The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1892-10-15
Section Q. For the ppayment within twenty

Section 8. For the payment within twenty
years oil the principal and interest OF the bonds
issued under this Act, there shall be levied an
! nually by the state Board OF Equalization
Z 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 Oh the basis OF the assessed
value of such property for the preceding year,
as shall produce annually for the first five
years seven per centtIm 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
i bonds issued under this Act are paid, fifteen
per centum OF the amount of such bonds
issued. The State Board OF EQuali ZatiOn 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-
| spectlVe counties, in the same manner and
with the same effect as is provided by law in
relation TO other State taxes. Every tax levied
unuer the provisions or authority OF this Act
is hereby made lien against Improperly as
Sessed, which lien shall attach on - of each
year, and shall not he satisfied or removed I'M
/ til such tax has been paid. All moneys de-
rived from taxes authorized by the provisions
OF this section shall be paid into the State
| Treasury, and shall be applied first 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-
vided, 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-
ance of any bonds under this Act after all the
|
| shall De 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-
| ton of i've years from the 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 thou
| sand dollars or more, it shall be the duty of
the Treasurer to advertise, for the space of one
month In one daily newspaper published in
one month in one daily paper published in
! english at the State Capital, for sealed pro-
posals, 10 be opened one month after the ex-
| plration of such publication by the Treasurer
| IN presence of the Governor or Controller at
| the State Capitol for the surrender OF bonds
J issued under this Act, which advertisements
| shall state the amount of money he has on
/ hand Tor the purpose of redemption, and they
snail 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 hand fors redemption is exhausted;
| provided, however, in case of O sufficient
! amount of such bonds shall not be offered as
| aforesaid to exhaust the sinking fund to
| 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, 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
collation. at the expiration of such publica-
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 shall write across the face of each bond
| the date OF its surrender and the name of the
| person Surr6ndering.
Section II. 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 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 i'll this Act
| shall, at all times, be open to the inspection
| of any party interested, or the Governor or
| the Attorney-General or a committee of either
branch of the Legislature, or q joint commit
! tee OF both.
| Section 12. 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 first 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 to all
| its provisions, except those relating to and
nee sary for its submission to the people,
and for returning, canvaSsing and proclaim
! ing the votes, which shall take effect imme-
| diately.
| Section l4.-This Act shall be 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, Refund
! the Debt-No"
Section Is. The votes cast for and against
| this Act shall be counted, returned and can
vassed, and declared in the same manner and
! subject to thefsame rules as votes cast for
| Treasurer OF State; and if it appear that a 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 hereinbetore
provided and shall be irrepealable until the
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 cast are
| against this Act, then the same shall become
| void.
! Section 16. 1t shall be the duty of the Sec
rotary OF State to have this Act published in
| one newspaper in each county of this State for
| four successive weeks Immediately preceding
! election.