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accept, any such offer, for any part or the whole of said loan of the said sum of money, it shall be the duty of the treasurer of the state, and he is hereby authorized and required to prepare and execute bonds in such form as he may deem proper, for such amounts as may be agreed on between himself and the lenders, in sums not less than five thousand dollars, and made payable to the lender or lenders at the time stipulated by the parties, and bearing such rate of interest as may be contracted for by the parties, and approved of by the legislature, payable quarter yearly out of any money in treasury not otherwise appropriated ; said bonds shall be signed by the governor, and countersigned by the treasurer, and shall be delivered to the successful bidder of said loan whenever the money so loaned shall be paid into the treasury, and to the amount only of such payment, and at such time after the contract for the loan is made as the treasurer shall choose to call for it; and if the lender shall fail, on such call, to pay into the treasury the amount so agreed to be loaned, his contract for said loan shall be forfeited or not at the pleasure of the legislature.

Sec. 4. For the payment of the interest according to the stipulations of this act, and the ultimate redemption of the principal of the loan hereby created and authorized, the revenues present and prospective, and faith of the state, are irrevocably pledged.

Act of February 1, 1850, creating a temporary State Loan. Art. 2017, Sec. 1. The treasurer of the state is hereby authorized and required, as soon as practicable, to issue the bonds of the state in sums of one hundred dollars, two hundred and twenty-five dollars, five hundred dollars, and one thousand dollars, payable six months after date, and not exceeding in the aggregate three hundred thousand dollars, in the following form to wit: “Temporary State Loan. Bond No. $- - Six months after date the State of California promises to pay to the order of the governor of the state,

dollars, with three per cent interest thereon per month from the date for value received. Controller.

Treasurer.” Sec. 2. All such bonds shall be signed by the treasurer with his proper name, affixing his official character thereto; which shall bind the state for the said bond so signed under the provisions of this act. The said bonds shall be indorsed by the governor with his

proper name, and affixing his official character thereto; and the controller shall countersign the same with his proper name, affixing his official character thereto. It shall be the duty of the controller, after so countersigning said bonds, to make a register of the same with the number and amount thereof, and deliver the same to the treasurer, charging him with the amount under a head to be called the “temporary loan.” The treasurer shall also keep a register of said bonds, and shall, at least once in every month, cancel all such bonds, as may have been paid into the treasury, or redeemed, in the presence of the governor and controller, noting such cancellation in the registry of the corresponding number and amount; and shall carefully preserve the same for the examination of any committee of the legislature, and subject to such disposition as said committee may prescribe. The treasurer shall tender in payment to any creditor of the state such bonds, if he has no coin in the treasury, pay

such claims, but shall pay out no bonds if he has cash sufficient in the treasury applicable to such demands; and said bonds shall pass by the indorsement of the governor, as aforesaid.

Sec. 3. That said bonds shall be receivable for all taxes or other state dues, with the interest which may have accrued thereon. The treasurer shall not pay out said bonds for less than the par value thereof, but he shall receive them for the

par value, and all the interest which may have accrued thereon, from all' persons, including all public collectors, up to the time of the receipt thereof. All bonds shall be dated at the date of their issue.

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Sec. 4. The treasurer and all collectors of any public money in hand, not otherwise specifically appropriated to other purposes, shall exchange for said bonds, and all interest which may have accrued thereon at the time of such exchange. If such exchange shall be made by the treasurer, it shall be a redemption of such bonds not again to be used in circulation ; but to all other holders of

1 public money, making such exchange, said bonds so exchanged, shall be used as that much money in hand of such collector. The treasurer shall not allow a deposit of any bonds in the treasury, so as to create an indebtedness against the state with a view of redeeming the same at a future time.

Sec. 5. The necessary amount of money for covering the expenses of carrying out the provisions of this act is hereby authorized to be paid out of any money in the treasury, not otherwise appropriated.

Sec. 6. If any collector of the public revenue or state dues, having money in hand sufficient, shall refuse to exchange for such bonds, when applied to for that purpose by any bondholder, he shall be fined, in any competent court in the state, in a sum not exceeding four hundred dollars.

Sec. 7. It shall be the duty of the treasurer, as soon as sufficient money shall be paid into the treasury, to advertise, by giving six months' notice in some newspaper, requiring them to be brought in for redemption, and any such bonds which shall not be returned to the treasury in that time, shall cease to bear interest. Act of February 12, 1850, appropriating Money to defray the Expenditures of the Government of the State.

