The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-01-07

assessed value Of the property. above
which the bonds of no county or municipality
county; and whenever bonds are impaired in
value from any cause, the County Board, IN
case ease OF a county. ana inc state Board IN any
making awards between bidders offering an
equal rate of interest the State Board shall
consider the widest. distribution of the money
and the location of State institutions. Upon
the, deposit of the bonds as above provided
and when the rules of the board have been
complied with, the State Treasurer must make
the proper deposits and the place of deposit
shall be known as State depository
Sec. 3. Each County Board shall advertise
as often as may be necessary, in at least one
newspaper in the county. for four weeks for
Treasury. Each bid must state the rate of in
terest that will be paid on daily balances
which shall not be less than per cent, and
the character OF bonds proposed to be deposited
as security. The board in making the award
shall make as nearly as practicable an equal
ders and shall also when practicable give
preference to those Offering local bonds for de-
post. Upon notification by the State Treasurer
that the bonds have been deposited as awarded
the County Treasurer shall make the proper de-
posit' and the place of deposit shall be known
Sec. T.. The Controller and each County Audi
tor shall each draw warrants on the State or
nrer shall draw his check on the proper depos-
ltory, giving as far as practicable the option
to the payee Both the State and County
Treasurer must keep in view the equal dstri-
button of the moneys drawn, and If it be-
comes necessary to draw heavier on one than
another in proportion to the amounts depos-
tied, the Treasurer, State or County is au-
thorized to draw his check depository
in favor of another.
Sec. 8. On the failure of any depository to
pay checks from the proper source, the board
under whose jurisdiction the depository shall
be must at once proceed to settle up with the
depository. and If necessary may summariy
sell the deposited bonds; and if there shall
be any deficiency may seize upon any prop
erty of the corporation, and If not sufficient
shall be found of corporate property. then, In
dividual property of stockholders must be
taken, as provided by the Code of Civil Pro-
cedure
Sec. g. The owners of any of the bonds de-
posted security under this act may deliver
the tax receipts for taxes paid upon such
bonds to the State Board of Deposits, and the
said receipts shall be accepted as so much
cash upon the payment of interest from said
owners or depositors to the State and to the
county where such owners reside.
Sec. Z. The State Board shall cause to be
established between the several State and
county repositories system of exchange by
which the cost of transportation of the public
moneys may be as far as practicable elm
mated.
into the sufficiency of county deposits before
ceipt, and If he have any doubts shall lay the
matter before the Treasurer, who may reject
the same or may require additional deposits.
Sec g. Neither the State nor any County
Treasurer shall be liable on their official bonds
for losses occurring by default Of any depos-
itory.
incumbents expire the offices OF County Treas
ury and County Tax Collector shall be con-
snlidated