The record-union., 1892-10-26
OHiriul.


so exchanged. ana shall indorse on such bond
the date on which they received the same,
and IRON whom, the number and the amount
OF the pond issued il exchange therefor and
shall fle such bond in the Office Of the Sacre-
tary ofState.
Section s. Whenever there shall be in the
State Treasury, from the proceeds OF the sale
of bonds issued under this Act. sum of ten
thousand dollars or more, it 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, tor two
months, which Nertisement shall state the
amount of money in the treasury applicable
TO the redemption of bonds, and the number 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 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
nuaIly by the State Board OF EquallzatiOn
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 bv 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 Ave
years seven per centum OF the amount Of such
| bonds issued; for the next ten years there
after, twelve per centum OF the amount of such
bonqs 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 directed and required to enter
such rate on the assessment rolls of their re-
spectlTe counties, in the same manner and
with the same effect as is provided by law in
relation to other State taxes. Every tax levied
under the provisions or authority Of this Act
Is hereby made "A lien against the property as
| sessed, which lien shalIattach on - of each
year, ana shall not he satisfied or removed un-
Z hAG r-snf Il II
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, tor the first five years after the issu-
ance OF any bonds under this Act, after all the
interest on such bonds then due has been paid
snail De 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 nve years from the date of issuance of
any bonds unuer this Act. there remains after
! the payment of the interest as provided IN
/ the preceding section, a surplus Of ten thou
SANG collars or more, 1t 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 Tor
/ 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-
! IN presence OF the Governor or Controller al
! the state Capitol, for the surrender of bonds
/ issued under this Act, which advertisements
! snail state Une amount OF money lie has on
| band for 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 bones, until the amount OF
4 clsh on hanc for redemption is exhausted;
/ provided, however, in case Of a sut6cieOf
1 amount OF such bonds shall not be offered MS
aforesaid to exhaust the sinking fund to a
/ less amount Than ten thousand dollars then
/ II is hereby made the duty OF the Treasurer TO
/ advertise in two newspapers, one in san Era NJ
cisco and one in the Capital Of the State, Tor
| three months, which advertisements shall
state the amount in the sinking fund, and the
number OF bonds, numbering them in the
order OF thelr 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-
tons, then sucn fund shall remain in the
treasury 10 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, VINO shall in
! dorse on each bona the amount due thereon.
and shall write across the face of each bond
the date ofitS surrender and the name of the
! person Surrendering.
Section IL. The Treasurer shall keen q full
| ana particular account and record of all his
| proceeding under this Act, and Of the bonds
| redeemed ana surrendered, and he shall trans
init TO the Governor an abstract of all his pro
| ceedings under this Act. with his annual re-
| port, to be by the Governor laid before the
/ Legislature; and all books and papers pertain
I ing to the matter provided for in this Act
shall, at all times, be open to the insnecliou
| OF any party Interested or the Governor or
| the Attorney-General, or a committee of either
branch OF the Legislature, or joint commit
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 suficient; and if said fund be not sufficient
| then to pay the deficiency out of the general
hot flR..
shall hrst draw his warrant on the Treasurer
payable to the order OF said Treasurer. for the
4 amount of interest money about to become
| due, which said warrant snail be drawn at
least one month previous to the maturing OF
The interest.
Section l 3. This Act shall take effect sixty
| days after the next general election, as to all
| its provisions, except those relating to ana
nee 2ssary for its submission TO the people
! and for returning, canvassing and proclaim
| ing the votes, which shall take effect imme-
| 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 thosa
voting against the same shall write or hs.ve
the Debt-No."
Section 10. 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 a ma
| Jority 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 hereinbeforp
! 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 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, 7