§ 3. TAx.] The State Board of Equalization at the time the other taxes are levied shall levy a sufficient tax annually to pay the interest on such bonds as the same shall become due, which tax shall be collected in the same manner that other State taxes are collected. Also, a reasonable time before the maturity of said bonds said board shall provide a sinking fund sufficient to retire and pay said bonds at their maturity, and for such purpose shall annually levy a tax sufficient to produce such fund. No tax or fund provided for the payment of such bonds or interest thereon shall be used for any other purpose.
§ 4. TREASURER TO PAY.] When the interest coupons attached to said bonds become due and whenever any of said bonds mature it shall be the duty of the State Treasurer to pay the same on presentation, out of any funds in his hands applicable thereto, and to cancel them when paid. Whenever any of said bonds become subject to the call of the State and funds are in the hands of the Treasurer to be applied to the payment thereof, he shall call in for payment and cancellation such portion of the same as he may have funds to pay; and, if to the advantage of the State he may purchase any of said bonds at their market value and retire and cancel the same, with the sinking fund tax, as the same shall be collected and received by him.
§ 5. APPROPRIATION.] There is hereby appropriated out of the State Treasury all of the funds realized by the sale of the bonds provided for in this act for the purposes in this act provided.
§ 6. EMERGENCY.] That a portion of the bonds proposed to be refunded by this act being now subject to call and there being no funds provided for the payment or refunding thereof, and it being necessary for an economical administration of the finances of the State that this act take effect and become operative immediately, an emergency exists; therefore this act shall take effect and be in force immediately from and after its passage and approval.
Approved February 17, 1890.