Art. 2018, Sec. 1. The sum of seven hundred and fifty thousand dollars shall be, and is hereby appropriated, to defray the expenses of the government of the state of California, for the fractional fiscal year ending on the last day of June, one thousand eigkt hundred and fifty; and the further sum of two hundred and fifty thousand dollars shall be, and is hereby appropriated, to defray in part the expenses of the government of the state for a part of the fiscal year commencing on the first day of July, one thousand eight hundred and fifty; to be expended from and after that date; both said sums of money to be paid out of the general fund not otherwise specially appropriated by law. Act of February 27, 1850, authorizing a Loan on the Faith and Credit of the State, to pay the Expenses of the

Civil Government.

Art. 2019, Sec. 1. That by virtue of the power granted to the legislature in the sixteenth section of the schedule of the constitution of this state, a loan not exceeding one million of dollars is hereby authorized to be negotiated, on the faith and credit of the state, to be paid at the expiration of twenty years, but payable at any time after ten years from the date thereof, or any part thereof, at the pleasure of the state; said loan to bear an interest not exceeding ten per centum per annum, payable semi-annually in New-York, and not to be negotiated for less than the par value thereof.

Sec. 2. The bonds to be issued for the payment of the loan authorized by this act, shall be signed by the governor, countersigned by the controller, and indorsed by the treasurer, and authenticated with the great seal of the state of California. The coupons or certificates for the payment of the interest shall be attached to said bonds in such manner that they may be taken off without injury to the bonds.

Sec. 3. Sealed proposals or bids may be made to the treasurer up to the noon on such day as he may designate, not exceeding twenty days, from the day on which this act shall receive the approval of the governor, for any part or the whole of said loan; the said bids or proposals must state distinctly the rate of interest, the amount, and the terms, whether the whole loan bid for is to be paid in cash or in installments, and the conditions of so paying, and the guarantees for the faithful performance of the contract, stating substantially what the security is proposed to be given, and to state also, that additional security will be given if required. No bids shall be received for a less sum than ten thousand dollars, nor

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for any fractional part thereof. The treasurer shall give notice through two public newspapers published in San Francisco, of the time and place of receiving such bids, and two weekly publications shall be made before the day fixed for receiving such bids.

Sec. 4. The treasurer shall, immediately after the closing of said bids, or as soon thereafter as convenient, open the whole of any bids or proposals in the presence of the governor and any joint committee of both houses of the legislature, who may be present for that purpose, but the presence of such committee shall not be indispensable to the opening of said bids, but the treasurer and governor shall proceed to open the said bids in their absence.

Sec. 5. The governor and treasurer shall proceed to consider all such proposals, and select such as they may deem best for the interest of the state ; and should any bids be made payable in monthly installments, commencing not later than the first day of July, one thousand eight hundred and fifty, in such sums as the wants of the state demand, the governor and treasurer may accept said bids, to be paid in monthly installments with such guarantees as they may prescribe.

Sec. 6. As an earnest that such bidder or bidders will take and comply with any bid or bids under the provisions of this act, it is hereby required that he or they shall, as a prerequisite, pay into the treasury, at least twenty days previous to the adjournment of the present session of the legislature, ten per cent. of the amount bid for in cash or bonds of the temporary state loan.

Sec. 7. If the bidder or bidders make it a condition in taking said loan, that a larger amount of bonds shall be advanced to them than is paid for at the time, the governor, and treasurer, and controller, are hereby authorized to make such advance of bonds, not exceeding at any one time one hundred and fifty thousand dollars; but said advance in no instance sh be de until su bidder or bidders shall execute a bond or bonds payable to the state of California in double the amount of bonds thus advanced, with such surety or sureties as may be required by the governor, and treasurer, and controller.

Sec. 8. Said bonds shall be of such form as the treasurer may adopt, and shall bear interest from their date; and in the event of an advance of the same to any contractor or contractors, as in the foregoing section of this act prescribed, said contractor or contractors shall pay to the state treasurer all interest that may accrue on said bonds between the date thereof and the time of payment of the principal.

Sec. 9. No bond issued by virtue of the provisions of this act shall be of a less denomination than five thousand dollars.

