The record-union., 1892-10-18

Section o. For the payment within twenty
! years OF the principal and interest of the bonds
issued under this Act, there Shall be lcvie am
nUaIly by the state Board of Equalization,
after any bonds have been issued under this
! ACT, Such rate o. tax on each one hundred dol
/ lars OT the assessed value Of real and personal
! property In the State, 10 be computed by tie
Controller OF State o. The basis OF the assessed
value of such property for the preceding year,
/ as snail produce annually for the first i've
years seven per centum Of the amount of such
| bonds issued; for the next ten years there
! alter, twelve per centum of the amount of such
/ oonus 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 10 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-
speclye counties. i'll 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 lien against the property as
sessed, which lien shall attach on - of each
year, ana shall not be satisfied or removed nm
vi Such tax mas been paid. All moneys de-
rived from taxes authorized by the provisions
OF TINS section shall be paid into the State
treasury, anG snail be applied, frat, to this
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-
v1ded, that all the moneys remaining in the
State Treasury on the third day of January OF
each year. FOR the first five years after the issu-
l
interest on such bonds then due has been paid,
shall be transferred by tile 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 oftlye years from the date of issuance OF
any bonds under this Act, there remains, after
the payment of the interest as provided IN
the preceding section, a surplus of ten thou
slnd collars or more, it shall be the duty of
tne 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 Capftni for sealed DrO-
posals, to be opened one month after the ex-
| pllatlon of such publication by the Treasurer
! IN presence OF the Governor or Controller, at
| the state Capitol for the surrender OF bonds
issued under tins Act. which advertisements
shall state the anOunt OF money he has ON
! hand ior the purpose Of redemption, ana they
sIit4i 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 hanc for redemption is exhausted:
provided, however, in case of a sufficient
amount OF such bonds shall not be offered as
aforesaid TO exhaust the sinking fund TO Il
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 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 if such
bonds so numbered in such advertisements
shall not be presented for payment and can
DuOlICl-
uons, 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. Be
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 snail Write across the face of each bond
the date OF Its surrender and the name Of the
person surrendering.
Section IL. The Treasurer shall keep a full
and particular account and record of all his
proceeding under this Act, and of the bonds
redeemed and surrendered, and he shall trans
NIT 10 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
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 or
the Attorney-General, or committee of either
branch OF the Legislature, or q joint commit
tee OF both.
Section I2 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 sufficient; and ifsaid fund be not sufficient,
then to pay the deficiency out Of the general
fund; provided. that the Controller OF State
shall nrst 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 st
least one month previous to the maturing OF
the interest.
Section 13. This Act shall take effect sixty
days after the next general election, as to all
its provisions, except those relating TO and
nee SSary for its submission 10 the people
ana iOr returning, c1nVaSSlng and proclaim
ing The votes, which shall take effect imne-
diately.
Section l4.-This Act shall lie 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 those
voting against the same shall write or have
printed on their ballots the words, ''RefInd
the Debt-No."
Section 10. The votes cast for and against
this Act shall be counted, returned ana can
vassed, and declared in the same manner and
subject to the same rules US votes cast for
Treasurer Of State; and If it appear that 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 hereinb before
provided, and shall be irrepealable untu the
principal and interest Of the liabilities herein
created shan be paid and discharged and the
Governor shall make proclamation thereof;
but if u majority of the votes so cast are
against this Act, then the same shall become
void.
Section 16. It shall be the duty of the Sec
retary of State to have this Act published In
one newspaper in each county of this State tor
four successive weeks Immediately preceding
election.