The morning call., 1892-10-28
POLITICAL.

award unless sufficient security shall be fur.
Dshed by the bidders for tie compliance with
the terms OF their bids; and provtded further.
that said bonds shall not be sold for less than
one hundred cents on the dollar, IN gold coli
par value.
and Controller OF State each 20 keepa separai
record Of all bonds sold under the provisions o.
this Act, showing the number, date, amount and
rate OF interest OF each bond, and 10 whom tie
same was issued.
SEC. 6. The proceeds of such bonds shan be
paid into The State Treasury and shall be ap-
piled 10 the payment OF the following bonds IN
ibe order of their Issuance: The OUTSTANDING
bonds issued under the act entitled IAN Act 10
provide for the payment OF tie funded Indebted
ness OF the Stale Of California. and 10 contract Il
funded debt for that purpose" approved Aprll
second. eighteen hundred ana seventy.
SEC. z. All persons having any Of the bonds
specified Ia section six OF lhis Act SHALL upon
~ esentation OF such bonds 10 the said Loan
Commissioners, be entitled to exchange them al
their gar value Tor bonds authorized 10 be Issued
under this Acl al lie rate Of one hundred cents
on the dollar, par value, but no bond shall be
issued for less sum than five hundred dollars,
ner for fractional part OF hundred dollars,
but The said Loan Commissioners may Issue GER
Iifcates of such fractional parts not bOndpG
which said certificate shall be transferable ana
entitled 10 be paid out OF the proceeds OF In
sales OF any bonds provided for 10 section six uf
this Act. The Loan Commissioners shall cancel
each bond so exchanged. ard shah inderse o.
such bond the date on which they received The
same, and from whom, The number and The
amount OF the bond Issued In exchange therefor.
and shall file such bond IN the ot1lee Of tue Sec
Teiary Of State.
SEC. 8. Whenever there shalt b. 10 the State
Treasury from The proceeds OF the sale OF bond,
issued under This Act, a sum of ten Thousand
dollars more. IL shall be the duty or tbs Trels
urer to advertise In Two newspap rs printed ~
English, one In san Francisco, and one In The
capital of The STATE, for TWO mouths which al
yertisements shall state the amount of money IL,
the treasury applicable TO the redemption Ol
bonds, and the number OF bonds, numbering
them in the order of their Issuance, which are
redeemaOle; and three months from the date If
the expiration OF such advertisements, such
bonds. unless sooner paid, snail cease 10 draw
luterest but the money for the redemption or
such bonds shall remain In the treasury 20 pay
such bonds whenever presented.
SEC g. For The payment within twenty
wears OF The principal and interest of the
bonds issued under this Act there shall be
levied annually by The State Board OF
Equalization. alter any bonds have been issuea
under THIS Act, such rate OF tax on each one hua-
dfed dollars CT the assessed value of real an
personal property 10 the State, 10 be computed
by the Controller OF State on the basis OF the
assessed value OF such property for the proceed
Ing year. rs shall produce annually for the first
nye years seven per eenum OF the amounpof
such bonds issued; for the next ten years there.
alter, twelve per ceutum OF the amount OF such
bonds Issued; and thereafter, until all the bonqs
iSsled under This act are paid, fifteen per eentum
Of The amount Of such bonds issued. The State
Boald OF EquHiszatiOn shall certify the rate OF
tax thus computed 10 The several County Audit
ors, aud the said Auditors ale hereby directed