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tenances in the city and county of San Francisco; to create a sinking fund for the payment of said bonds; and providing for the submission of this act to a vote of the people. [Approved March 20, 1903. Stats. 1903, 247.]

This act provided for the submission to the people of the question of voting upon the issuance of bonds to the amount of $2,000,000 for the construction of a seawall in San Francisco.

ACT 377.

To facilitate the giving of bonds required by law. [Stats. 1885, p. 114.]

Cal.Rep.Cit. 97, 355.

This act appears in full in Code of Civil Procedure, Appendix, p. 761; also in Civil Code, Appendix, p. 680. It authorized surety corporations to act as sole surety.

ACT 378.

In relation to suits brought on official bonds and obligations in favor of the state. [Stats. 1857, 173.]

Superseded by Political Code, secs. 983, 984.

ACT 379.

To provide for the payment by the state or counties, or cities, or cities and counties, of the premium or charge on official bonds when given by surety companies. [Stats. 1903, 476.]

This act appears in full in Political Code, Appendix, p. 1041. ACT 380.

To provide for the redemption and payment of certain funded debt bonds of this state, together with interest thereon, making an appropriation therefor, and authorizing the state controller and state treasurer to transfer the sum of one hundred and twenty thousand dollars from the general fund to the interest and sinking fund to carry out the provisions of this act. [Approved February 27, 1893. Stats. 1893, p. 49.]

ACT 381.

To provide for the payment of funded indebtedness of the state of California, and to contract a funded debt for that purpose. [Approved March 31, 1891. Stats.

1891, p. 210.]

The act created a board of commissioners to issue bonds for the purpose indicated and provided for the sale and redemption of the bonds.

ACT 382.

An act authorizing the common council, board of trustees, or other governing body of any incorporated city or town other than cities of the first class to refund its indebtedness, to issue bonds therefor, and to provide for the payment of the same.

[Stat. approved March 9, 1897; Stats. 1897, 75, amended 1901, 274.]

Unconstitutional in part. (Los Angeles v. Hance, 122 Cal. 77.) The people of the state of California, represented in senate and assembly, do enact as follows:

Section 1. The common council, board of trustees, or other governing body of any incorporated city or town other than cities of the first class, in this state, having an outstanding indebtedness, evidenced by bonds or warrants thereof, or by judgment or judgments recovered against it upon bonds or warrants originally issued by such town or city, is empowered, by a two-thirds vote of its number, to fund or refund the said indebtedness and issue bonds of such city or town therefor in sums of not less than one hundred dollars nor more than one thousand dollars each, and having not more than forty years to run, and bearing a rate of interest not exceeding six per cent per annum, payable semi-annually; provided, that no indebtedness shall be refunded at a higher rate of interest than that borne by the original debt. Such bonds shall be of the character known as "serials," not less than one fortieth of the principal being payable each year, together with the interest due on all sums unpaid. Principal and interest on said bonds shall be payable in gold coin or other lawful money of the United States, as may be expressed in said bonds, at the office of the treasurer of said city or town. Said bonds shall be sold in the manner provided by such city council or other governing body, to the highest bidder therefor, for not less than their face value, in the same character of money as that in which they are payable. The proceeds of such sale shall be placed in the treasury of such city or town to the credit of the "funding fund," and shall be applied only to refunding the indebtedness for which said bonds were issued. Said trustees, or other governing body, shall at the time for fixing the general tax levy for each year, and in the same manner as such

tax levy is made, levy and collect sufficient money to pay such part of the principal of said bonds issued under this act as one year bears to the number of years for which the bonds are to run, and also the annual interest upon the sums unpaid. [Amended 1901, 274.]

Sec. 2. Whenever sufficient money is in the funding fund, in the hands of the treasurer, to redeem one or more of the outstanding bonds proposed to be refunded, he shall publish once a week for two weeks in some newspaper of general circulation published in such city or town, if there be any, a notice to the effect that he is prepared to pay such bond or bonds (giving the number thereof), and if the same are not presented for redemption within thirty days after the first publication of such notice, the interest on such bonds will cease. He shall, at the same time, deposit in the post office a copy of such notice, inclosed in a sealed envelope, with the postage paid thereon, addressed to the owner or owners of such bond or bonds, at the post office address of such owner or owners, as shown by the record thereof kept in the treasurer's office. If such bond or bonds are not presented within the time specified in such notice, the interest thereon shall then cease, and the amount due be set aside for the payment of the same, whenever presented. All redemption of bonds shall be made according to the priority in the order of their issuance, beginning at the first number. Whenever such outstanding bonds are surrendered and paid, the treasurer shall proceed to cancel the same by indorsing on the face thereof the amount for which they are received, the word “Canceled" and the date of cancellation. He shall also keep a record of such bonds so redeemed, and shall make a report of the same to the common council, or other governing body of such city or town, at least once a month, accompanying the same therewith by the bonds which have been taken up and canceled.

