The morning call., 1892-10-26
POLITICAL.


which said certificate shall be transferable ana
entitled TO be paid out OF The proceeds OF the
sales OF any bonds provided Tor IN section SIX o.
this Act The Loan Commissioners shall cancel
each bond 80 exchanged. and shall indorse on
such boad the date on which they received tne
same and from whom ihe aamOss , ssr tne
and shall file such bond In the once OF tue sec
Rotary OF State. CO...
SEC 8. Whenever there shall De IN the s olass
Treasury, from the proceeds OF the safe OF Donus
Issued under this Act, a sum OF ten ihousahd
dollars or more IL shall be the duty OF the treas
to advertise In Two nd dne p tie
capital of The STATE, for two months WHICH az
vertisements shall state the amount OF money III
bonds aud the number OF bonds, numbering
them in the order of their issuance, which are
redeemable; and three months from Inc date OF
the expiration OF such advertisement, suen
bonds, unless sooner paid, shall cease 10 draw
interest but the money for the redemption Oh
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 Inc ne
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,
dred dollars OF tho 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 Tor the , paesed
hve years seven per centum OF the amount OF
such bonds is.ued; for the next ten years there
attcr, Twelve per ctDIuUl vi biiO VI ouCu
bonds issued; and thereafter, until all the bonds
issued under this act are paid, nfieen per centum
of the amount OF such bonds issued The state
Board of Equalization shall certify the rate Oh
tax thus computed TO the several County Audit
ors and the said Auditors are hereby directed
ana required 10 enter such rate on the assess
ment rolls OF their respective counties,
In the same manner and with the
same efecg as Is provided by law In
under the provisions OF authority Of this Act is
hereby made lien against the properly 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 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, 10 the payment OF the ptinci-
pal OF such bonds; provided, that all the moneys
day Of January of each year, for the first five
years after the issuance OF any bonds under this
ct, after all the interest on such bonds then
due has been paid. shah be transferred by The
Treasurer OF State to the General Fund.
SEC. 10. Whenever. on the third OF January or
July In year after the expiration oil nVe years
from The date OF issuance OF any bonds under
this Act, there remains. after the payment OF the
interest as provided IN the preceding section, a
surplus OF ten thousand dollars or more, II shall
be the duty OF The Treasurer 10 ADVERTISE Tor the
space Of one month, IN one daily newspaper pub
lished IN English in the city of San Francisco,
ana for one month In one daily paper published
In English at the State capital. Tor sealed pro-
posals, 10 be opened one month after the e1pirs-
presence OF the Governor or Controller, al the
State Capitol, for the surrender OF bonds issued
under this Act, which advertisements shall state
the amount OF money he has on hand for The
purpose OF redemption, and they shall accept the
lowest proposals, at raes not exceeding par
value, as may redeem the greatest amount OF
bonds, until the amount OF cash on hand for re-
demption Is exhausted; provided, however, in
case sufficient amount OF such bonds shall not
be offered as aforesaid to exhaust the sinking
fund 10 a less amount than Ten thousand dollars,
then ii Is hereby made the duty OF the Treasurer
to advertise in Two newspapers, one In san
Francisco and one in the capital OF the State, for
three mouths, 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 fund Is set apart 10 pay and
discharge; and Ii such bonds so numbered In such
verisemenis shall not be presented for pay
ment and cancellation at the expiration OF such
publication then such fund shall remain In the
treasury TO discharge such bonds whenever pre-
sented; 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
the amount due thereon, ana shall write across
the face OF each bond The date OF It's surrender
and the name OF the person surrendertng.
SEC. IL. The Treasurer shall keep fnll
and particular account and record OF all his
proceedings under this Act, and OF the bonds
redeemed and surrendered. and he shall
transmit TO the Governor an abstract OF all his
proceedings under this Act with his annual
report to be by the Governor laid before The
Legislature; and all books and papers pertain.
Ing 10 the matter provided for In this Act SHALL
party Interested or the Governor, or the Attorney
General. or committee OF either branch Of the
legislature, or joint committee Of both.
SEC. IL. 1t shall be the duty Of the Treasurer
to pay the interest on said bonds when the same
falls due. out OF said Interest Fund, II sufficient:
and II said fund be not sufficient then to pay the
deficiency out of the General Fund; provided,
that the Controller OF the stale shall first draw
his warrant on the Treasurer, payable 10 the
order OF said Treasurer, for the amount OF inter-
est money about TO become due, which said war
rant shall be drawn AT least one mouth previous
10 the maturing of the interest.
SEC. 10. This Act shall take effect sixty days
after the next general election as 10 all lis pro-
visions, except those relating to and necessary
for Its submission 10 the people, and for return
Ing, canvassDg and proclaimDg the votes, which
shall take effect Immediately
SEC. IA 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 their bal
lots for State officers, vote for or against this
Act. Those voting for the same shall write or
have prin ed on their ballots the words Refund
the Debt-Yes;' and these voting against ;he
same shall write or have printed on their ballots
the words Refund the Debt-No"
SEC. 10. ne votes cast for and against this
Act shall be counted. returned aud canyassed,
and declared In the same manner and subject to
the same rules as votes cast for Treasurer Of
State; and If 1t appear that majority 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 herelnbefoie provided, and shall be IT.
repealabe until The principal and interest OF the
liabilities herein created shall be paid and dis.
charged, and the Governor shall make procama-
ton thereof; but II a majority OF the votes so
cast are against this Act. then the same shall be-
come void.
SEC. 16. 1t shall be the duty of the Secretary
OF Stale 10 have this Act published in one news
paper In each county OF this State Tor four sue
eesslVe weeks Immediately preceding The cleo
tion
Each Act shall be voted upon separately
from the others, by ballot, at the next gen.
eral election, to be held on Tuesday, the
eighth day OF November, A. d. 1892
nnh hal Af EAA a$ al
contain, printed thereon, the words:
For the election of United States Senators by
dilect vote OF The people.
Against the election OF United States Senators by
direct vote OF the people
For the San Francisco Depot Act.
Against the San Francisco Depot Act.
For an educational qualification, requiring every
voter to be able TO write his name and read any
section Of The Constitution in the English Ian
guage.
Against an educational qualification, requiring
every voter To be able TO write his name and
read any section of the Constitution in the
English language.
Refund the debt-Yes.
Refund the debt-No.
And ] do hereby offer a reward of one
hundred dollars for the arrest and conyic-
ton OF any and every person violating any
of the provisions of Title ", Part /. Of the
oboi SUuCi ouCH toWdtuo u 10 phlu Until
the total amount hereafter expended for
the purpose reaches the sum of ten
thousand dollars.
In testimony whereof, / have hereunto
set my hand and caused the Great Seal of
the State to be affixed. at the city of Saera-
mento, this the seventh day of October,
A. ID. 1892.
lsEAL.l ii. II. MARKHAM, Governor.
Attest:
Il. G. WAITE, Secretary of State.
And the Registrar of Voters is hereby
directed to advertise and issue this proc
lamation as required by law.
In Board OF Election Commissioners,
October %, 1892
w. A. BROWN.