Los Angeles herald., 1892-10-25

lurer and Controller of State each to keen
separate record of all bonds sold under the
date, amount, and rate of interest of each
bond, and to whom the same was issued.
|be paid into the State Treasury. % and shall shall
be applied to the payment Of tie foil foiiowine SHr
bonds, in the order of their issuance; The
titled IAN act to provide for the payment OF
the funded indebtedness of the State of Cal
1fornia, and to contract funded debt for
cen hundred and seventy
: SEC. z All persons having any of the
bonds specified in section six of this Act
shall, upon presentation of such bonds to
the said Loan Commissioners, be entitled to
exchange them at their par value for bonds
authorized to be issued under this Act at the
rate OF one hundred cents on the dollar par
value; but no bond shall be issued for a Tess
sum than five hundred dollars, nor for a
fractional part of a hundred dollars but the
said Loan Commissioners may issue certif-
Gates OF such fractional parts not bonded.
and entitled to be paid out of the proceeds
OF the sales OF any bonds provided for in
section six Of this Act The Loan Commits
sioners shall cancel each bond so exchanged,
ana snail indorse on such bond the date on
which they received the same, and from
som ssned q 5ne number and amount Of the bond nd
sucn pond In the ONCE of the Secretary OF
SEC g. 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, 1t shall be the
duty of the Treasurer to advertise in two
newspapers printed in English, one in San
Francisco, and one in the. capital of the
State, for two months, which. advertise
ments shall state the amount of money. in
Of bonds, and the number Of bonds, number
ing them in the order of their issuance,
which are redeemable; and three months
from the date of the expiration of such ad-
vertisement, such bonds, unless sooner paid,
shall cease to draw interest, but the money
for the redemption of such bonds shall re-
main in the treasury to pay such bonds
SEQ o.. For the payment within twenty
years OF the principal and interest of the
levied annually by the State board Of Equal.
1zation, after any bonds have been issued
under this Act, such rate of tax on each one
hundred dollars of the assessed value of real
and personal properey in the State to be
computed by the Controller of State on the
basis of the assessed value of such property
Tor the preceding year, as shall produce
annually for the first Ave years seven per
centum of the amount of such bonds issued;
centum of the amount of such bonds issued;
and thereafter, until all the bonds issued
under this act are paid fifteen percentum Of
Board of Equalization shall certify the rate
OF tax thus computed to the several County
NApditors, and the said Auditors are hereby
directed and required to enter such rate on
the assessment rolls OF their respective
counties, in the same manner and with the
same effect as is provided by law in relation
to other State taxes. Every tax levied un-
der the provisions or authority of this Act
Is hereby made lien against the property
assessed, which lien shall attach on - of
each ye ar, and shall not be satisfied or re-
moved until such tax has been paid All
moneys derived from taxes authorized by
the provisions of this section shall be paid
into the State Treasury, and shall be ap-
piled first to the payment of the interest on
the bonds issued by the provisions of this
Act; second, to the ayment of the principal
OF such bonds; Ryoviaea, that all the moneys
remaining in the State Treasury on the
n for ho
FIRST five years after the issuance 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
SEC. 10. whenever, on the third of Janu-
ary or July in any year, after the expiration
OF five years from the date of issuance of
any bonds under this Act, there remains, af
ter the payn cnt of the interest as provided
in the preceding section, a surplus o. ten
thousand dollars or more It shall be the
duty of the TIE aslrer to advertise, for the
paper published in English in the ti.y Of
San Francisco, and for one month IN one
aaily paper, published in English at tho
State capital, for sealed proposals, to be
such publication by the Treasurer, in
presence of the Governor or Controller at;
oas s fGs Go s sdvs2
tise mer tishall state the amount of money
he has on hand for the purpose of rcdemp-
posals, at rates not exec e ling par
Va.ue, as may redeem the gre atest
on hand for redemption is exhausted; pro-
vidsd, Aozoevey, in case 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 advertise
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 fund II
set apart to pay and dischagei and If such
bonds So So numbered NJ IN @ such advertiseIents en-
collation. at the expiration of such publica-
tions then such fund shall remain in the
ever presented; but they shall draw no in
terest after the expiration of such publica-
ton. Before any of said bonds shall be paid
they shall be presented to the Controller,
who shall indorse 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.
SEQ. H.. The Treasurer shall keep full
and particular account and shall record all
bonds redeemed and surrendered, and he
shall transmit to the Governor an abstract
Of & an mis- under IN this 1h Act with
laid before the Legislature; and all books
and papers pertaining to the matter pro.
open to the inspe ction of any party inter-!
ested, or the Governor, or the Attorney.
General, or committee of either branch Of
Bot both. hAs'S'a'ue OF JOINT committee OF
SEC. ~ It shall be the duty of the Treas.
prer to pay the interest on said bonds when
the same falls due, out of said Interest
Fund, If sufhctent; and If said fund be not
sufdcient, then to pay the deficiency out of
troller 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 the interest.
Gays after the next general election, as to
al It's provisions, except those relating to
and necessary for its submission to the peo.
pie, and for returning, canvassing and pro.
claiming the votes, which shall take effect
SEQ IL This Act shall be submitted to the
people Of the State for their ratification at
the next general election, and the qualihed
electors Of this State shall, at said election,
on their ballots for State oficers, vote for
or against this act Those voting for the
pane shall write or have printed on their
ballots the words Refund the debt-Yes;
ana those voting against the same shall
Iworts Re fund the debt-No"
SEQ 10. The votes cast for and against
En1s Act h all be counted, returned and cana
yassed, and declared in the same manners
end sd, subject M to the game rules az votes cast
that a majority Of all the votes so cast for or
against this law as aforesaid are In favor
OF IN ts Act, then the same shall have effect
- hereinbefore provided, and shall be IRE.
Reainoie ur til IN e principal and interest Of
Itne natiHtes herein created shall be paid
Ean1 olscharged, and the Governor shall
3ty OF the votes so cast are against this Act,
tnen tho same shall become void