The record-union., 1892-10-28
Official.

Loan Commissioners shall cancel each bond
so exchanged, ana Shall indoTse on 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 Office Of the Secre-
iary OF State.
Section 8. 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 TO 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 ia the treasury applica ble
TO the redemption of bonds, and henurl Der OF
bonds, numbering them in the order OF their
Issuance, which are Iedeemable; and three
months from the date Of the expiration of
such advertisement, such bonds unless sooner
paid, shall cease to draw interest, but the
money for the redemption Of such bonds hall
remain in the treasury TO pay such bonds
whenever presented
Section 9. For the payment within twenty
years OF the principal and interest of the bonds
issued under this ct, there shall be levied an
nually by the state Board OF EqualiZation
aIter any bonds have been issued under this
Act, such rate OF tax on each one hundred dol
lars OF the assessed a ue of real and personal
property in the State, 10 be computed bv the
Controller of State OF the basis OF the assessed
value OF such property for the preceding wear
as shall produce annually for the nTst five
years seven per centum OF the amount of such
bonds issued; for the next ten years there
altef, 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
certify the rate OF tax thus computed to the
several County Auditors, and the said Audi
tors are hereby dirtcted and required TO enter
sucn rate on the assessment rolls of their re-
specuNe counties. in the same manner and
with the same effect as is provided by law in
relation to other state taxes Every ta,, levied
under the provisions or authority OF this Act
Is hereby made lien against the property as
sessed, which lien shall attach on - of each
year anu shall not he satisfied or removed un-
VI sucn tax mas b7en raid. All moneys de-
rived from taxes authorized by the provisions
oI thls section Shall be paid into the State
treasury. ana shall be applied 1rs1 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-
Nlded, that all the moneys remaining in the
state treasury on the third day Of January of
each ear, for the first I'VE VI ars after the issu-
ahce OF any bonds under this Act, after all the
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-
lon OF nye years from the date of issuance of
any bonds under this Act, there remains after
the payment of the interest as provided IN
Inc preceding section, surplus of ten thou
sand dollars or more, it shall be the dutv 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. 10 be opened one month after the ex-
plTallon OF Such publication by the Treasurer
IN presence OF the Governor or Controller al
the state Capitol, for the surrender of bonds
issued under this Act, which advertisements
sntli state the amount Of money he has on
hAlld Tor the purpose Of redemption, ana they
snail accept the lowest proposals al rates not
exceeding par value, as may redeem the great
est amount OF bonus, 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 pXhnnGt no Eyt,f frYy,J 80.
less amount than ten thousand dollars then
II IS hereby made the duty OF the Treasurer tO
ADVERTISE IN two newspapers, one in San Fran
cisco ana one III 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
ceiiation 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 Re.
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 oft surrender and the name of the
person surrenderng.
Section II. The Treasurer shall keen q fun
and particular account and record OF ali MS
proceeding under this Act, and of the bonds
redeemed ana surrendered and he shall trans
Alll " lll0 OONBFnOF 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
shall, at all times, be open to the inspection
of any party interested, or the Governor. OF
the Attorney-General 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
II sufficient; and If said fund be not sufficient
then to pay the deficiency out of the general
funQ; proYlded, that the Controller OF State
shall flrst 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 ali
It's provisions, except those relating to and
nee ssary TOR its submission to the people
ana for returning, canvassing and proclaim
ing the votes, which shall take effect imme-
diately.
Section l4.-This Act shall be submitted ia
the people of the State for their ratification al
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 nave
printed on their ballots the words, Refund
the Debt-No."
Section 15. The votes cast for and against
this Act shall be counted, returned ana can
Nassed, and declared in the same manner and
subject to the same rules votes cast for
treasurer OF State; and If it appear that a 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 hereinbet
provided, and shall be irrepeaable until the
principal and interest of the liabilities herein
created snail be paid and discharged, and the
Governor shall make proclamation thereof.
but If majority of the votes so cast are
against this Act, then the same shall become
void.
Section 16. 1t 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
election.