The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1892-04-11
ARTICLE VII.
Bonded Indebtedness.

SEC 10Y. The Board of Trustees may con-
tract bonded indebtedness as follows: Said
board shall by order duly passed, by yeas
and nays, recorded in its journals of proceed
ings, specify the particular purpose for which
the Indebtedness is to b. created, and the
amount of bonds which is proposed TO be is
sued. The board shall then provide for sub
hitting the question of the issue of said bonds
to the qualified electors of the city at a special
municipal election to be called by the board
for that purpose, and it shall be held as nearly
as possible in conformity with the general
laws of this State. Notice shall be given of
such election by publication, for three weeks
next prior thereto, in some daily newspaper
published in the city, in which notice the
amount of such bonds proposed to be issued,
the term of years to run, the object for which
the Indebtedness is to be created, and the rate
of interest TO be paid, shall be distinctly
stated. The ballots shall be printed: For the
issue of bonds yes''; ssFor the issue of bonds
no." II two-third of the electors of the CITY
so voting at such election shall vote in favor
ofiSSuing bonas, and not otherwise, the board
may proceed 10 Issue the amount OF bonds
specified, in manner as follows: Said bonds to
be il sums of not less than one hundred dol
lars, nor more than one thousand dollars
each, having not more than forty years to
run, and bearing interest at a rate per annum
not exceeding six per cent, payable semi
annually; the said bonds to be payable and
redeemable at any time at pleasure of the city,
which said bonds shall be substantially in the
following form:
The City OF Sacramento, in the State of Cali
fornia, for value received promises to pay to
of the Treasurer of said city, on the first day
of...........in the year........., or at any time
before that date, at the pleasure of the city the
sum dollars, gold coin of the
United States, with interest at the rate of 80
per cent per annum, payable at the Office of
said Treasurer semi-annually, on the first
days md. each year,
on presentation and surrender of the interest
coupons hereto attached.
In testimony whereof, the said CITY by its
Board of Trustees has caused this bond to be
signed by the Mayor of the city, countersigned
by the President of the Poard of Trustees and
attested by the City Auditor, with the cor
porate seal of said city hereto attached, this
.......day ot.................in the year..
''''.'.''.'''''-'.''-'-...-.'.' mayor.
Trustees.
Attest, .-.-..............., City Auditor.
And the interest coupons shall be in the
form following, and signed by the City Audi
tor:
The Treasurer of the City of Sacramento,
California, Will pay to the holder hereof, on
the........day ot.....-........in the year,. at
his Office IN said city, the sum of...............
dollars, gold coin, for interest on City Bond
No.
..............................C City Auditor.
Sec. los. Whenever bonds issued under
this Charter shall be duly executed, num-
bered consecutively and sealed, they shall be
delivered to the City Treasurer and his receipt
taken therefor, and he shall stand charged on
his Official bond with all bonds delivered to
him, and the proceeds thereof. The Treas
urer shall then proceed to sell said bonds for
not less than par, together with any accumu-
lated interest. under the direction of the Board
OK Trustees, and for the highest prices; and
whenever said bonds, or any portion thereof
are sold, he shall report thu fact to the
Auditor. Stating under oath 10 whom sold,
ana for what price, and the Auditor shall at
once apportion the moneys arising from such
sale to the proper fund in the Treasury filing
O statement OF such apportionment with the
Treasurer. The Board of Trustees shall have
the power, and must create and name the
fund or funds OF the city into which the
moneys arising from the sale of bonds shall
be paid. And before or at the time of issuing
said bonds, the Board of Trustees Shall by
ordinance, provide for the levy and collection
of q tax, to be levied and collected each wear
at the same time and in the same manner as
other city taxes, sufficient to paw the animal
interest upon slch bonds issued and out
standing, and not less than such proportion
ate part of the principal thereof as one years
time bears to the whole term for which such
bonds are TO run; and at or before the date of
maturity OF the bonds the whole amount col
lected therefor shall be sufficient to
discharge the whole amount of the
annually thereafter levy such tax in suficieut
amounbto comply with the provisions of this
section aud the ordinance Of the board afore-
said; and the moneys arising from such leyies
shall be used for the payment of such bonds
and interest coupons, and fer no other pur-
pose whatever Whenever the amount in the
hands of the Treasurer, belonging to the Bond
Fund, after setting aside the sum required to
pay the interest maturing before tue next
levy. is sufficient to redeem one or more such
bonds, he shall publish once a week for two
weeks, in daily newspaper published in the
city, notice to the effect that he is prepared
TO pay such bond or bonds giving the NUM-
Der thereof, and that If same are not nre-
sented for redemption within thirty days
after the first publication OF such notice the
interest on such bonds viii cease. He shall at
the same time deposit in the Postoffice a copv
of such notice, fnclosed In a sealed envelope.
with the postage paid thereon, addressed to
such owner or owners, as shown by the rec
sucn bond or bonds are not presented within
the time specified in such notice the interest