Sec. 3. All moneys which shall remain in said funding fund after all outstanding bonds or indebtedness as were proposed to be refunded have been taken up and canceled, shall be paid into the general fund of such city or town, and become a part thereof. [Amended 1901, 275.]

Sec. 4. Chapter eighty-two of the statutes of eighteen hundred and eighty-three, chapter forty-eight of the

statutes of eighteen hundred and ninety-three, and chapter one hundred and seventy-six of the statutes of eighteen hundred and ninety-five, all being laws of the state of California in conflict herewith, are hereby repealed.

Sec. 5. This act shall take effect and be in force immediately after its passage.

This act repealed the act of March 15, 1883; Stats. 1883, p. 370, and the amendatory acts of March 1, 1893, Stats. 1893, 61, and of March 27, 1895, Stats. 1895, p. 203, providing for the refunding of indebtedness and the issuing of bonds.

ACT 383.

An act providing for submitting to a vote of the qualified electors of a county, or city and county, a proposal to issue bonds.

[Approved March 15, 1883; 1883, 375.]

Issue of bonds to be submitted to vote.

Section 1. Any county, or city and county, in which the board of supervisors may declare by resolution that the income and revenue provided for it for the fiscal year ending June thirtieth, eighteen hundred and eighty-three, will not be sufficient to carry on the government of such county, or city and county, until the commencement of the fiscal year beginning July first, eighteen hundred and eighty-three, may, by resolution adopted by a majority of such board, and with the approval of the presiding officer thereof, submit to a vote of the qualified electors of such county, or city and county, a proposition to issue the bonds of such county, or city and county, in a sum not to exceed five hundred thousand dollars, in accordance with section eighteen of article eleven of the constitution of the state of California.

Supervisors to issue and negotiate.

Sec. 2. The said board of supervisors are granted full power and authority to provide by ordinance for the printing, signing, custody, redemption, and issuance of all bonds under the provisions of this act, and for their negotiation, sale, or exchange for cash, or for county, or city and county indebtedness; provided, that said bonds shall not be sold below par.

Sinking fund created.

Sec. 3. Before any election is held to determine the question of the issuance of said bonds, the board of

supervisors may provide by ordinance for the collection of an annual tax sufficient to pay the interest on any bonds which may be issued under the provisions of this act, as said interest falls due, and also to constitute a sinking fund to pay the principal of said bonds at a time to be fixed by said board of supervisors, not more than twenty years from the date of the passage of said ordinance.

Calling of election.

Sec. 4. Whenever the said board of supervisors shall, by resolution, so request, it shall be the duty of all officers, boards, and commissioners, to call an election as herein, and by said board of supervisors provided for, and at the time (which shall not be less than ten days) provided for by said board of supervisors; and at said election the registers used at the last general or special election shall be used without new registration.

Sec. 5.

This act shall be in force from and after its

passage.

ACT 384.

An act to authorize the several counties of this state to create a bonded indebtedness for certain purposes.

[Approved March 19, 1889; 1889, 348.] Issuance of bonds to pay county indebtedness, not created by law, to be submitted to a vote.

Section 1. Whenever it shall appear to the satisfaction of the board of supervisors of any county of this state that said county is justly indebted to any person or persons for money received into the treasury of said county, and used by said county, and which said indebtedness at the time of its creation was not authorized by law, they shall, by ordinance, declare that said county is justly indebted to the person or persons named in said ordinance, in a sum named therein, and that the question of issuing bonds in the sum therein named, for the purpose of paying said debt, shall be submitted to a vote of the legal voters of said county.

Notice of election.

Sec. 2. The supervisors of said county shall thereupon publish a notice calling an election to be held in said coun

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