tection district, and there is no money in the fund of such district to make such necessary expenditure, or the money in such fund is insufficient to make such necessary expenditure, then the board of supervisors may advance such money out of the general fund of the county, and the same shall be a credit to the county as a payment of the assessments against the county to that extent; or if such money advanced shall exceed the assessments against the county, then as soon as there is sufficient money in the fund of such protection district to pay the excess, the board of supervisors shall direct the county treasurer to transfer to the general fund from the fund of such protection district, a sum great enough to balance the accounts.

Sec. 29. The provisions of this act shall be liberally construed to promote the objects thereof. This act shall take effect and be in force from and after its passage.

The former act for the formation of protection districts may be found in statutes of 1880, p. 55. [Ban. ed. 227.] This act was amended March 19, 1889, Stats. 1889, p. 366.

TITLE 217.

PUBLIC ADMINISTRATOR.

Acts relating to, see Political Code, Appendix, title, Public Administrator, p. 1059.

TITLE 218.

PUBLIC DEBT.

An act 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.

This act was approved Feb. 27, 1893, Stats. 1893, p. 49.

An act 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.

An act to provide for the payment of all private claims allowed by the legislature of the thirtyfirst session, out of the revenues of the fortyseventh fiscal year.

[Approved March 28, 1895; Stats. 1895, chap. CCXX. In effect immediately.]

An act authorizing the common council, board of trustees, or other governing body of any incororated 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, chap lxxxii.]

The people of the state of California, represented in senate and assembly, do enact as follows: Sec. 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, is empowered, by a two-thirds vote of its number, to fund or refund the same and issue bonds of such city or town therefor in sums of not less than one hundred dollars nor more than one thousand dɔl· lars 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 one-fortieth part of the principal of said bonds issued under this act, and also the annual interest upon the sums unpaid.

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 cir culation 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 s 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 re. deemed, 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, accom panying 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 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.

Sec. 4. Chapter eighty-two of the statutes of eighteen hundred and eighty-three, chapter fortyeight 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 ja force immediately after its passage.

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

An act to provide for the funding of certain indebtedness of the several counties of th's state, and the issuance of bonds therefor.

[Approved February 26, 1889; 1889, 37.]

Outstanding indebtedness of counties, when may be funded.

Sec. 1. Whenever any county shall have had, at twelve o'clock meridian, on the first day of January eighteen hundred and eighty, an out standing indebtedness evidenced by bonds or war rants thereof, theretofore legally issued, and such indebtedness, or any part thereof, shall have been thereafter paid out of the income and revenue re

ceived by such county since that date, and such county shall have since that date legally incurred an indebtedness evidenced by warrants thereof, and which warrants shall not have been paid by reason of such application of the current revenues of such county to the payment of the indebted. ness of former years, the board of supervisors of such county, by a vote of two thirds of all the members thereof, are empowered, if they deem it for the public interest, to fund such last-mentioned indebtedness and to issue bonds of such county therefor, in the manner provided in subdivision fourteen of section twenty-five of an act entitled "An act to establish a uniform system of County and township governments," approved March fourteenth, eighteen hundred and eightythree; and all the provisions of said subdivision of said section shall apply to the issuance, disposal, and payment of such bonds, and to the levy of taxes for the redemption of the same, except as herein otherwise provided.

When not permitted.

Sec. 2. No indebtedness of such county shall be funded under the provisions of this act which in any year exceeded the income and revenue provided for such county for such year, nor which shall exceed the amount of the current revenue which shall have been so applied to the payment of indebtedness outstanding at twelve o'clock meridian on the first day of January, eighteen hundred and eighty.

Statement.

Sec. 3. Such bonds shall, in addition to the matters required to be stated therein by the provisions of the above-mentioned act, contain statement that they are issued under the authority of this act, referring to the same by its title and date of passage.

Exchange of bonds for warrants of county

Sec. 4. Such bonds, when issued, may be exchanged by the county treasurer, under the dirertion of the board of supervisors, only for warrants of such county legally issued since twelve o'clock meridian on the first day of January, eighteen hundred and eighty, which, together with warrants theretofore issued, did not, in any year exceed the income and revenue provided for such