sold. Agents for sale. bonded indebtedness will cease to draw any interest after said first day of July, Anno Domini eighteen hundred and sixtyeight; and said Loan Commissioners are hereby authorized and directed to issue to all holders of such indebtedness so presented and offered to be surrendered, such bonds as are provided for in section three of this Act, dollar for dollar, for the amount of such funded or bonded indebtedness so presented and surrendered; but it shall be in the discretion of such Loan Commissioners to deliver any bonds issued under this Act in lieu of such funded or bonded indebtedness presented and offered to be exchanged after the said first day of July, Anno Domini eighteen Bonds to be hundred and sixty-eight. On the first day of July of Anno Domini eighteen hundred and sixty-eight, or as soon thereafter as practicable, the said Loan Commissioners shall ascertain and determine the amount that remains unpaid and unsurrendered of the said funded or bonded indebtedness of the County of Yuba, and shall immediately thereafter proceed to sell and dispose of, to the best advantage, sufficient of such bonds, so provided to be issued under this Act, as shall be necessary to raise a fund sufficient for the payment of the whole amount of such funded or bonded indebtedness as shall remain unpaid and unsurrendered, and shall not have been exchanged, as aforesaid; provided, no sale shall be made thereof for a less price or sum than a dollar, in the currency of the United States, for each and every dollar named in such bonds. And it shall be lawful, and the said Loan Commissioners are hereby authorized, for the purpose of negotiating and advantageously disposing of such bonds, to appoint one or more reliable agents to negotiate the sale of such bonds, who shall be paid for their services, out of the General Fund of said county, such reasonable compensation as the said Loan Commissioners may certify to be sufficient therefor. It shall be the duty of such Loan Commissioners to deposit with the Treasurer of the County of Yuba the amounts realized by them from such sale and disposition of such bonds, or the proceeds of such amounts, they having, in the meantime, full right and authority to invest and reinvest all moneys received by them from such ceeds. sale and disposition of said bonds, in any of the currency or lawful money of the United States, to the best interest of the said Yuba County and the taxpayers thereof. It shall be the duty of said Treasurer of said Yuba County, out of the moneys so deposited with him by said Loan Commissioners, to immediately place a sufficient amount thereof in each of the Interest and Sinking Funds now provided by law, for the payment of the interest and principal of such funded and bonded indebtedness then outstanding, so that such Interest and Sinking Funds shall be full, and each contain sufficient moneys to pay off and discharge the principal of such funded and bonded indebtedness so then outstanding, together with the interest due and unpaid thereon up to the first day of July, Anno Domini eighteen hundred and sixty-eight. When sufficient moneys shall have been cient money so placed in said Sinking and Interest Funds for the payment advertise. of such principal and interest, it shall be the duty of the said County Treasurer immediately thereafter to advertise by notice, bearing date of the day that such Interest and Sinking Funds may be so filled up, in a daily newspaper published in each of Invest pro When suffi in funds, to the Cities of Marysville and San Francisco, for the space of six weeks, and in a newspaper published in the City of New York, for the space of two weeks, notifying the holders of such funded and bonded indebtedness that the several Sinking and Interest Funds have sufficient moneys therein to pay off and discharge all such funded and bonded indebtedness then outstanding against said Yuba County, with the interest due thereon, up to the first day of July, Anno Domini eighteen hundred and sixtyeight; that the same is payable, and has ceased to draw interest Stop interest after the first day of July, Anno Domini eighteen hundred and sixty-eight, and also notifying said holders of the place where such payments will be made; and it is hereby provided and declared that after the said first day of July, Anno Domini eighteen hundred and sixty-eight, said funded and bonded indebtedness of said Yuba County shall draw no interest what ever. 66 SEC. 5. It shall be the duty of said Loan Commissioners to Cancelling mark as "cancelled" by "exchange" or redemption," as the bonds. facts may be, over their signatures, all of such funded and bonded indebtedness as they may have exchanged for the bonds issued under this Act, or as may have been paid off and discharged in pursuance hereof, and immediately thereafter deliver the same to the County Clerk of said county, taking his receipt therefor, who shall file away the same in his office. est tax yearly. SEC. 6. It shall be the duty of the Board of Supervisors of Levy intersaid County of Yuba, previous to the making out of the general assessment list for said county in each year, to levy a tax, to be styled an "Interest Tax," sufficient to raise the amount of interest required to be paid each year on the said bonds issued under the provisions of this Act; and previous to making out of the general assessment list in the year Anno Domini eighteen hundred and seventy-four, and for every year thereafter until the said bonds issued under this Act shall be paid and liquidated, the said Board of Supervisors shall levy a tax of seven per cent. Loan Fund of the whole amount of said bonds issued hereunder, for the purpose of raising a fund for the liquidation of said bonds, which shall be styled a "Loan Fund." The said taxes shall be levied and collected in the same manner as the general taxes for county purposes, and shall be paid to the County Treasurer, who shall account for and deliver the same over to the said Loan Commissioners, to be by them applied: tax. First-The Interest Tax, to the payment of the interest fall- How applied. ing due on said bonds; Second-The Loan Fund, to the redemption of said bonds, as hereinafter provided. interest. SEC. 7. It shall be the duty of said Loan Commissioners to Provide for make arrangements for the payment of the interest on said payment of bonds when the same falls due, at least thirty days before the time of payment; and in the event said Interest Fund is insufficient, the said County Treasurer shall draw on the General Fund of the said County of Yuba for such purposes, and deliver the same to said Commissioners. And in the event that these funds prove inadequate the said Commissioners are authorized and required to make such contracts and arrangements as may . Redemption of bonds. Stop interest Cancellation. Accounts. No compensation. Bonds. be necessary for the payment of said interest