The morning call., 1892-10-28
POLITICAL.

and required 10 enter such rate on the assess
ment rolls Of their respective counties,
IN the same manner aud with the
same effect is provided by law In
relation 10 OTHER State taxes. Every tax levied
under the provisions Of authority Of This Act is
hereby made lien against the property as
sessed, which lien shall attach on - OF each
year, and shall not be satisfied or removed until
such TAX has been paid. All moneys derived
from taxes authorized by the provisions OF this
section shall lie paid into The State Treasury
and shall lie applied, first, to The payment OF Tie
interest on the bonds issued by the provisions Of
this Act; second, 10 the payment Of the princ-
pal Of such bonds; prOUided, that all the moneys
remaining. IN the State Treasury on the thiid
day Of January Of each year, for the first five
years after the issuance OF any bonds under this
Ael. alter all lie Interest on such bonds then
due has been paid, shall be transferred by lie
Treasurer OF State 10 The General Fund.
SEC. 10. Whenever. on the third OF January or
July 10 any year, after the expiration OF five years
from TIE date OF issuance OF any bonds under
this Act, there remains, after Tie Payment of the
interest as provided IN The preceding section, a
surplus OF ten Thousand dollars or more, Il shall
be The duty OF the Treasurer 10 advertise for the
space OF one month, IL one daily newspaper pub
Hshed IL English Ia tie city Of San Francisco
and for one month 10 one daily paper published
In English. al The State capital for sealed pro-
poSals, 10 be opened one month after the eXpira-
tton OF such publication by the Treasurer, in
presence OF The Governor or Controller, al the
State Capitol, f0r the surrender Of bonds issued
under his Acl, which advertisements shall state
the amount of money be has on hand for the
purpose OF redemption, and they shall accept the
lowest proposals, III TaieS not exceeding par
value, as may redeem the greatest amount of
bonds, unit. the amount OF cash on hand for re-
demptlon IS exhausieoi proUfded, hoi0eUer, In
case suincIent amount OF such bonds shall not
be offered as aforesaid 10 exhaust tbe sinking
Iulfd 10 less amount than Ten thousand dollars,
then II Is hereby made Tie duty OF the Treasurer
10 advertise 10 TWO newspapers, one IN San
francisco aud one 10 The capital OF the State, for
three months, which advertise meuts 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 20 pay and
dfsehar rye and IL such bonds so numbered IN such
adver isemeBts shall not be presented for pay
ment and cane ilatiOn at tie expiration or such
publication. then such fund shall remain in the
treasury to discharge such bonds whenever pre-
scented; but they shall draw no interest after The
expiration of such publication. Before any OF
said bonds shall be paid they shall be presented
10 the Controller, who shall indorse on each bond
tie amount due thereon, and shall Write across
the face OF each bond The date Of It's SURF nder
aud The name Of the person surrendering.
SEC. H. The Treasurer shall Keep a full
aud particular account ana record Of all his
proceedings under This Act, and Of the bonds
redeemed and surrendered. and he shall
transmit 10 the Governor an abstract OF all his
proceedings under this Act, with bis annual
report. 10 be by the Governor laid before The
Legislature; : and all books ana papers pertain
Ing TO tie matter provided for III this Act shall,
al all times be open 20 the Inspection oil any
party interested. or tie Governor, or The Attorney
General or a committee OF either branch oil the
legislature. OF joint committee OF boih.
SIC. IL. IL shall be Tie duty OF the treasurer