The record-union., 1892-10-22


nualiy 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 a.ue of real and personal
property in the state, to be computed by the
Controller of State on the busis of the assessed
/ value of such property for the preceding year.
as shall produce annually for the first five
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
DonGs 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 10 enter
such rate on the assessment rolls of their re
| speclNe counties, in the same manner and
| with he same effect as is provided by law in
relatloii 10 other state taxes, Every tax levied
uiueI tHe PROVISIONS or authority OF this Act
IS hereoy MADE lien against the property as
sessed, which lien shanattach on - of each
/ year, ana snail not be satisfied or removed un-
/ III such tax has been paid. All moneys de-
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-
! Nueu, tnat all the moneys remaining in the
| State Treasury on the third day Of January OF
each ear, for the first five years atfer the ssu-
! ance Of any bonds under this Act after all the
/ interest on such bonds tAen due has been paid
| shall be transferred by the Treasurer of state
| TO the General Fund.
| o
January or July in any year, after the expira-
! tiOn of five years 3fOm the date of issuance OF
any bonds under this Act, there remains after
/ Ihe payment OF the interest as provided IN
! the preceding section, surplus OF ten thou
! sand dollars or more, it shall be the duty Of
the Treasurer TO advertise, for the space OF one
month, III 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-
po'als, 10 be opened one month after the ex-
| piration OF such publication by the Treasurer,
IN presence OF the Governor or Controller, at
Tue SIate capitol, for the surrender OF bonds
issued under this Act, which advertisements
snail 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 a sufficient
amount Of such bonds snail not be offered as
aforesaid to exhaust the sinking fund to a
less amount than ter thousand dollars, then
II Is hereby made the duty OF the Treasurer to
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 il such
bonds so numbered in such advertisements
shall rot be presented for payment and can
collation. at the expiration of such publica-
tions, then such fund shall remain in the
treasury 10 discharge such bonds whenever
presented; but they shall draw no interest
fore any of said bonds shall be paid they shall
be pres tnted to the Controller, who shall IN
d0rSe on each bond the amount due thereon,
and shall write across the face OF each bond
the date Of its surrender ana the name OF the
person Surrendering.
| Section l. The Treasurer shall keep q full
and particular account and record of ali his
proceeding under this Act, and of the bonds
redeemed and surrendered and he shall trans
init to the Governor an abstract OF all his pro
ceediEgs under this Act with mis- annual re-
port, to be by the Governor laid before the
Legislature; and all books and papers pertain
lug to the matter provided for 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 n joint commit
tee of both.
Section II. 1t shall be the duty Of the Treas
uTer to pay the interest on said bonds when
the same falls due, out of said interest fund
if sufficient; and If said tuna be not sufficient.
then to pay the deficiency ont of the general
fund; provided, that the Controller OF state
shall frst draw his warrant on the Treasurer,
payable to the order OF said Treasurer. tor the
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 13. This Act shall take effect sixty
days af er the next general election. as to all
its provisions, except those relating to and
nee ssary for its submission 10 the people,
and Tor returning, can vassing ana proclaim
ing the votes, which shall take effect imme-
diately.
section l4.-This Act shall lie submitted to
the people of the state for their ratification ut
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-NeS;' 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 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
jOrity OF all the votes so cast for or against
this law as aforesaid are in 1GVor of this Act,
then the same shall have effect as hereinbetOr1
provided and shall be irrepealabe until the
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 cast are
against this Act, then the same shall become
void.
section 16. 1t shall be the duty of the Sec
Tetary OF State to have this Act published in
one newspaper in each county of this State for
four successive weeks Immediately preceding
election.
Each Act shall be voted upon separately
from the others, by ballot, at the next general
election, to be held on Tuesday, the Sth day
OF November, y. ID. / S92.
Each ballot used at such election must con-
tain, printed thereon, the words:
For the election of United States Senators
by direct vote of the people.
Against the election of United States SEN
ators by direct vote of the people.