Daily Los Angeles herald., 1883-05-01


his custody until the same shall be sold
under the order Of the Council of the
city of Los Angeles, entered upon the
minutes of tho Council, and upon the
presentation to the City Treasurer by
the purchasers of any bond or bonds
sold, of copy from the minutes of the
Council aforesaid. OF the order of sale,
duly certifiedby the Clerk Of the Council,
and upon the payment to the said Treas
urer of the purchase price of the said
bond or bonds and all interest up to the
time Of said presen alton of sale accrued
thereon, the Treasurer shall deliver
to the purchaser the bond or bonds so
accredited and purchased, provided that
the Treasurer shall deliver no bond to
any purchaser for less sum than its
par value 10 gold coin. All amounts of
money received by the Treasurer for the
sale of said bonds shall be placed by him
in fund to be known as the "City Hall
construction fund" which is hereby cre-
ated; and the moneys therein shall be
paid out upon warrants draw against the
said fund, signed by tho Mayor of the
city Of Los Angeles and counter signed
by the Auditor of the city of Los
Angeles.
SEC s. For the purpose Of carrying
out the objects and aims of this resolu-
tion and the ordinances, resolution and
laws to which it relates there is hereby
created fund in the city Of Los Angeles
to be known as "The City Hall Interest
and Sinking Fund of 1888" AID the City
Treasurer is hereby directed to keep a
regular account with the said fund upon
his books. For the purpose Of providing
for the payment Of the semi-annual inter-
est upon the said bonds for the period of
five years from and utter the date of their
issuance, and thereafter for the purpose
of providing for the payment of the
semi i-annual interest and the further
purpose Of providing for the final pay
ment, redemption and discharge of
the said bonds, the Council of
the city Of Los Angeles shall
annually, commencing in 1888, each
year, for the period of five years at the
same time and in the same manner that
other municipal taxes in the said city are
assessed, levied and collected, assess,
levy and collect upon all taxable prop
erty in said city in addition TO the levy
authorized forother purposes, q sufficient
sum to pay the interest upon the said
bonds accruing before the next annual
levy; and after the expiration of five
years from and after the date OF said
bondsss in the manner above provided for
the payment OF the interest, shall assess,
levy and collect each year sufficient
sum to pay the semi-annual interest on
all said outstanding bonds and such pro-
portion of the principal that at the end
of ten years from and after the date of
the levy of 1888 the sum raised from
such levies for the payment OF said prin-
cipal shall equal at least thirty per
centum of the amount of the principal of
said bonds issued; at the end of fifteen
years after the last mentioned date at
least seventy per centum of said princi-
pal sum, and before the date of maturity
of said bonds the sum so raised shall be
equal to the remaining thirty per eentum
aud whole amount of principal and in
terest; and the moneys arising from said
levies shall be applied to the payment
of the principal and interest due upon
the said bonds. and for no other purpose
whatever.
SEC. 9. Whesever after the expiration
of five years from and after the date of
said bonds there shall be to the credit OF
the ''City Hall Interest and Sinking
Fund of 1883. any sum in excess of the
aggregate of one thousand dollars and
the amount that will be required to pay
| the semi-annual interest due before the
next tax levy on said bonds, the Treas
urer Of said city is hereby directed to
advertise for proposals for the redemp-
ton of bonds issued hereunder, by caus-
ing notice to be published in daily
newspaper in the city of Los Angeles for
at least two weeks before the time fixed
for opening said proposals, which notice
shall specify the amount of money re.
naming in the "City Hall Interest and
Sinking Fund" of 1888. to be applied to
the redemption of bonds, and the time
and PLACE in the city OF Los Angeles at
which bids will be received for such re-
demption.
/ SEC. 7. All bids received by the
Treasurer pursuant to said notice shall
be presented by him to the Council at
the first regular meeting thereof after
the time fixed in said notice, when they
shall be opened by the Council, and if
no bids are offered for par or less than
par the Treasurer shall cause to be pub
lished notice in some daily newspaper
in the city of Los Angeles for at least
two weeks, specifying the amount of
money in the said City Hall Interest
and Sinking Fund and the number of
the bonds which can be paid Herewith
on the presentation to the said Treas
urer of the same, designating for that
purpose the lowest in number outstand-
ing, and thereupon upon the expiration
of two weeks after thefirst publication
of said notice, the bonds therein specified
shall cease to bear interest, and every
such bond shall be payable at the Office
Of the said City Treasurer upon presen.
tation and surrender of the said bond
and all coupons thereunto belonging
Provided, that If upon the opening Of
said proposals provided in Sec. 6, il
shall appear that any bond is offered
for redemption for par or less than par
the Council shall order the payment Of
such bond or bonds as i shall elect, and
thereupon the City Treasurer shall re-
deem and pay the same with interest
thereon accruing up to one week after
the order for such payment.
Sec. s. The Clerk of the Council
shall certify to the passage Of this reso
Ilntinn aud eausa the anna IN ha mn h