The record-union., 1892-10-17

Section 9. For the payment within twenty
years of the principal and interest OF the bonds
issued under this Act, there shall be levied an
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,
as shall produce annually for the first five
years seven per centuIn OF the amount OF such
bonds issued: for the next ten years there
alter twelve per centum of the amount OF such
bonds issued; and thereafter, until all the
bonds issued under this Act are paid, fifteen
per centum OF the amount OF such bonds
issued. The State Board OF Equalization shall
certlfy the rate OF tax thus computed 10 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-
specive counties, in the same manner and
with lne same effect as is provided by law in
rel1uon 10 other State taxes. Every tax levied
under the provisions or authority of this Act
Is hereby made a lieG against the property as
sessed, whlch lien shall attach on - of each
year, and shall not he satisfied or removed un-
VI such TAX mas been paid. All moneys de-
rived from taxes authorized by the provisions
~ inns section snail be paid into the state
payment OF the interest on the bonds issued
by the provisions Of this Act; second, 10 the
pay yInent OF the principal of such bonds: pro-
vided, that all the moneys remaining in tho
State Treasury on the third day Of January OF
each year, Tor the first five years after the Issu-
interest on such bonds then due has been paid,
shall be transferred by the Treasurer of State
to the General Fund.
Section 10. Whenever, on the third day OF
January or July in any year, after the expira-
ton of five years from the date of issuance OF
any bonds under this Act, there remains, after
the payment of the interest as provided IN
The preceding section, surplus of ten thou
sand dollars or more, IL shall be the duty OF
the treasurer 10 advertise, for the space of one
month, in 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 sealed pro-
posals, to be opened one month after the e1-
plration of such publication by the Treasurer,
| In presence of the Governor or Controller, at
tne state Capitol, for the surrender OF bonds
! Issued under this Act, which advertisements
| shall 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 hand for redemption is exhausted;
| provided, however, in case of q sufficient
! amount of such bonds shall not be offered as
aforesaid TO exhaust the sinking fund to a
less amount than ten Thousand dollars, then
| IL Is hereby made the duty of the Treasurer to
1 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
| bonds so numbered in such advertisements
| shall not be presented for payment and can
collation. at the expiration Of such publica-
| tionS, then such fund shall remain In the
treasury to discharge such bonds whenever
presented: 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 shah in
| dorse on each bond the amount due thereon,
! and shall write across the face of each bond
| the date of Its surrender and the name of the
| person surrendering.
Section IL. The Treasurer shall keep full
| and particular account and record Of all his
1 ~
| redeemed and surrendered, and he shall trans
NIT 10 the Governor an abstract of all his pro-
ceedings under this Act, with mis- annual re-
port, TO be by the Governor laid before the
Legislature; and all books and papers pertain
ing to the matter provided for in this Act
shal, at all times, be open to the inspection
| of any party interested or the Governor, or
the Acknowledgement, or committee of either
tee OF both.
Section 12. 1t shall be the 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 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 become
| due, which said warrant shall be drawn at
least one month previous to the maturing OF
Section 8. This Act shall take effect sixty
days after the next general election as to all
| Its provisions, except those relating to and
/
| and for returning canvassing and proclaim
| ing the votes, which shall take effect iInme-
| diately.
| Section 14.-This Act shall be submitted to
the people of the State for their ratification at
the next general election, and the qualified
electors of this State shall, at said election on
| their ballots for State officers, vote for or
| against this Act. Those voting for the same
| shall write or have printed on their ballots the
| words, Refund the Debt-Yes;" and those
voting against the same shall write or have
printed on their ballots the words, Refund
| the Debt-No."
| Section Is. The votes cast for and against
| this Act shall be counted, returned and can
vassed, and declared in the same manner and
! subject to the same rules as votes cast for
| Treasurer of State; and If it appear that ma
! jOrity OF all the votes SO cast for or against
this law aforesaid are in favor of this Act,
| then the same shall have effect as hereinbetore
| provided, and shall be irrepealable until tho
principal and interest of the liabilities herein
| created shall be paid and discharged, and the
| Governor shall make proclamation thereof;
| but if q majority of the votes so cast are
against this Act, then the same shall become
/ void.
| Section 16. It shall be the duty of the Sec
retary Of State to have this Act published in
| one newspaper in each county of this State for
| four successive weeks Immediately preceding
election.