngs under this Act. with his annual re-
/ port, 10 be by the Governor laid before the
| Legislature; ana All books and papers pertain
| ing to the matter provided for III this Act
| SHALL at all times, be open to the inspection
/ of any party interested, or the Governor or
| the Attorney-General ora committee of either
/ branch OF the Legislature, or joint commit
| tee oi both
| Section II. 1t shall be tie 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 ii said fund be not sufficient.
/ then To pay the deficiency out of the general
1 fund; provided that the Controller OF state
! shall hrst 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 3. This Act shall take effect sixty
! days after the next general election as to all
! its provisions, except those relating to and
| nee ssary tor its submission TO The people
and Tor returning, cmvassiug and pros laini-
/ ing the votes, which shall take effect imInc-
| Giately.
| Section 14.-lhs Act shall lc submitted 10
| the people OF the state for their ratification at
| the next general election, and the qualified
| electors of this State shall 1T said election, on
| their ballots for State officers, VOlU Tor or
| against this Act. Those voting for the same
| shall write or have printed on their ballots the
/ words, Refund the DebJ-Ges;" ana those
| voting against the same shall write or have
| printed on their ballots the words, Refund
| the Debt-No7
Section 10. The votes cast for and against
| this Act shall be counted returned anu can
vassed, and declared in the same manner and
subject 10 the same rules as votes cast for
! Treasurer Of State; ana if it appear that a ma
| jOTity OF all the votes SO cast for or against
| this law as aforesaid are ia favor of this Act
! then the same snail have effect as herein before
| provided and shall be irrepealable until the
principal and interest Of the Liabilities herein
| createdshall be paid and discharged and the
/ Governor shall make proclamation thereof;
! but if a majority of the votes so cast are
! against this Act, then the same shall become
| void.
! Section ! 6. It shall be the duty Of the Sec
| one newspaper in each county Of this State for
| four successive weeks Immediately preceding
| election.
| Each Act shall be voted upon separately
| from the others, by ballot, at the next general
election, to be held on Tuesday, the Sth day
| OF November. y. j. 1882
Each ballot US ID at such election must con-