The record-union., 1892-10-24
official.

the date on which they received the same,
and from whom, the number and the amount
OF the bond issued IN exchange therefor. and
shall file such bond in the of1ice OF the Secre-
tary ofState.
Section 8. Whenever there shall be in the
State Treasury, from the proceeds Of the sale
of bonds issued under this Act q sum of ten
thousand dollars or more, it shall be the duty
OF the treasurer TO advertise IN two neWsDa-
pers printed in English, one in San Francisco
and one In the Capital of the State, for two
| months, which advertisement shall state the
amount OF money in the treasury applicable
TO the redemption of bonds and the number of
bonds, numbering them in the order OF their
Issuance, which are redeemable; and three
| months from the date of the expiration of
such advertisement, such bonds, unless sooner
PAID, shall cease TO draw interest, but the
money for the redemption OF such bonds shall
remain IN the treasury TO pay such bonds
whenever presented
Section 8. 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
Iars 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 for the preceding wear
| as shall produce annually for the first five
years seven per centum of the amount of such
bonds issued; for the next ten years there
! after, twelve per centum of the amount of such
bonds issued; and thereafter until all the
| oonds 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
| tors are hereby directed and required to enter
such rate on the assessment rolls of their re-
specuve counties, in the same manner and
with the same effect as is provided by law in
! relation to other State taxes Every tax levied
under the provisions or authority of this Act
Is hereby made Il lien against the property as
sessed, which lien shall attach on - of each
year, and shall not he satisfied or removed un-
iL-si III s9ch tax mas been Iaid; All moneys de-
| rived from taxes authorized by the provisions
OF TINS 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. DrO-
| Ylded 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
interest on such bonds then due has been paid
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-
lon OF hNe years from the date of issuance of
any bonds under this Act, there remains. after
| the payment of the interest as provided N
the preceding section, a surplus of ten thou
sane SANG q dollars or more, it shall be the duty of
| Uhe treasurer 10 advertise, for the space of one
month, In one daily newspaper published in
| English in the city of san Francisco and for
one one month IN one daily paper published in
| Ehgllsh at the State Capital, for sealed pro-
posals, TO be opened one month after the ex-
piraIion OF such publication by the Treasurer
III presence OF Une 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
ndnd Tor the purpose of redemption, and they
shall accept the lowest proposals. al rates not
| exceeding par value, as may redeem the great
est amount OF bonds, until the amount of
| cash On hanG for redemption is exhausted;
provided, however, in case of a suf6clent
amount OF such bonds shall not be offered as
aforesaid to exhaust the sinking fund to a
| less amount than ten thousand dollars then
| II is hereby made the duty OF the Treasurer to
! advertise in two news papers. 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-
tons, 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
lore 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 l l. 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
init TO the Governor an abstract of all his pro-
ceedingS under this Act with mis- animal 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 Attorney-General, or committee of either
branch OF the Legislature, or a joint commit
tee OF both.
Section L. 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 hrst 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 l 3. This Act shall take effect sixty
| days after the next general election, as to all
ITS provisions, except those relating to and
nee essary Tor Its submission to the people,
and for returning, canvassing and proclaim
ing the votes, which shall take effect imme-
d1ately.
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
the Debt-No"
this Act shall be counted, returned ana can
vassed, and declared in the same manner and
subject to the same rules as votes cast for
| treasurer OF State; and if it appear that ma
| Jor1ty 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 frrepealable until the
principal and interest of the liabilities herein
created shall be paid and discharged, and the
| Governor shall make proclamation thereof;
out II majority of the votes so cast are
against this Act, then the same shall become
! void.
| Section 16. 1t shall be the duty of the Sec
/ n q IN haN nfC A.4 l,
one newspaper in each county of this State for
four successive weeks Immediately preceding
election.