Coupons. Matured bonds. Record. Surrendered bonds. Inspection. Interest tax together with the number, date, amount and place of payment of each bond so countersigned by the said Clerk of said Board of Supervisors; and upon the countersigning of said bonds it shall be the duty of the said Board of Supervisors to cause the seal of said county to be affixed to each bond and deliver the same to the person entitled thereto. Coupons for the interest shall be attached to each bond. Said coupons shall be signed by the Chairman of the Board of Supervisors and the County Treasurer. When any interest shall be paid upon a bond issued under the provisions of this Act, the County Treasurer shall detach the coupons for the interest then due and paid, and indorse the same "cancelled," over his signature, and deliver the same to the County Auditor, taking his receipt therefor, whose duty it shall be to file the same in his office. SEC. 3. All persons holding or who may hereafter hold any matured bonds under the provisions of this Act, or of the Act to which this is amendatory and supplemental, shall be entitled to the privilege of funding the same by virtue of this Act, or of receiving original bonds in the manner specified in section two of this Act. SEC. 4. It shall be the duty of the Treasurer and Auditor of said county, each, to keep a separate record of all such bonds as may be issued, showing the number, date and amounts of said bonds, and to whom the same were issued, and also a separate record of all bonds that may be surrendered in lieu of those issued, showing their number, date and amount, and from whom received. SEC. 5. It shall be the duty of the County Treasurer of said county to indorse, over his official signature, on the back of all bonds surrendered under this Act, the words "Cancelled by funding," with the date thereof, and deliver the same over to the County Auditor, taking his receipt therefor, who shall write across the face thereof with red ink, in letters at least one inch long, the words "Paid by issuance of new bond," together with the date, and sign his name thereto as County Auditor, which signature shall be witnessed by the County Judge and District Attorney of said county, when the same shall be filed in his, the said Auditor's, office. SEC. 6. The said Loan Commissioners shall, upon funding any outstanding bond against said county, see that the said outstanding bond is surrendered and cancelled as provided in the preceding section. SEC. 7. It shall be the duty of the said Board of Supervisors to be levied. of said County of Solano, previous to the making out of the duplicate 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 bonds issued under the provisions of this Act and of the said Act to which this Act is amendatory and supplemental. The said tax shall be levied, assessed and collected in the same manner as the general taxes for county purposes, and when collected shall be paid unto the County Treasurer, who shall account for and deliver the same over to the said Loan Commissioners, to be by them applied to the payment of the interest falling due on said bonds. The said Board of Supervisors shall, for the year A. D. eighteen hundred and seventy-four, and for Tax to pay every year thereafter, until all the bonds issued hereunder are principal. paid, levy, and collect, in the same manner as the interest tax is levied, assessed and collected, seven (7) per cent. of the whole amount of the bonds issued under this Act or of the Act to which this is amendatory and supplemental, for the purpose of raising a fund for the liquidation of said bonds, which shall be styled a "Loan Fund." Whenever at any time there shall be Redemption in said Loan Fund more than three thousand dollars, the said Commissioners shall advertise in a public newspaper published in Solano County, for the space of two weeks, for sealed proposals for the redemption of said bonds; and ten days from the expiration of the time of such publication the said Commissioners shall open the 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 the bonds to be so paid, after which time such bonds shall cease to draw interest; and provided, that whenever there may be suffi- Interest to cient moneys in such Loan Fund for the extinguishment of the bonds issued under this Act, it shall be the duty of the 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 Sinking Fund after such redemption shall be paid into the General Fund of the county. cease. SEC. 8. If there shall be collected as such interest tax, in any Surplus. one year, a sum greater than is required to pay the annual interest on said bonds issued hereunder, then the said Loan Commissioners shall pass over every such surplus into the County General Fund. vide for SEC. 9. It shall be the duty of said Loan Commissioners to Commissionmake arrangements for the payment of the interest on all bonds ers to proissued under the provisions of this Act, when the same falls due, deficit. at least thirty days before the time of payment; and in the event that said Interest Fund is insufficient, the said Treasurer shall draw on the Common or General Fund of the County of Solano for such purposes, and deliver the same to the 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 be necessary for the payment of said interest and the protection of the good faith and credit of the county. account. SEC. 10. The County Clerk shall open with the said Commis- Interest tax sioners an interest tax account, and shall balance and settle the same quarterly, on the first Monday of April, July, October and January of each year. SEC. 11. The said Commissioners shall, before entering upon Official oaths their duties, take and subscribe an oath for the faithful perform and bonds. Rights of Pacific Assignment of stock, Bonds to be issued to company road. ance of their duties, and shall each, in addition to his official bond, give a good and sufficient bond in the penal sum of ten thousand dollars, conditioned for the faithful performance of his duty under this Act, said bond to be approved and subject to renewal from time to time by the Board of Supervisors of said county, and filed in the office of the Clerk thereof. SEC. 12. The California Pacific Railroad Company, a corporation duly incorporated under the general laws of this State, is hereby declared to be the legal and rightful successor of the San Francisco and Marysville Railroad Company, and entitled to all the rights, privileges, immunities, subscriptions, grades and right of way heretofore conferred upon the said San Francisco and Marysville Railroad Company, subject to all the liabilites of said company. SEC. 13. The said Board of Supervisors are hereby authorized and empowered to assign and transfer to said California Pacific Railroad Company all the stock subscribed for by said county in said San Francisco and Marysville Railroad Company, or its successor. Said assignment and transfer shall be made as soon as the said California Pacific Railroad Company shall, by a written instrument under its seal and the signatures of its President