The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1892-10-14

! Section 9. For the payment within twenty
years OF the principal and interest of the bonds
! issued under this Act there shall be levied an
nually by the state Board OF Equalization,
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, 10 be computed by the
controller of State on the basis OF the assessed
Nalue OF such property Tor the preceding year.
as shall produce annually for the first five
years seven per centum OF the amount OF such
ponds issued; for the next ten years there
AFTER, twelve per centum OF the amount OF such
bonds issued; and thereafter, until all the
bonds issued under this Act are paid, fifteen
per centum OF the amount OF such bonds
ISSUED. The State Board OF Equalization shall
certify the rate of tax thus computed 10 the
several County Auditors, and the said Audi
loIS are hereby directed and required 10 enter
such rate on The assessment rolls or their re-
speclVe counties, in the same manner and
with the same effect as is provided by law in
reiatlon 10 other State taxes. Every tax levied
uliuef the provisions or authority OF this Act
Is hereby made u lien against the property as
seSSed, which lien shall attach on - of each
year, ana shall not be satisfied or removed UNI
! III sucn tax mas been paid. All moneys &C.
rived from taxes authorized by the provisions
OF this section shall be paid into the State
IPeasury' ana shall be applied. first, to the
pay inent OF the interest on the bonds issued
Dy the provisions of this Act; second. TO the
payment OF the principal of such bonds; pro-
vlded, 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 Ssl-
ance OF any bonds under this Act, after all the
[
snail be 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 five 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, q surplus of ten thou
sanQ dollars or more, 1t shall be the duty of
the Treasurer to advertise, for the space of one
month, In one daily newspaper published in
English in the city of San Francisco and for
one month in one daily paper published in
English at the State Capital for sealed pro-
posalS, to be opened one month after the ex-
plratlon OF such publication by the Treasurer,
IN presence of the Governor or Controller at
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 thew
shall accept the lowest proposals, at rates not
exceeding par value, may redeem the great
| est amount of bonds, until the amount OF
cash on hand for redemption is exhausted;
provided, however, in case of a sufficient
amount of such bonds shall not be offered as
aforesaid to exhaust the sinking fund TO q
less amount than ten thousand dollars then
! 1t is hereby made the duty OF the Treasurer to
aiNertlse 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 10 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-
tions, then such fund shall remain in the
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 surrendering.
Section IL. The Treasurer shall keep q full
and particular account and record of all his
proceeding under this Act and of the bonds
dee lp6 nTon bac I,nlI
nit to the Governor 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 in this Act
shall, at all times, be open to the inspection
of any party interested, or the Governor or
the Acknowledgement, or a committee of either
| branch of the Legislature, or 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
II 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 Tor 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 g. This Act shall take effect sixty
days after the next general election, as to all
Its provisions, except those relating to and
nee ssary for its submission to the people
ana for returning, canvassing and proclaim
ing the votes, which shall take effect imme-
diately.
Section 14.-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-Ges;' and those
voting against the same shall write or have
printed on their ballots the words Refund
the Debt-No."
Section 10. The votes cast for and against
this Act shall be counted, returned and can
vassed, and declared in the same manner aHd
subject 10 the same rules as votes east for
Treasurer of State; and If ii appear that n ma
! jority of all the votes cast for or against
this law as aforesaid are in favor OF this Act
! then the same shall have effect as herein before
provided, and shall be iTrCpeaIable 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 so cast are
against this Act, then the same shall become
void.
Section 16. It 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.