The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1886-09-01
the National LOAN BILL.

The following is the Loan Bill as
passed by the Legislative Assembly
to-day.
An Act to authorize Irrational
loan" and to define the uses to which
the money borrowed shall be APP
Piled:
Be il enacted by the King and the
Legislative Assembly of the Ha-
waiian Islands in the Legislature of
the Kingdom assembled:
Section 1. The Minister of Finance,
with the approval of the King in
Cabinet Council, is hereby author
lied to issue coupon bonds of the
Hawaiian Government of denomin-
alton not less than one hundred
dollars and in the aggregate not
exceeding two millions of dollars in
the manner and for the purpose in
this Act stated.
Section 2. Said bonds shall be
exempt from any taxes whatsoever,
and shall bear interest, payable
semi-annually, at the rate of not
more than 6 per centum per annum,
and shall be redeemable not less
than five nor more than twenty
years after the date Of their issue,
the principal and interest to be paid
in gold coin of the United States or
its equivalent.
Section 3. Said bonds shall be
signed by the Minister of Finance
and by the Registrar of Public Ac-
counts, and be sealed by the seal of
the Department of the Minister Of
Finance, and shall not be issued at
less than their nominal par value in
gold coin of the United States of the
present standard, except that the
Minister of Finance, with the APP
proval of the King in Cabinet Coun-
Gil, may allow commission not eX-
ceeding 8 per centum to any person
or syndicate which may negotiate
said bonds; provided, however, that
such commission shall not be allowed
for any bonds sold in this Kingdom
or to residents of this Kingdom.
Section 4. The sums borrowed
under this Act shall be placed in the
Treasury to the credit of "The Loan
Fund.-" and shall be paid out for
the following purposes and no other
l. TO recall and cancel all
bonds bearing and per
cent interest issued under
any Act of the Legislature
prior to the date of this
/ loan. and to pay inteaest in
the same. ............... $500 oOC
III. Encouragement of immi-
grafton. Observation-Disclosures. 25O,O0C
iii. Honolulu Water Works.. 10000
~. Sewerage of HONOLULU. 100000
V. improvement of the harbOr
of Honolulu and for new
wharves. Observation-Disclosures. $4,000
vi. Improvement of streets of
Honolulu and roadways of
the Kingdom. $4,000
VII. Inter-island cable commu.
nication. ................. 25O,OOt
VIII. Bridges and landings. 1900
IX. Highways across the
island of Oahu (Pali road) 1900
X. Repayment of special loan 10000
XII. Purchase of steam tug
| Eleu. ................ 3J,OU
| All. EAleIlStS VI uOdllHS
loan, etc. $50. 5000
Total. Observation-Disclosures. $4,000, 90
Section 5. The Minister of Financ
is hereby authorized to pay out G
the moneys so borrowed under thi
Act such commissions as may b
allowed as commissions under sec
ton 3 thereof, and such expense
as may be incurred for preparin
said bonds and coupons.
Section6 6. The Minister of Financ
shall make such proper arrangement
as will enable the holders of sal
bonds to receive the interests du
on the same eiGher in Honolulu I
in the city of San Francisco, or
such financial center as he ma
deem advisable.
Section Z. This Act shall be
force from and after its approval.