and the protection of the faith of Yuba County. SEC. 8. Whenever at any time there shall be in said Loan Fund a sum of money amounting to ten thousand dollars or upwards, the said Commissioners shall advertise in a daily newspaper published in the Cities of Marysville and San Francisco for the space of two weeks, for sealed proposals for the redemption of said bonds; and ten days from the expiration of the time for such publication the said Commissioners shall open the sealed proposals and shall pay and liquidate, as far as the Loan Fund then on hand shall extend, such bonds presented under such proposals as shall have the lowest value proposed at which they may be liquidated; provided, the same shall not be for more than the par value thereof; and provided, should there be no proposals made for less than par value, then the payment of said Loan Fund on hand shall be made on said bonds according to the number of their issue, of which the said Commissioners shall give two weeks notice of the number of said bonds to be so paid; after which time such bonds shall cease to draw interest; and provided, whenever there may be sufficient moneys in such Loan Fund for the extinguishment of the bonds issued under this Act, it shall be the duty of said Commissioners to advertise in like manner for the space of four weeks for the redemption of all the outstanding bonds issued under this Act; after which time said bonds shall cease to draw any interest. Any moneys remaining in said Loan Fund after the redemption of said bonds shall be by the said Commissioners paid over to the County Treasurer, to be by him paid into the General Fund of said County of Yuba. SEC. 9. Whenever any bonds shall have been paid and redeemed by the said Commissioners they shall mark the same cancelled, over their signatures as Commissioners, and immediately deliver the same to the County Clerk, taking his receipt therefor; and the County Clerk, upon the receipt of such cancelled bonds, shall file the same in his office. SEC. 10. The County Clerk shall open with the said Commissioners an "Interest Tax account" and a "Loan Fund account," and shall balance and settle the same quarterly, on the first Monday of April, July, October and January of each year. SEC. 11. Each of said Commissioners in office at the time of the passage of this Act, and their successors, shall be required to perform the duties hereinafter required of them, as a part of their official duties as such Chairman, Treasurer and Auditor, without additional compensation. They shall, before entering upon the discharge of their duties, take and subscribe an oath for the faithful performance of their duties as such Commissioners, and shall each, in addition to his official bond, give a good and sufficient bond in the penal sum of twenty thousand dollars, conditioned for the faithful performance of his duty under this Act; said bonds to be approved by the Board of Supervisors of said county, and filed in the office of the Clerk thereof. SEC. 12. All laws and part of laws in conflict with the provisions of this Act are hereby repealed. SEC. 13. This Act shall take effect and be in force from the date of its passage. CHAPTER LV. An Act to authorize the Board of Supervisors of Mariposa County to levy an additional tax for county expenditures. [Approved February 13, 1868.] The People of the State of California, represented in Senate and additional SECTION 1. The Board of Supervisors of Mariposa County May levy an are hereby authorized and empowered, if they deem it expedi- tax. ent, to levy, for each or both of the years eighteen hundred and sixty-eight and eighteen hundred and sixty-nine, a tax of one dollar, or any part thereof, upon each one hundred dollars of taxable property in said county, for county purposes, in addition to the taxes now authorized by law to be levied and collected for said purposes; and the income derived from said tax shall be apportioned among the different county funds as said Board may deem expedient. SEC. 2. The tax authorized to be levied in section one of this Act shall be collected in the same manner as the taxes for county purposes are authorized by law to be collected. SEC. 3. This Act shall take effect from and after its passage. CHAPTER LVI. An Act to repeal an Act entitled an Act relative to Publishing in the Counties of Santa Barbara and San Luis Obispo, approved April twenty-seventh, eighteen hundred and fifty-seven. [Approved February 13, 1868.] The People of the State of California, represented in Senate and SECTION 1. The Act entitled an Act relative to publishing in the Counties of Santa Barbara and San Luis Obispo, approved Repael. April twenty-seventh, eighteen hundred and fifty-seven, is hereby repealed. SEC. 2. This Act shall take effect immediately. Boundary described. Survey and mark. Repeal. CHAPTER LVII. An Act to define the boundary line between Merced and Stanislaus [Approved February 13, 1868.] The People of the State of California, represented in Senate and SECTION 1. The permanent boundary between the Counties of Stanislaus and Merced shall be as follows: Beginning at the monument established by A. G. Stakes, County Surveyor of Stanislaus County, at the south west corner of Tuolumne County and the southeast corner of Stanislaus County; thence in a straight line to a point on the San Joaquin River, seven miles below the mouth of the Merced River; thence up the centre of the San Joaquin River to the mouth of the Merced River; thence in a due southwest direction to the summit of the Coast Range of mountains. SEC. 2. Within ninety days after the passage of this Act the County Surveyors of the Counties of Stanislaus and Merced shall survey the boundary line established in the preceding section, and shall mark said line with good and substantial monuments at the end of each mile and at every angle of said line. SEC. 3. The expense of surveying said boundary line shall be paid in equal portions by the counties of Stanislaus and Mer ced. SEC. 4. Section three of an Act entitled an Act to confer certain powers upon the Board of Supervisors of Merced County, approved March eighth, eighteen hundred and sixty-six, and all Acts and parts of Acts in conflict with the provisions of this Act, are hereby repealed. SEC. 5. This Act shall take effect from and after its passage. Presentation CHAPTER LVIII. An Act to amend section ten of an Act entitled an Act concerning the office of County Treasurer, passed March twenty-seventh, eighteen hundred and fifty. [Approved February 13, 1868.] The People of the State of California, represented in Senate and SECTION 1. Section ten of the Act recited in the title of this Section 10. When any order or warrant shall be presented to of warrants. the County Treasurer for payment, and the same is not paid, for want of funds, the Treasurer shall indorse thereon "Not paid, for want of funds," annexing the date of presentation, and sign |