Los Angeles daily herald., 1876-03-04
AN ACT

AN ACT
To authorize the Corporation, the
Mayor and Common Council of the
City of Los Angeles to issue bonds, and
to provide means for improvement of
Irrigation in said City.
Section l. For the purpose of build
ing Dams and Reservoirs, constructing
proper and suitable Zanjas and Irri-
eating Canals and improving the
same, or those now in use, for the pur-
pose of developing and utilizing water
for irrigation and for improving the
system of irrigation in said City, or
for either of said objects the Common
Council of the Corporation known as
the Mayor and Common Council of
the City of Los Angeles is hereby auth
orized and empowered for and in the
name and behalf of said City of Los
Angeles to issue bonds of said City to
any amount that the Common Council
may see fit, not exceeding the sum Of
seventy-five thousand dollars, to sell
the same and appropriate the money
received therefore, to any or all of the
purposes above mention.
Sec. 2. Each bond shall be issued
in such an amount as the Common
Council shall determine not exceeding
shall be signed by the Mayor of said
City, the Clerk of the Common Coun-
Gil and the City Treasurer of said City
and have the corporate seal affixed
thereto. The principal sum of said
bonds shall be payable out of the fund
hereinafter created, twenty years from
and after the first day of April, A. d.,
| one thousand eight hundred and sew
enty-six, and at the office of the Treas
urer of said City, in said City of Los
Angeles. Each bond shall bear inter-
est at the rate of seven per cent. per
annum, payable out of said bond, semi
annually, viz: On the first day of
January and the first day of July of
each year, at the Office Of s. id City
Treasurer and to provide IN arefor,
shall have coupons attached in the
usual form thereto, which coupons
shall be signed by the City Treasurer.
Sec. 3. That there be and hereby is
created fund in said City to be known
and called the Irrigation Improve
ment Fund. All moneys received
from the sale of the bon.ls hereby auth
orized to be issued, shallibe paid to the
City Treasurer and by him placed to
the credit of said fund, and shall be
disbursed by him upon warrants drawn
as provided by law for the drawing of
other City Warrants, and for such
purposes as the Common Council are
hereby authorized to issue said bonds.
For the purpose of paying the interest
on said bonds as it may acrue, and
providing for the gradual or ultimate
redemption of the bonds so issued, the
authorities of said City shall annually
SO long as required, at the same time,
and in the same manner as other mu-
nicipal taxes are assessed, levied and
collected, assess, levy and collect a
| special tax not exceeding one half of
one per cent, upon all the taxable
property within the limits of said City
and pay the same when collected into
said fund. The Common Council of
said City is hereby authorized, if it so
desire and determine, to transfer from
| the fund known as the Water fund or
any other fund of said City, into
which the proceeds of the sales OF
water for irrigation are now or may
hereafter be payable, to the credit of
said Irrigation Improvement Fund,
all or so much thereof, as the Com
mon Council may see fit, of such
moneys in said Water Fund or other
fund above referred to.
Sec.4. Whenever on the first day of
February of each year there shall be
in the said Irrigation Improvement
Fund sum of money amounting to
five thousand dollars or over, and in
excess of the amount that will be re-
quired to pay the semi-annual inter-
est on said bonds so issued, and fall
ing due on the first day of July there
after, as hereiAbefore provided, the
Common Council may, if it so desire,
order the City Treasurer ofsaid city to
advertise for proposals to redeem the
bonds, hereby authorized to be issued.
The Common Council may make such
other and further provision for the
sale of the bonds and the redemption
thereof, not in conflict herewith, as it
may see fit, and shall have at all
times the right to reject any and all
bids, either for the purchase or re-
demption of said bonds before matu-
rity.
Sec. 5. Whenever'at any time after
the whole of the principal and interest
of the bonds issued in pursuance of
this act shall have been fully paid and
discharged, there shall be a balance of
money to the credit of said Irriga-
tion improvement Fund, the Common
Council of said city is hereby author
lied to transfer such balance to any
other fund of said city, and disburse
the same for other municipal purpo-
ses.
Sec. 6. This act shall take effect
Immediately.
Approved Feb. 29th.
WTTTJA ITDxuINr