The record-union., 1892-03-23
ARTICLE VII.
Bonded Indebtedness.

SEC. Joy. 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 procecd-
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
mlttlng the question OF the issue OF said bonds
to the qualified electors of the city at q special
municipal election 20 be called by the board
Tor 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; For the issue of bonds
no." III two-third of the electors of the city
so voting atsuch election shall vote in favor
of1ssuing bonds, and not otherwise, the board
may proceed TO issue the amount of bonds
speclf1ed, IN manner a; follows: Said bonds to
e 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, ana 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
fornla, for value received promises 10 pay to
Of the treasurer Of said cy yFGg on tn thg oee m
oI:-.-.;. ..;ln the yeetr..-......, 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
per cent per annum, payable at the Office OF
SAID Treasurer semi-annually, on the first
Gays oI..-: Ian d...................1n each year,
on presentation and surrender OF the Interest
coupons hereto attached
IN testimony whereof the said city by IFS
Board of Trustees has caused this bond to be
signed by the Mayor ofthe city, countersigned
attested by the City Auditor, with the cor
porate seal OF said city hereto attached. this
'-.-....day oi...--...-in the year.
.........-..............-....., Mayor.
corporate seal .................., Pres Board Of
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
t!i gay oi.......n the year........., at
his once N said city, the sum of..
dollars, gold coin, for interest on City Bond
Mo-.
.................-..............C City Auditor
SEC. los Whenever bonds issued under
TINS Charter shall be duly executed, num-
pered consecutlYely and sealed, they shah be
delivered TO the City Treasurer and his receipt
taken therefor, and he shall stand charged on
MS otnc1al 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
OF Trustees, and Tor the highest prices: and
whenever said Donds or any portion thereof
are SOLD, he shall report tn, fact TO the
Audltor, stating under oath TO whom sold
ana Tor what price, and the Auditor shall at
once apportion the moneys arising from such
sale TO the proper fund in the Treasury, filing
Df
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 rom the sale of bonds shall,
be paid. And before or at the time of issuing
said bonds, the Board OF Trustees shall bv
ordinance, provide for the levy and col :tion
of a tax, 10 be levied and collected eacn year
at the same time and in the same manner as
other city taxes. sufficient TO pay the annual
interest upon slch bonds issued and out
Standing. and not less than such proportion-
ate Par6 of tne principal thereof as one years
time bears 10 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 thereioS shall be sufficient to
discharge the whole amount of the
principal and interest. And the board must
annually thereafter levy such tax in Sufficient
amount to comply with the provisions of this
section and the ordinance of the board afore-
said; ana the moneys arising from sucn leyies
siia.i DC used lor the payment OF such bonds
ana interest coupons, and TOR no other pur-
pose whatever. Whenever the amount in the
hands of the Treasurer. belonging TO the R1nd
Fund, after setting aside the sum required to
pay the interest maturing before tne next
levy. is sufficient to redeem one or more such
bonds, he shall publish once a week for two
weeks, III catiy newspaper published in the
city, 3 notice 70 the effect that he is prepared
10 pay such bond or bonds giving the num-
Der thereon, and that if same are not pre-
sented for redemption within thirty days
after the first publication OF such notice the
interest on such bonds VIII cease He shall m
the same time deposit in the Pcstoffice a copy
OF such notice, inciosed in a sealed enyelope
with the postage paid thereon, addressed to
such owner or owners, as shown by the rec
ords thereof kept III the Tressurer's Office If
such bond or bonds are not presented within
the time specified in such notice the interest