and Secretary, release and discharge said Solano County from all liability and damage in connection with said railroad company, as a stockholder or otherwise, except as specified in the following section. SEC. 14. The said Board of Supervisors are hereby authorized and empowered to issue and deliver to the proper officers of any completing railroad company which may within two years from the passage of this Act complete and have in running order a railroad from the Straits of Carquines or Vallejo Bay to the northern boundary line of said Solano County, the same amount of bonds as the said San Francisco and Marysville Railroad Company would have been entitled to had its said road have been fully completed in the year eighteen hundred and sixty-one, less the amount already issued. Said bonds shall be issued at any time within the two years aforesaid, whenever the Surveyor-General of the State or the County Surveyor of Solano County shall certify that said road is completed as required by this section. Said bonds, when issued, shall bear interest from the date of the completion of the road, and shall be issued in the same manner as provided in section two (2) of this Act. Acts repealed. SEC. 15. All Acts and parts of Acts, so far as they conflict with the provisions of this Act and an Act to amend an Act entitled an Act to authorize the Board of Supervisors of Solano County to take and subscribe two hundred thousand dollars to the capital stock of the San Francisco and Marysville Railroad Company, to provide for the payment of the same, and other matters relating thereto, approved April sixteenth, A. D. eighteen hundred and fifty-nine, approved January thirty-first, eighteen hundred and sixty-six, be and the same are hereby repealed. SEC. 16. This Act shall take effect and be in force from and after its passage. CHAPTER CCXCIX. An Act to cede certain property to the Town of Crescent City. [Approved March 26, 1868.] The People of the State of California, represented in Senate and Assembly, do enact as follows: town. SECTION 1. The State of California hereby grants to the water front Town of Crescent City, in the County of Del Norte, the entire granted to water front of said town, and all of the right, title and interest of the said State in and to all of the lands within the corporate limits of said town which are subject to overflow, and also all the right, title and interest of the said State in and to all of the land covered by water in front of said town out to where the water is eighteen feet deep at low tide. SEC. 2. The said water front and overflowed lands herein Not subject granted shall not be subject to execution upon any judgment so execution. against said town, but may be sold from time to time by the authorities of said town in such manner as will be most to the interest of said Town of Crescent City. SEC. 3. Said cession is made upon the express condition that Conditions. the authorities of said Town of Crescent City shall not sell the property ceded without first giving notice of said sale, by publication in some newspaper published in said Del Norte County (if such newspaper there be), and by posting notices in three of the most public places in said Town of Crescent City, for thirty days next preceding such sale, and that said property so ceded shall be sold at public auction to the highest bidder, and in separate lots not exceeding in size one hundred by one hundred and fifty feet. sale. SEC. 4. Any person who has erected useful and substantial At private buildings upon any property ceded to the Town of Crescent City by this Act, and who believing that he had a good title to such property by virtue of a purchase from the founders of said town, shall have the privilege, within six months from the passage of this Act, of purchasing the lots on which they have built, at private sale, from the proper authorities of said town at a fair valuation without the buildings, such valuation to be determined by the authorities of said town. SEC. 5. This Act shall take effect and be in foree from and after its passage. Office created. How nominated. CHAPTER CCC. An Act creating the office of Insurance Commissioner, and prescribing his duties and powers, and repealing certain Acts requiring foreign insurance companies to deposit stocks as security for transacting business in this State. [Approved March 26, 1868.] The People of the State of California, represented in Senate and SECTION 1. The office of Insurance Commissioner is hereby created, with the duties and powers herein imposed and prescribed. The Insurance Commissioner shall hold his office for the term, commencing on the first day of April, of one year, and until his successor in office be duly qualified; he shall receive a salary of two hundred and fifty dollars per month, which shall be audited and paid monthly in the same manner as the salary of the Secretary of State is required to be paid. SEC. 2. The Presidents, Vice Presidents, or other chief managing officers, of all insurance companies incorporated under the laws of this State, are hereby authorized to meet in joint convention in San Francisco, on the first Monday of March in each year, to select and nominate, by a majority vote, a suitable person to fill the office of Insurance Commissioner. Each corporation so represented in such convention shall be entitled to but one vote; and if on the day named a quorum, consisting of at least two thirds of the persons entitled, be not present, or if no nomination be then made, the convention may be adjourned from time to time until a quorum be had and a nomination Governor to effected. The person so nominated, upon a certificate to that effect, signed by the presiding officer and Secretary of said convention, being presented to the Governor, shall be, in case the Governor approves such nomination, commissioned as such Insurance Commissioner. If the Governor shall not approve said nomination, he shall, within ten days after the presentation to him of said certificate, appoint and commission some other suitable person as such Insurance Commissioner. If in any one year the convention fail to make a nomination by a vote of a majority of those present before the first day of April, in such event and for that year the Governor shall have power to appoint and commission some suitable person as Insurance Commissioner; and if a vacancy occur at any time in the office, the same shall be filled by the Governor by appointment for the unexpired term. No officer, employé or agent of any insurance company shall be appointed to said office." appoint. Oath and bond of office. SEC. 3. Within ten days after receiving his commission, the Insurance Commissioner shall take and subscribe to the oath of office prescribed by the Constitution, and shall execute and deliver to the people of this State a bond in the sum of ten thousand dollars, with two sureties to be approved by the Attorney-General and Controller of State, conditioned for the faithful discharge of the duties of his office, which oath and bond shall be filed in the office of the Secretary of State. |