Los Angeles herald., 1892-10-29

ccmpliancs with the terms OF their bids;
% Be- soid for isss than one hundred cents on the
HEc. 8. It shall be the duty Of the Treasurer
record @ Of ali bonds sold under the pfovisions Of
this Act, sho wing the number, date, amount
aud rate OF interest Of escn bond, and 70 whom
"a sEc. s 8. The proceeds Of said bonds shall be
paid into the State Treasury, and shall De ap-
piled to the payment OF the following bonds IN
The order OF their issuance: The outstanding
bonds issued under the Act entitled IAN Act 70
provide for the payment of the funded indebt-
edness Of the state Of California. and to con,
tract funded debt for that purpose" approved
April second, eighteen hundred and seventy.
BRc. 2. All persons having any Of the bonds
specified in section six OF this Act shall, upon
Commissioners be entitled to exchange them
at their par value for bonds authorized TO be is
sued undsr this ACT at the rate Of one hundred
shall be issued for less sum than five hundred
dollars, nor for a fractional part Of a hundred
dollars, but the said Loan Commissioners may
Issue certificates of such fractional parts not
bonded, which said certificate shall be transfer.
able and entitled TO be paid out Of the proceeds
@ Ses o. Dond ioT IN
cancel each bond, SO exchanged, and shall In
dorse ON such bond the date on which they re-
% ana amount lou TOT Of the bond issued in exchange
therefor, and shall file such bond in the once
0l the Secretary OF State.
eEC. 8. Whenever there shall be In the State
Treasury, from the proceeds of the sale OF
bonds issued under this Act, a sum OF ten
thousand dollars or more, 1t shall be the duty
OF the Treasurer TO advertise In two newspapere
printed in English one in san Francisco, and
one In the capita Of the State, for two months,
which advertisements shall state the amount
demption Of bonds, and the humber Of bonds,
numbering them in the order OF their issuance,
which are redcemable; and three months from
the date Of the expiration OF such advertise.
ment, such bonds, unless sooner paid. shall
cease to draw In ierest, but the money for the
redemption of such b)nds ,.hali remain In
the treasury 20 pay such bonds whenever
SIC 8. For the payment within twenty
years OF the principal aud interest OF the bonds
Issued under this Act. there shall be leyied an
nually by the State Board OF kqualization,
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 fo, the preceding year,
years seven per centum of the amount OF such
bonds issued; for the next ten years thereafter,
twelve per centum OF the amount q such ponds
Issued; and thereafter until all the bonds Is
sued under this Act are paid. nteen per
centum of OF the amount OF such bonds Issued.
The state Board OF Equalixation shall certify
County Auditors, and the said Auditors are
hereby directed and required to enter such
rate on the assessment rolls OF their res pecuve
same effect as Is provided by law IN relation to
other State taxes. Every tax levied under the
PROVISIONS lSr sghosity OF d Ibis Act Is hereby
which lien shall attach on - Of each year,
and shall not be !atisfed or removed until such
taxes tax SAL authorized by the provisions ot this sec
tion shall be paid Into the State Treasury, and
shall be ap, lied, frat to the payment OF the in.
terest on the bonds issued by the provisions of
this Act; second. to the payment of the prin-
ctpal OF such bonds; provided that ali the
moneys remaining in the state treasury on the
Ave years after the issuance OF any bonds un-
der tn Act, after all the interest on such
bonds then due has been paid, shall be trans
ferred by the Treasurer OF State to the General
Fund
SEC. 10. whenever, ON the third of January
or July in any year, after the expiration OF five
under this Act, there remains, after the pay.
ment of the interest as provided in the preced-
ing section, surplus OF ten thousand dollars
advertise, ior the space OF one month, in one
city Of San Francisco, and for one month in
aS ds the nSswsPass sas pssps for sessd
proposals, to be opened one month
after the expiration of such publication
or Controller. at the State Capitol for the sur
render of bonds issued under this Act, which
advertisements shall state the amount Of
money he has on hand for the purpose of re-
demption, and they shall accept the lowest
proposals, at rates not exceeding par value, as
may redeem the greatest amount OF bonds,
redemption Is exhausted; provided, hotp-.
evcr, in case Sufficient amount Of
such bonds shall not be offered as aforesaid to
exhaust the sinking fund to a less amount than
ten thousand dollars, then 1t is hereby made
the duty of the Treasurer to advertise in two
the capital of the state, for three months,
which Advertisements shall state the amount
In the sinA ing iund, and the number of bonds,
numbering them in the order of their issuance
which such fund Is set apart to pay and dis
charge; and If such bends so numbered in such
advertisements shall not be prese ted for pay.
ment and cancellation at the expiration OF
such publications, then such fund shall remain
In the treasury to discharge such bonds when
ever presented but they shall draw no interest
fore any of said bonds shall be paid they shall
be presented to the Controller, who thall 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 nam OF the per-
son surrendering.
particular account and shall record all his pro-
ceedings under this Act, and of the bonds re-
deemed and surrendered, and he shall transmit
ings under this Act, vii b his annual report TO
be by the Governor laid before the Legislature;
and all books and papers pertaining, 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, or a committee of either branch of the
Legislature. or n JOINT committee of both.
SIC. IL. 1t shall be the duty of the Treasury
to pay the interest on said bonds when the
same falls due, out of said Interest Fund, III
sufficient; a. d If said fund be not sufficient,
then to pay the deficiency out of the General
Fund.- pr0vidcd, 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 be-
come due. which said warrant shall be drawn
at least one month previous to the maturing of
the interest
Sac. l3. This act shall take effect sixty days
after the next general election, 10 all its pro-
visions. except those relating to and necessary
for Its submission to the people, and for return
which shall take effect Immediately.
SEC. IA. This Act shal be submitted to the
people of the state for their ratification at the
next general election, and the qualified electors
lots for state officers. vote for or against this
Act. Those voting for the same shall write or
have printed on their ballots the words "Re-
fund the Debt-Yes;" and those voting again,t
the same shall write or have printed on their
ballots the words "kefund the Debt-No."
SEC. 15. The votes cast for and against this
Act shall be counted, returned, and canvassed,
and declared in the same manner and subject
to the same rsles as votes cast Tor Treasurer OF
State; and II 1T appear that q majority of all
aforesaid are In favor of this Act, then the
same shall have effect as hereinbefore pro-
vided, and shall be irrepeala BILE until the
principal and interest of the liabilities herein
Governor shall make proclamation thereof;
but II majoriey of the votes so cast are
against this Act, then the same shall become
SEC. l6. 1t shall be the duty Of the Secretary
OF State to have this Act published in one news
paper in each county of this State for four sue