Daily national Republican. (Washington City [D.C.]) 1870-1872, 1872-08-02

InRton, In denominations Of hfty dol
lars or any multiple Of that sum,
not 10 exceed the amount Of said
liabilities bearing interest not 10 exceed six
per centum per annum, payable eeml-an-
nually In gold, and having period 70 ruu.ot
not more than thirty years, nor less than
twenty years and the said commissioner 81 IN
connection with tho Governor OF tho Dis
trict are hereby authorized 10 negotiate the
sale Of said bonds at the highest rates which
can be obtained therefor, and with the pro-
ceeds thereof 10 pay the said liabilities Of
the city of Washington, and the principal
and interest Of said bonds shall be made
payable in the city Of Weshlnlgton OF In the
gate debt Of the District or any part thereof
shall not be increased by the issuance Of said
bonds beyond the sum Of ten millions OF dol
larpi And prOuided further, That no claim
shall be paid unless Il shall first have been
examined and approved BY the Auditor and
Comptroller Of the District, and then sub
mitted by said officers, with all the papers
connected Herewith, 10 the Commissioners Of
the sinking fund, and also approved BY them,
and no claim shall be audited or paid by ylr-
tue OF thls act unless presented within nlno
months from the date OF lts passage.
Sec. .. And % u further enacted, That a
tax shall DO levied annually by the Leglsla-
tive Assembly on all Of the taxable property
the interest on said bonds, aud 10 create a
sinking fund sufficient TO retire said bonds at
maturity. Tho duties Of Superintendent of
Assessments and Taxes and Collector pre-
scrlbed In section three OF act approved Au-
gust twenty-three, eighteen hundred and
seyenty-one, entitled IAN act prescribing
the duties OF certain officers OF tho District
Of Columbia, and fixing their compensation,
shall, as far "a applicable 10 this act, be per
formed by them, and said tax 10 DO collected
BY the Collector Of said District at the same
time and In the same manner as general an
nual taxes may be collected In said District;
Preceded, That the amount Of said tax, In
GLIDING all other taxes, except assessments
for improvements, shall not 10 auy year eK-
coed two per centum Of the assessed cash
valuation OF property In said city.
And prouided further, That for the fiscal
wear ending June thirtieth, eighteen hundred
and seyenty-three, the interest and sinking
fund herein provided for shall DO paid out Of
the taxes levied for said year, at the rate Of
| one dollar and seventy cents on every one
hundred dollars, and shall not be held TO In
crease the above rate Of taxation.
Sec. 8. And be u further enacted, Thai
the Collector Of the District Of Columbia shall
pay over to the said commissioners, upon
| their requisltlon being first certified by the
| Auditor and Comptroller Of said District, al
Is now provided Tor BY the law Of said Dis.
trlct, all the moneys collected by virtue Of
this act, with which the said commissioner
shall pay, OF cause 10 be paid, the coupon
or interest on said bonds, which may be issued
BY them under the provisions Of this act, and
the residue collected as aforesaid, shall be
Invested as a sinking fund BY said commits
GloneTs.
Sec. 4. And be u further enacted, That al
acts and parts OF acts Inconsistent herewith
| be, aud the same are hereby, repealed.
Sec. 8. And Dc q further enacted, That, il
Wow OF the emergency thereof, this act shal
take effect Immediately on Its approval b!
the Governor.
Approved June 90, 1879.