The morning call., 1892-10-26

as follows:
SECTION 1. For the purpose OF liquIdatng and
providing for the paym' Mt of the funded lndebI-
edhess of the State Of California hereinafter spe.
cited, and 10 lessen the burden of taxation, tire
Governor of The State, the Controller of State,
and the Treasurer of State, and their successors
IN office, shall constitute Board Of Commas
sioners, to he styled the Loan C0mmis,i oners OF
the State of California, and shall have and exer-
ciso the powers and perform The duties herein
after provided.
SEC. 2. The said Loan Commissioners are
hereby authorized TO issue and sell not exceed
ing TWO million five hundred and twenty eight
the bonds OF SAID State. bearing interest at the
rate OF four per cent per annum, which interest
shall be payable semi. annually, In gold coin, ON
the second days IN April and October of each
year, at the Office OF the Treasurer of State
The principal OF said bonds shall be made paya-
Bile In gold coin, within twenty years after the
date Of their issue, and shall be of such denomi-
nations as the said Loan Commissioners shall
direct, but not less than five hundred dollars;
shall bear the date OF their issue, and shall be
signed BY the said Loan Commissioners. and shall
have the seal Of the State affixed thereto;
and the taith OF the State OF California Is hereby
pledged for the payment Of said bonds and the
Interest accrung thereon, as herein provided.
SEC. B. COUPONS for the interest shall be at.
tacbed 10 each bond, so that they may be re-
moved without injury or muIlatiOn 10 the bond !;
said coupons, consecutlyely numbered. shall be
signed by tie Treasurer OF State.
SEC. 4. Before the sale OF any OF said bonds
the said Loan Commissioners shall cause notice
OF such sale to be published for the space OF one
month In two daily newspapers published In
English, one In the city OF San Francisco, and
one In the capital OF the State. Such notice
shall specify the amount OF bonds TO be sold, the
rate OF interest they shall bear, the day aud hour
OF sale, the place OF sale, which shall be at the
State CAPITOL and that sealed proposals Will be
received by the said Loan Commissioners for
the purchase OF said bonds, within one month
from The expiration OF such publication; and on
the day aud hour named In said notice, the said
Loan Commissioners shall open all sealed pio.
p0sals received by them, aud shall award the
purchase Of said bonds TO such bidders as Will,
In their opinion, make the most advantageous
Old Tor the STATE; proUtded, that said Loan Com.
missi0ners may reject any or all bids, II they
deem It to the advantage OF the State; and pro-
utded further, that they may refuse TO make any
award unless sufficient security shall be FUR
Dished by the bidders for the compliance vii b
the terms OF their bids: and provided further,
that said bonds shall not be sold for less than
one hundred cents on the dollar, In gold coin,
par value.
SEC. 5. 1t shall be the duty OF The Treasurer
and Controller Of State each TO keep separate
record OF all bonds sold under the provisions OF
this Act, showing the number. date, amount and
rate OF interest Of each bond. and TO whom the
same was Issued.
paid into the State Treasury, and shall be APP.
piled TO the payment OF the following bonds. In
the order OF thrir issuance: The outstanding
bonds issued under the Act entitled "An Act TO
provide for the payment OF the funded indebted
ness OF The Stale OF California. and To contract
funded debt for that PURPOSE" approved April
second, eighteen hundred and seventy.
SEC. 2. All persons having auy Of the bonds
speciied IN section six OF this Act shall upon
presentation Of such bonds 10 The said Loan
Commissioners, be entitled to exchange them ar
their par value for bonds authorized 10 be issued
under this Acl II The rate OF one hundred cepI .
OH the dollar, par value. but no bond shall bs
issued fora less sum than tve hundred dollars,