The Delta independent., 1908-10-09

and payable in fifteen years from their date
the state at par % and accrued Interest in the
order of their number at any time after ten
years from their date, at the office of the
bonds shall be numbered consecutively, begin
ming at number one and shall be registered
in the office of the Auditor of State: and his
certificate of such registration, attested by the
seal of his office affixed to each bond, shall be
evidence of their legal ISSUE
| Section 6. The bonds issued under this Act
shall be known Funding Bonds, Series of
! 1907 and shall be signed by the Governor
co countersigned by the State Treasurer, and
attested by the Secretary of State, who shall
affx the great seal of the State to each bond
They shall be numbered and registered in a
book kept Tor that purpose by the State
Treasurer in the order in which they are
issued. Each bond shall be payable to bearer
and shall state upon its face the amount for
which it is issued. the date of its issuance, and
the title of this Act, together with the section
and article of the constitution authorizing the
issuance of said bonds, and the title and text
of this Act shall be printed on the reverse
side of each of said bonds Only such an
amount and number of said bonds shall be
issued as may be necessary to pay the amounts
due on the outstanding warrants of the State
as prescribed in this Act
Section 4. Whenever the bonds provided in
this Act issued, it shall be the duty of
the State board of equalization to levy and
assess a special tax on all taxable property in
this State. sufficient in amount to meet the
semi annual interest accruing on said bonds,
which tax when collected shall be paid into
the State Treasury to the credit of the inter
est fund of said bonds. known as Funding
Bonds. Series of 1909" and for the ultimate
redemption of said bonds, there shall be
levied annually for five years. after ten years
from the date of their issuance such a tax
upon all of the taxable property of the State
as shall create an annual fund equal to
twenty coy per centum of the whole amount
Of the bonds issued. which fund shall b..
called Funding Bond, Series of 1909, Sink
ing Fund All taxes for interest upon and
for the redemption of such bonds, shall be
levied and collected us other State taxes. and
shall be paid into the State Treasury in cash
only the proceeds thereof shall be kept by
the State Treasurer distinct fund under
the respective heads, to be used in payment
OF interest on and redemption of said bonds
or for their purchase as hereinafter provided
and for no other purpose whatever Provided
that whenever any surplus remains to the
credit of the interest fund after the full pay
ment of the interest maturing in any YEAR
the State Treasurer shall cause such surplus
to be transferred to the credit of the Fund.
ing Bond, Series of 1909, Sinking Fund" All
moneys belonging to the said sinking fund
may be invested by said State Treasurer in
any of the bonds issued under this Act; but
not otherwise.
Section 3. The Treasurer shall include in
his biennial report statement of the inter
est collected in pursuance of this Act. the
amount paid. also the amount, IL any. carried
to the sinking fund, and how invested.
When any of the said bonds are purchased
or redeemed under this Act. it shall be the
duty of the Treasurer 10 cancel the same. SO
that they can be plainly identified and to
cause the record of such cancellation to be |
made In the registry books of both the State |
Treasurer and the State Auditor, and they
shall be kept file in the State Treasurer 5
office; and any such purchases and canceIla-
tions shall also appear in said biennial state
ment of the Treasurer.
Section 9. For the payment of the coupons
representing the first years interest acc rued
and due on bonds issued under this Act the
State Treasurer is hereby authorized and di-
rected to apply any money at that time in
his hands belonging to the general revenue
fund, or the funds accruing from interest on
bank deposits; and much money as may be
necessary therefore. is hereby appropriated out
OF such funds for the payment of said interest
Section 10. The Governor and Attorney
General are authorized to prescribe the form
OF the bonds to be issued under this Act and the
coupons attached thereto. subject to tho pro-
visions contained in this Act
Section IL. This Act shall not be revised,
amended or repealed until the total amount of
the indebtedness herein provided for is wholly
paid and discharged
Approved April 9th, 1907.
In testimony whereof, l have hereunto set my
hand and affixed the great seal Of the State of
m Ia ut nj.
of September, A. ID. 1908.
TIMOTHY ocoNNOR,
lSEAL.) Secretary State.