Evening star. [volume] (Washington, D.C.) 1854-1972, 1872-01-19
The District Funding Bill.

The following are the provisions of the fund
ing bill reported TO the House this afternoon bv
the District of Columbia Committee and passed
That the Governor of the District of Colu mba
W. w. COrCoran, Moses Kelly, ii. NJ. Sweeny
and l.. J. Davis, commissioners of the sinking
fund ottthe District of Columbia, and their sue
cessors in Office, are hereby authorized to fund
the debt OF the city OF Washington, which ha,
been OF may be found by the Legislative As
sembly to have existed on the first day of June
A. ID. 1871, and is now unpaid; and for that pur
pose the said commissioners are hereby directed
10 issue registered or coupon bonds Of the said
District OF Columbia, in denominations of fifty
dollars, or any multiple of that sum, not TO ex-
coed the amount of said debt bearing interest
not to exceed six per centum per annum paya-
bic semi annually in gold, and having period
10 run not more than thirty years nor less than
fifteen years; and the said commissioners
hereby authorized to negotiate the sale of the
said bonds at their discretion, at the rate OF dis
count not to exceed three per cent. upon tn
par value, and with the proceeds thereof To paw
the said debt of the city of Washington; and the
principal and interest of said bonds shall be
made payable in the city of New York.
Sec. 2. That the Legislative Assembly of the
District OF Columbia are hereby empowered To
cause 10 be levied upon. and collected from, all
taxable property Of the city of Washington
within its corporate limits, a tax. annually.
which shall be sufficient TO pay the interest upon
the said bonds, together with a sinking fund
sufficient TO retire the said bonds at maturity
the said tax to be collected at the same time anu
in the same manner as general annual taxes are
collected in the said District.
Sec. 3. That the collector of the District o.
Columbia shah pay over to the said commission
ers. upon their rcquisitiOn being first certified
by The auditor and controller of said District,
as is now provided by the laws of said District,
all the moneys collected by virtue OF this act;
with which said moneys the said commissioners
shall pay OF cause TO be paid, the coupons or in
terest on said bonds issued by them under tn.
provisions of this act; and the residue collected
as aforesaid as sinking fund. the said commits
SiOners shall invest in the said bonds issued by
them, or in the bonds then or thereafter issued
by the District of Columbia, and shall cause Ia
be placed upon record in the Office Of the regis
ter of the said District of Columbia, a full and
complete report of all their acts herein, on or be-
tore the first day OF January of each year.
Sec. 4. That the said bonds shall be issued In
the name of the District of Columbia, and shall
show that they are so issued in payment of the
debt of the city of Washington, found by the
Legislative Assembly TO be due provided in
section of this act existing at the date afore-
named in section l OF this act, and shall BE-
signed by majority of the commissioners afore-
said, and countersigned by the secretary and
comptroller of the said District; and a proper
registry shall be kept in the Off ce of the register
of the said District, of the number, denomina-
ton, date OF issue, and to whom issued.