Los Angeles daily herald., 1876-01-16

lngs Bonds" of the denomination of
five hundred 500 dollars each, gold
coin of the United States, bearing in
terest at the rate.of seven () per cent.
per annum from the date of their is
sue, which shall be the date of their
delivery, at which time the date shall
be therein inserted, in like gold coin,
payable at the office of the County
Treasurer of Les Angeles county,upon
the first day of January of each
year, and the principal sum
thereof payable at the said County
Treasurer's office in the city of Los
Angeles upon the first day of January,
A. ID. 1896. Said bonds shall be signed
by the Chairman of the Board of Su-
pervisors, and countersigned by the
County Treasurer and County Auditor,
and shall have the seal of the Auditor
of said county stamped thereon, and
shall have coupons attached, the first
for the interest from the date of their
issue for the term ending on the last
day of December following, the re-
mainder for one years interest each
thereafter, to be consecutively num-
bered and attached thereto so as to be
removed without injury or mutilation
to the bond, which coupons shall be
signed by the County Treasurer.
SEC. 8. 1t shall be the duty of the
chairman of the Board Of Supervisors,
the County Auditor and the County
Treasurer Of said county, each to keep
a separate record of all bonds signed
by them, which bonds, shall remain
with the County Treasurer.
Sec. 10. The bonds issued in pursu-
ance of this Act shall be given and re-
ceiwed exclusively in the payment for
the purchase of said lot and construc-
tion ofSsaid buildings; Provided, how
ever, that if in the judgment of the
BoAfd of Supervisors, it shall be
deemed for the best interest of the
county, they may sell any or all of
said bonds at. such time or times AS
they maySdeemS proper after having
published notice for thirty days in
one newspaper published in the
county of Los angeles, and a newspa-
per published id the city of San Fran
cisco, inviting proposals for the pur-.
chase of the same upon day to be
named in the said published notice.
The Board of Supervisors shall meet
to consider said proposals, and they
shall deliver said bonds with coupons
attached to the person or persons bid
ding the highest therefor in gold coin
of the United State. divided that
said Board of Supervs shall have
the power to reject an! u | all bids.
Sec. II. When said hililding shall
be completed and ready for occupation,
the said Board of Supervisors shall
cause an advertisement to be inserted
in some daily newspaper printed and
published in the City of Los Angeles,
for sixty days consecutively, that they
will upon some day specified in said
advertisement, sell at public auction
to the highest bidder, for Emitted
States gold coin, at the courthouse of
said county, in the City of Los Ange-
les, at II NJ. of that day, the following
property to-wit: If the said Board
shall have caused to be constructed
Court House, with other necessary
public offices alone, then they shall
so advertise to sell as aforesaid, the
present Court House building and lot
of said county. If they shall have
constructed Jail alone, then the in
terest of the county in the lot and
buildings now occupied by the County
Jail and city offices in the City of Los
Angeles. III they shall have construct
ed & Jail and a Court House, with nec-
essary county offices, then all of said
property and interest, and at the said
day so advertised, they shall so sell at
public auction said property SO adver-
tised to be sold to the highest bidder,
for gold coin of the United States in
cash, and the money acquired shall be
paid into Fund, which is hereby Gre
ated, and shall be known as "the Los
Angeles County Building Interest and
Sinking Fund.-" and Immediately up
on the payment of said money into
said Fund, it shall be the duty of the
County Treasurer of said county to
advertise for one month, in Some
newspaper published in said county
and in some newspaper published in
the City of San Francisco, for sealed
proposals, to be opened one week after
the expiration of said publication by
the Treasurer, at his office, in the
presence of the Chairman of the
Board of Supervisors and of the Coun-
ty Auditor of said county, for the sur
render of Bonds issued under this Act,
which advertisement shall state the
amount of money the Treasurer has
on hand for the purpose of redemp-
ton, and shall require said proposals
to be accompanied with good and suf-
ficient security, that the same shall
be carried out within fifteen days of
said acceptance, the class and form of
which security may be prescribed by
the County Treasurer when said pro-
posals are opened, they shall accept
the lowest proposals at rates not eX-
ceeding par value as may redeem the
greatest AMOUNT of Bonds until the
cash OIL hand for redemption is ex-
hausted.
SEC. IL. For the payment of the
principal and interest of the Bonds is
sued in pursuance of this Act, there
shall, until the same are paid and dis
charged, be annually levied and COL
lected in the same manner as is or
may be provided by law for the collec-
ton of State and county taxes, q spe-
cial tax not exceeding twelve cents ON
each One Hundred (SlOO) Dollars of
the value of real and personal proper
ty in said county, and the Fund de-
rived from this tax shall be set aside
and applied exclusively to the pay
ment of the interest, and the final re-
demption of Bonds issued in pursuance
of this Act, which shall be paid into
the Los Angeles County Building
Interest and Sinking Fund.- t
SEC. 13. Whenever on the first day
of February in any year after the pay
ment of the interest as herein provid-
ed for there remains in said "Los An
geles County Building Interest and
Sinking Fund.-" a surplus exceeding
Five Hundred (S500) Dollars, it shall
be the duty of the County Treasurer
of said county to advertise for one