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

award unless sufficient security shall be fur
nished by tbs bidders for the compliance viii
The terms Of their bids. and prortded further
that said bonds shall not be sold for less that
one hundred cents on The dollar. In gold coin
par value.
and Controller of State each 20 keep sepaTat
record Of all bonds sold under The provisions
this Act, showing the number, date, amount anc
rate OF inter ST Of each bond, and TO whom tbs
SIC. 6. The proceeds OF such bonds shall bs
paid into The State Treasury, aud shall be -
piled 10 the payment OF the following bonds II
ths order OF tn IL issuance: The outstanGin(
bonds issued under the Aet entitled e An Aei 6
ness OF the State Of California, and 10 contract
funded debt for that pnrposr,' approved Apri
second, eighteen hundred aud seventy.
SEC. z. All persons having any of the bond.
specified In section six Of This Act shall, upoI
presentation OF such bonds 10 the said Ioar
Commissioners, be entitled 10 exchange them n
their par value for bonds authorized 10 be issued
under this Aci al the rate OF one hundred cents
on the dollar, par value, but no bond shall te
Issued Tor less sum than five haudred dollars
nor lor fractional part OF a hundred dollars
bnt the said Loan Commissioners may Issue Ger.
ilheateS of such fractional parts not bonded
which said certificate shall be transferable and
entitled 10 be paid out OF The proceeds OF In.
sales OF any bonds provided for in section six Of
this Act. The Loan Commissioners shall cancel
each bond so exchanged. aEd shall indorse
such bona the date on which they received the
same, aud from whom, The number aud The
amount or hs bond Issued In exchange therefor,
aud shall hle such bond in the Office OF tie See
SEC. s. Whenever there shall BE- In the State
Treasury. from the proceeds OF the sale OF bOuds
Issued under this Act, sum Of ten thousand
dollars or more, IL shall be the duty OF the IRE as
urer 10 advertise In TWO newSpap rs printed In
English, one In San Francisco, and one IN the
capital OF the sta e, for two months which ad-
yertiSements shall state the amount OF money IN
tie treasury applicable 10 the redemption OF
bonds aud the number Of bonds, numbering
them in tne order OF their Issuance, which are
redeemable; aud three months from the date Of
the expiration OF such advertisement. sucu
bonds. unless sooner paid, snail cease 10 draw
Interest, but the money for the redemption OF
such bonds shall remain In the treasury 10 pay
such bonds whenever presented.
SEC. 8. For the payment within twenty
years OF The principal and interest OF the
bonds issued under this Act, there shall be
levied annually by The State Board OF
EQUALIZATION. alter any bonds have been issued
under this Act, such rate OF tax on each one hun
died dollars OF the assessed value OF real an',
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 preced-
Ing year. as shall produce annually for the nrsf
nve years seven per centum uf the amount OF
such bonds issued; for the mkt ten years there
alter, twelve per cenium OF the amount OF sucn
bonds issued; aud thereafter, until all the bonds
issued under this act are paid, fifteen per cenIum
OF the amount OF such bonds issued. The State
Board of Equalization shall certify the rate of
tax thus computed 10 The several County Audit.
ors, aud the said Auditors ale hereby directed