The morning call., 1892-11-07
POLITICAL.

and required to enter such rate on the assess
msne ment rolls Of their respective counties,
10 the same manner and With the
same effect as is provided by law Ia
relation 10 other State taxes. Every tax levied
under the provisions OF authority Of this Act is
hereby made lien against the properly as
sessed. which lien shall attach on = OF each
year, and shall not be satisfied or removed until
such tai 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 applied, first, 10 the payment OF the
interest on the bonds issued by the provisions Of
this Act; second, TO the payment of the prinei-
pal OF such bonds; provtded, that all the moneys
remaining In The s. ale Treasury on the third
Gay OF January OF each year, for the 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 10 the General Fund.
SEC. 10. Whenever on the third OF January or
July In any year, after the expiration OF five years
rom me date OF Issuance OF any bonds under
tnis ACT, there remains. after the payment Of the
interest as provided In the preceding section a
surplus Oh Ten thousand dollars or more, It shall
DC the GUY OF the Treasurer TO advertise for the
space OF one month, 1u one daily NEWSPAPER pub.
iished Ia English in the city Of San Francisco
and Tor one month Ia one daily payer published
i1 English at the State capital. Tor sealed pro-
posals. to be opened enc month after the expira-
ton OF sucb 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 shall stale
the amount OF money be has on hand for the
purpose OF redemption, and they shall accept the
lowest proposals, at rates not exceeding par
vaiue, may redeem the greatest amount OF
bonds until the amount OF cash on hand for re-
cemptloD Is exhausted; provided, however, In
case sufncient amount OF such bonds shall not
be offered as aforesaid TO exhaust the sink lDg
fund 10 a less amount than ten thousand dollars
then II Is hereby made the duty OF the Treasurer
70 advertise In Two newspapers, one I'm San
francisco and ono IN the capital OF the State for
three mouths, which advertisements shall stale
The amount In the sinking fund.- and the number
OF bonds, numbering them In the order OF their
Issuance, which such fund is set apart to pay and
discharge; and II such bonds so numbered In such
advertisements shall not bo presented for pay
menf and cane llation at the expiration OF such
publication. then such fund shall remain in the
treasury TO discharge such bonds whenever pre-
sented; but they shall draw no interest after the
expiration oil such publication. Before any OF
said bonds Shall be paid they shall be presented
10 the Controller, who shall indorse on each bond
the amount due thereon, aud shall write across
the face or each bond The date of its surrender
and The name OF the person snrrepdering.
SIC. IL. The Treasurer shall keep a fun
and particular account and record of all his
proceedings under this Act, and Of the bonds
redeemed and surrendered. ana be shall
transmit to the Governor an abstract OF all his
proceedings under this Act, with his annual
report. 10 be by the Governor laid before the
Legislature; and all books ana papers pertain.
sGg 10 the matter provided for in this Act shall,
ct all times, be open TO the inspection Oh any
party interested. or The Governor ortne attorney
General. or a committee OF either Dranch OF the
legislature. or Il joint committee OF both.
SEC. IL. Ii shall be the duty OF the treasurer