The record-union., 1892-10-25
Official.


i so exchanged, and shall indorse on such bond
I the date on which they received the same,
and from whom, the number and the amount
OF the pond issued in exchange therefor and
shall file such bond in the office Of the Secre-
/ tary of State.
4 Section s. Whenever there shall be in the
+ State Treasury. from the proceeds of the sale
of bonds issued under this Act, a sum of ten
/ thousand dollars or more. ii shall be the duty
of the Treasurer 10 advertise in two newspa-
/ pers printed IN English, one in San francisco
and one in the Capital of the State, for two
months, which advertisement shall state the
amount of money i'll the treasury applicable
\ to the redemption Of bonds. and the number of
bonds, numbering them in the oIder OF their
issuance, which are Tedeemable; ana three
months from the date of the expiration of
sucn advertisement, such bonds. unless sooner
paid, shall cease TO draw interest but the
money for the redemption OF such bonds shall
remain IN the treasury TO pay such bonds
| whenever presented
Section 8. 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 lle assessed value OF real ana personal
j property In the State to be computed bv the
Controller OF state on the basis OF the assessed
value of such property tor the preceding wear
/ as snail produce annually for the first five
| years seven per centum OF the amount OF such
bonds issued; for the next ten years there
alter, twelve percentum 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. me Stale 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-
! spectlYe counties. in the same manner and
/ with the same effect as is provided by law in
! relation to other state taxes Every tax levied
/ uluet Ine PROVISIONS or authority of this Act
! Is hereby made lien against the property as
SesSed, which lien shall lattach or -- of each
! year, and snail not lie satisfied or removed un-
4 mo u
rived from taxes authorized by the provisions
OF this section Shall be paid into the State
| Treasury, and shall be applied first to the
payment 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 first five years aner the ssu-
ance OF any bonds under this Act, after all the
/ interest on such bonds then due has been paid
to the General Fund.
Section 10. Whenever, on the third day of
January or July IN any year, after the eXDira-
uon OF Hye 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, a surplus of ten thou
sahd dollars or more, it shall be the duty of
the Treasurer to 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 ex-
plration of such publication by the Treasurer
IN presence of the Governor or Controller at
| the state Capitol, for the surrender of bonds
issued under TINS Act which advertisements
shall state the amount of money he has ON
| hand for the purpose of redemption ana they
| small 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 hanC for redemption is exhausted:
provided, however. in case Of a 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
1t is hereby made the duty OF the Treasurer to
| aRNefJlse 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 publca-
ions, then such fund shall remain in the
treasury TO discharge such bonds whenever
presented; but they shall draw no interest
alter 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 face OF each bond
the date of its surrender and the name of the
person Surrenderng.
Section l l. The Treasurer shall keep a full
and particular account and record of all his
proceeding under this Act and OF the bonds
| redeemed and surrendered. and he shall trans
NIT TO the Governor an abstract of all his pro
ceedings under this Act, with his annual re-
! port, 10 De Dy Ine governor lliQ before the
Legislature; and all books and papers pertain
ing to the matter provided Tor in 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 OF both.
Section H. 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 suthcient; and If said fund be not sufficient
then to pay the deficiency ont of the general
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
Section 13. This Act shall take effect sixty
days after the next general election as to all
its provisions, except those relating to and
nee ssary for its submission TO the people,
and for returning, canvasSing and proclaim
ing the votes, which shall take effect imme-
diately.
Section l4-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;" ana those
voting against the same shall write or have
printed on their ballots the words, 'Refund
the Debt-No'
Section 10. The votes cast for and against
this Act shall be counted, returned ana can
vassed and declared in the same manner and
subject 10 the same rules as votes cast for
Treasurer OF State; and if it appear that ma
Jorlty OF all the votes so cast for or against
this law as aforesaid are in favor of this Act
then the same shall have effect as hereinbefore
provided and shall be irrepeaable until the
principal and interest of the liabilities herein
created shall 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 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.