The record-union., 1892-10-19

Section 9. 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 Equalization,
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 by 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 five
! years seven per centum OF the amount of such
| bonds issued; for the next ten years there
\ alter, Twelve percentum OF the amount of such
\ bonds issued; and thereafter, until all the
oonds issued under this Act are paid, fifteen
pei 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-
spectlNe counties, in the same manner and
/ WIN lne same effect as is provided by law in
reIalon 10 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 shallattacn on - OF each
/ year and shall not be satisfied or removed un-
VI such tax has been paid. All moneys de-
| rived rom taxes authorized by the provisions
oI TINS section shall be paid into the State
treasury, and shall be applied, tiret. 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, for the first five years after the issu-
anc6 OF any bonds under this Act after all the
interest on such bonds then due has been paid,
snail oe 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-
uon OF rye years from the date of issuance of
any bonds under this Act, there remains after
the payment OF the interest as provided IN
tAe preceding section, a surplus of ten thou
sand dollars or more, IL shall be the duty of
the Treasurer to advertise, for the space of one
month, In one daily newspaper published in
English in the citV of San ErappiSpp fCy.
one month in one daily paper published in
Engnsh at the State Capital, for sealed pro-
| posals, to be opened one month after the ex-
piration OF such publication by the Treasurer
| IN presence OF the Governor or Controller at
the state Capitol, for the surrender OF bonds
issued under this Act, which advertisements
shall state the amount Of money he has on
| hand Tor the purpose of redempti and they
snail accept the lowest proposals. at rates not
| exceeding par value as may redeem the great
est amount OF bonus, until the amount of
| cash on hanG 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 10 a
| less amount Than ten Thousand dollars then
| 1t 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, mum berlng them in the
| order of their issuance, which such funds is
! set apart to pay and discharge: and If sucn
| bonds so numbered in such advertisements
| shall not be presented for payment and can
collation. at the expiration of such publica-
| tiOns, 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-
| tore 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 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 a full
ana particular account and record OF all 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
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, ora committee Of either
branch OF the Legislature, or a joint commit
tee OF both.
Section IL. 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 If said fund be not sufficient,
then to pay the deficiency out of the general
fund; provided, that the Controller OF State
shall hrst 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.
Section 3. This Act shall take effect sixty
days after the next general election, as to al
its provisions except those relating to and
nee ssary for its submission to the people
and for returning, canvassing and proclaim
ing the votes, which shall take effect inme-
diately.
Section l4-This Act shall be 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-Yes;'' and those
voting against the same shall write or have
printed on their ballots the words, 'Iiefund
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 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 hereinbefor
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 a majority of the votes so cast are
against this Act, then the same shall become
void.
Section Is. 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
four successive weeks Immediately preceding
election.