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bonds issued.

said bonds.

Sec. 3. It shall be the duty of the treasurer and comptroller of the Record of state each to keep a separate record of all such bonds as may be issued, showing the number, date, and amount of each bond, and to whom the same was issued. Sec. 4. The treasurer shall pay out of any moneys in the treasury, Expense of

preparing bonds. not otherwise appropriated, any and all expense that he may incur in having said bonds prepared, the sum so paid out not to exceed two thousand dollars.

Sec. 5. From and after the passage of this act all persons having Creditors of any indebtedness of this state, either in the form of bonds issued paid with under the act of the legislature of this state, entitled " An act creating a temporary state loan,” approved February first, one thousand eight hundred and fifty, or of state warrants drawn by the comptroller of this state upon the treasurer, shall, upon the presentation of the same to the treasurer of the state of California, receive in exchange therefor a bond or bonds of the state of California, such as are provided for in the first section of this act: Provided, that the amount so presented shall not be less than five hundred dollars : and Provided, that the said bonds to be issued shall not be other than for the said sum of five hundred dollars each. The treasurer shall endorse on the back of each bond or warrant redeemed by him the date on which he redeemed the same, from whom received, and also keep a record of the same, giving the number of the bond or warrant, the date of the same, time when redeemed, and the amount. Sec. 6. It shall be the duty of the governor and comptroller to attend Duty of governor

and comptroller. at least once in each month at the treasurer's office, to examine all bonds and warrants received by the treasurer as aforesaid, and to cause the same to be registered and cancelled in such manner as to prevent them from being reissued or put in circulation. Sec. 7. From and after the first day of May next all the revenue Revenue, how

to be collected. of the state of every nature and description shall be collected in the

of the United States, or gold dust at sixteen dollars per ounce, troy weight : Provided, however, that in payment of the ordinary tax for state purposes, the bonds issued under the aforesaid, “ An act entitled an act creating a temporary state loan,” shall be received as heretofore.

Sec. 8. From and after the first day of May next the moneys re- Application ceived into the state treasury shall not be applied to the payment collected. of state indebtedness that may have heretofore accrued, except as is

legal currency

herein provided.

Sec. 9. In addition to the ordinary taxes for general state purposes, Interest tax there shall, this present year and annually thereafter, until the princi

Provision for payment of interest.

pal and interest of the said bonds to be issued shall be fully provided for by payment or otherwise as is hereinafter provided, be levied and collected in the same manner with the ordinary revenues of the state and by the same officers, a special tax to be called the interest tax of fifteen cents on each one hundred dollars' worth of taxable property, which tax shall be collected and paid over into the state treasury in the legal currency of the United States or in gold dust at sixteen dollars per ounce, troy weight only. The fund derived from this tax shall be applied only to the payment of the interest to accrue upon the bonds herein provided for: Provided, however, that should said fund furnish a surplus over and above what it requires for the payment of said interest, such surplus shall be turned over and paid into the sinking fund herein provided for.

Sec. 10. It shall be the duty of the treasurer of this state to make certain arrangements for the payment of the interest on the said bonds when the same falls due at least sixty days before the time of payment; and in event that said interest fund is insufficient, the said treasurer shall draw on the general fund for such purpose, and in the event that those funds prove inadequate, the said treasurer is authorized and required to make such contracts and arrangements as may be necessary for the payment of said interest and the protection of the faith of the state.

Sec. 11. It shall be the duty of the said treasurer to set apart a fund to be called the state sinking fund ; into this fund shall be paid :

1st. Any and all surplus of the interest as aforesaid.

2d. Any and all moneys received by the state of California from the United States government on account of the civil fund. 3d. The proceeds of the sales of all lands now held or that may

be hereafter acquired by this state in her own right, except those reserved by the constitution for school purposes.

4th. Whatever surplus may remain in the general treasury accruing from the sources specified in this act on the first day of May, A. D. one thousand eight hundred and fifty-two, and on the first day of May in every year thereafter, not otherwise appropriated by law; all of said payments to be continued until the said sinking fund shall be sufficient for the payment of the principal and interest of the bonds aforesaid.

Sec. 12. The moneys paid into the said sinking fund shall, as soon and as often as is practicable, be applied to the redemption of said bonds, or be converted by the treasurer of this state into United States six per cent. stocks; and as soon as the United States stocks belonging to the said sinking fund shall be equal to the entire issue of state

State sinking fund.

Such fund, how applied.

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bonds under this act, the payments to said sinking funds shall cease and all surplus remaining in said sinking fund shall be paid into the general state treasury,

Sec. 13. Full and particular account and record shall be kept by Account of the treasurer of the condition and business of said sinking fund, open at all times to the inspection of the governor, comptroller, and to any committee appointed by the state legislature or either branch thereof.

Sec. 14, The faith and credit of the state of California is hereby Credit of state pledged for the payment of the said bonds and the interest thereon, payment of loan. and that the provisions and appropriations in this act made and provided, shall be maintained and applied to the just payment of said bonds and interest. Sec. 15. The treasurer of the state having occasion to employ or Employees to

give security. trust any person or persons in or about the business of the said sinking fund, may take for his own security, and for the security of the state, bond and mortgage to be approved by the governor to himself, which bond and mortgage to be approved by the governor shall be good and sufficient in law, and may be prosecuted in the name of the obligee for his own use, or for the use and benefit of the state of California.