Sec. 10. The bond or bonds executed by the contractor or contractors, shall be deposited with the treasurer of state ; and in the event of a breach of the condition therein specified, said treasurer shall deliver the same to the controller, whose duty it shall be to cause suit or suits to be instituted thereon according to law, or the contracting party when the conditions thereof have been fully complied with.

Sec. 11. Said obligations for the advance of bonds, as aforesaid, shall contain such stipulations for the faithful performance of the undertaking to pay the amount of bonds that may be advanced with such conditions as the governor and treasures may prescribe, and shall be attested by the controller.

Sec. 12. The governor and treasurer of state may at any time in their sound discretion receive back any bonds advanced by virtue of the provisions of this act remaining unsold, or the sale of which may not be required to meet the expenditures chargeable on the treasury by virtue of appropriations made by law.

Sec. 13. The treasurer shall provide for and pay out of the first money in the treasury arising from the public revenue, the interest semi-annually on said bonds at the place stipulated by the parties.

Sec. 14. If à loan is contracted under this act, the treasurer shall receive gold

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and silver coin at the United States' value, and gold dust at sixteen dollars per ounce, troy, and any liability of the state in payment, and nothing else.

Sec. 15. If bids or offers are made for a sufficient amount in any of the modes prescribed in this act, and under the restrictions imposed, to pay and meet all the public expenditures of the state for the present year, up to the first day of January one thousand eight hundred and fifty-one, including any appropriations which may be made for public buildings, such amount shall be secured and contracted for and no more, as near as the governor, and treasurer, and controller, may be able to ascertain, and they may make a part of said loan conditional for such amount as may thereafter be ascertained.

Sec. 16. The faith and credit of the state, and all the public lands which may be granted to the state by. congress, not heretofore otherwise appropriated, and all public revenues, are hereby pledged to pay the interest punctually and redeem the principal of said loan.

Act of April 19, 1851, to fund the Debt of the State. Art. 2020, Sec. 1. With a view to fund the present debt, and thereafter to collect the revenue of the state in gold and silver only, the treasurer of the state of California shall cause to be prepared bonds to the amount of seven hundred thousand dollars, in sums of five hundred dollars, bearing interest at the rate of seven per cent. per annum from the date of their issue. Three hundred and fifty thousand dollars of said bonds shall be payable in the city of New York, on the first day of March, A. D. one thousand eight hundred and fifty-five, and the remaining three hundred and fifty thousand dollars shall be payable, also, in the city of New York, on the first day of March, A. D. one thousand eight hundred and sixty-one. The interest accruing on the said bonds shall be due and payable on the first day of January next, after which time the interest shall be due and payable on the first day of July and January of each year. The interest may be made payable either in the city of New York or at the office of the treasurer of the state. Said bonds shall be signed by the governor, and countersigned by the controller, and indorsed by the treasurer of the state, and shall have the seal of the state affixed thereto.

Art. 2021, Sec. 2. Coupons for the interest shall be attached to each bond so that the coupon may be removed without injury or mutilation to the bond ; said coupons shall be signed by the treasurer of state, and it shall be his duty to advertise in one or more newspapers published in New York and San Francisco where the interest on said bonds are 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.

Art. 2022, Sec. 3. It shall be the duty of the treasurer and controller of the 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, 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.

Art. 2023, Sec. 5. From and after the passage of this act all persons having any indebtedness of this state, either in the form of bonds issued 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 controller of this state upon the treasurer, shall, tation 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 indorse on the back of each bond or warrant redeemed by him the date on

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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.

ART. 2024, Sec. 6. It shall be the duty of the governor and controller to attend 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.

Art. 2025, Sec. 7. From and after the first day of May next, all the revenue of the state of every nature and description, shall be collected in the legal currency 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.

Art. 2026, Sec. 8. From and after the first day of May next, the moneys received into the state treasury shall not be applied to the payment of state indebtedness that may have heretofore accrued, except as is herein provided.

Art. 2027, Sec. 9. In addition to the ordinary taxes for general state purposes, there shall this present year and annually thereafter, until the principal 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 such 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.

Art. 2028, 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.

Art. 2029, Sec. 11. It shall be the duty of said treasurer to set apart a fund to be called the state sinking fund; into this fund shall be paid: 1. Any and all surplus of the interest fund as aforesaid. 2. Any and all moneys received by the State of California from the United States Government on account of the civil fund. 3. The proceeds of the sale 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. 4. 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, 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 bonds under this act, the payments

to said sinking fund shall cease,

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