Sec. 16. The treasurer of the state shall transmit to the governor Abstract of an abstract of all his proceedings under this act, with his annual re- under this act. port, to be by the governor laid before the legislature; and all books and papers pertaining to the matters provided for in this act shall at all times be open to the inspection of any party interested, or to any committee of either branch of the legislature, or a joint committee of both.

CHAPTER CLXII.

AN ACT supplementary to An Act to fund the Debt of the State," passed April twenty-ninth, eighteen hundred and fifty-one. (1)

- [Passed May 4, 1852.] The People of the State of California, represented in Senate and

Assembly, do enact as follows:

SECTION 1. Whenever there has accumulated in the “ sinking fund” Disposition of

surplus sinking provided for by section eleven of “An act to fund the debt of the fund.

(1) See preceding chapter.

state," passed April twenty-ninth, eighteen hundred and fifty-one, a

surplus after payment of interest due, of ten thousand dollars, or Duty of the more, it shall be the duty of the treasurer of the state to advertise treasurer to advertise for the for the space of one month, in one or more newspapers, for sealed proredemption of bonds. posals for redemption of the bonds issued in accordance with the act

aforesaid, to the extent of the surplus moneys on hand for that pur. pose, the amount of which shall be named in said advertisement. Upon the day fixed for the opening of the proposals, the treasurer and comptroller shall proceed to open the same and declare what proposals are made for redemption at the lowest rates of value for said bonds, to the extent of the said surplus moneys on hand for their re

demption, and liquidate and pay the same; making the proper regisComptroller to try and cancel thereof. A statement of the amount of bonds so rereport the

deemed, together with the amount of moneys used in their redempdeemed bonds.

tion, shall be made by the comptroller in his annual report to the governor.

Sec. 2. Whenever there has accumulated in the general fund a surplus of more than one hundred thousand dollars, over and above the amount of moneys necessary to liquidate the three per cent. bonds, issued in accordance with an "act creating a temporary state loan," passed February first, eighteen hundred and fifty, the said surplus so accumulated, shall, and hereby is appropriated towards the redemption of the bonds issued in accordance with “ An act to fund the debt of the state," passed April twenty-ninth, eighteen hundred and fifty

one, in the same manner as is provided in section one of this act. Bonds above Sec. 3. No bonds shall be liquidated under the provisions of this par value.

act at a value above par value and interest accrued thereon.

amount of re

The same.

CHAPTER CLXIII.

AN ACT to fund the Indebtedness of the State, which has accrued,

or may accrue from April twenty-ninth, eighteen hundred and
fifty-one, to December thirty-first, eighteen hundred and fifty-two,
inclusive, and to provide for the Payment of the three per cent.

Bonds. (1)-[Passed May 1, 1852.]
The People of the State of California, represented in Senate and

Assembly, do enact as follows:

Authorizes the issuing of state bonds

for six

SECTION 1. With a view to fund so much of the debt of the state, as has accrued, and remains unpaid since the twenty-ninth day of

(1) For funding act of 1851, see ante, chap. 161. For supplemental act fund. ing state debt to Jane, 1853, see next chapter.

in New York or

bonds.

April, A. D., eighteen hundred and fifty-one, and so much as may hundred thou: accrue up to the thirty-first day of December, eighteen hundred and seven per cent. fifty-two, other than such as by law may be hereafter required to be paid for especial purposes; the treasurer of the state of California shall cause to be prepared, bonds to the amount of six hundred thousand dollars, bearing interest at the rate of seven per cent. per annum, from the date of their issue, payable in the city of New York, or at the state treasury, at the option of the party or parties to whom it is issued, on the first day of March, anno domini, eighteen hundred and seventy. The interest accruing on the said bonds shall be due and payable on the first day of July and January, of each year. The Interest payable interest may be made payable either in the city of New York, or at at the state the office of the treasurer of state. Said bonds shall be signed by the Signature of governor, and countersigned by the comptroller, and endorsed by the treasurer of the state, and shall have the seal of the state affixed thereto.

Sec. 2. Coupons for the interest shall be attached to each bond, so Coupons to be that the coupon may be removed without injury or mutilation to the bond and signed bond. Said coupons, consecutively numbered, shall be signed by the treasurer. treasurer of the state, and it shall be his duty to advertise in one or Notice to be more newspapers published in New York and San Francisco, where Interest will be

paid. the interest on said bond is made payable, at least twenty days immediately preceding the day on which the same shall be due, stating at what office or banking house the said interest will be paid.

Sec. 3. It shall be the duty of the treasurer and comptroller of the Treasurer and state, each to keep a separate record of all such bonds as may be keep separate issued, showing the number, date and amount.of each bond, and to bonds. whom the same was issued.

Sec. 4. The treasurer shall pay, out of any moneys in the treasury, Pre-payment. not otherwise appropriated, any and all expense that may be incurred in having said bonds prepared. The sum so paid out not to exceed fifteen hundred dollars.

Sec. 5. From and after the passage of this act, all persons having Civil indebted, any indebtedness of this state, which has been or may be contracted day of April,

1851, to 31st day for civil purposes, since the twenty-ninth day of April, eighteen hun- of Dec. 1862, dred and fifty-one, and up to the thirty-first day of December, eighteen the form of hundred and fifty-two, inclusive, in the form of warrants drawn by the comptroller of this state upon the state treasurer, shall, if desired by the holder, upon the presentation of the same to the treasurer of the state of California, receive in exchange therefor a bond or bonds of the state of California, such as are provided for in the first and second sections of this act : Provided, that the amount so presented shall not Bonds shall not

records of all

Warrants.

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