The record-union., 1892-04-07
ARTICLE VII.
Bonded Indebtedness.

SEC. 10Y. the Board Of Trustees may con-
| tract bonded Indebtedness as follows: said
board snail, b. order duly passed, by yeas
! and nays, recorded in its journals of proceed
! lngs, specify the particular purpose for which
! the Indebtedness is to BE- created, and the
1 amount OF bonds which IS proposed TO be is
| sued. The board shall then provide for sub
| uniting the question of the issue OF Said bonds
t. the qualified electors of the city at special
municipal election to be called by the board
! for that purpose, and il shall be held us nearly
! as possible IN conformity with the general
/ laws OF TINS Sale. Notice Shall be given OF
/ such election by publication, for three weeks
next prior thereto, in some daily newspa per
| published IL the city, in which notice the
amount of such bonds proposed to be Issued
| the term OF years TO run, the object Tor which
! the Indebtedness is to be created and the rate
! of interest to be paid, shall be distinctly
/ stated. The ballots shall b. printed: For the
| issue of bonds. yes; For the issue of bonds,
! no." If two-third Of the electors of the city
! so voting atsucn election stall vote in favor
! o. issuing bonds and not otherwise the board
] may proceed to issue the amount of bonds
/ specified, in manner "a follows: said bonds to
! 9e in sJIlns 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 q rate per annull
| not exceeding six per cent, payable semi
! annually; the said bonds 10 be pay:lbIe aud
redecnable 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
order, at the Office
! OF the Treasurer of said city. on the first da Y
of.--......in the year,, or at any time
before that date, at tie pleasure of the city, the
sum liars. gold coin OF the
United States, with interest al the rate of -.
per cent Per annun, PAYABLE at the Office OF
said Treasurer semi-annudlly, on the first
days each year
on prese ltation and surrender OF the Interest
coupons hereto attached.
In testimony whereof the said city by its
| Board of Trustees has caused this bond toba
signed by the Mayor OF the city, countersigneCi
by the President OF the soard OF Trustees. and
attested by the City auditor, with the cor
porate seal of said city hereto attached this
......day oE..-............in the year..
...................-....-....., Mayor.
Corporate Seal Pres. Board OF
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, viii pay 10 the holder hereof, on
his Office IN said city, the sum of...............
dollars, gold coin, for interest on City Bond
Mo-.
................................-.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
l
him, and the proceeds thereof. The Treas
ufer snail 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 bonds, or any portion thereof
are sold, he shall report tn, fact to the
Auditor. stating under oath to whom sold
and for what price, and tie Auditor shall at
| once apportion the moneys arising from such
sale TO the proper fund in the Treasury, filing
a 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 cole ction
of a tax, 10 be levied and collected each year
at the same time and in the same manner as
other city taxes, sufficient to pay the annual
interest upon such bonds issued and out
standing, and not less than such proportion
ate part of the principal thereof as one years
time bears 10 the whole term for which such
bonds are 10 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
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 and the moneys arising from such levies
snail De used for the payment of such bonds
and interest coupons, and for 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 the next
levy. is sufficient to redeem one or more such
bonds, he shall publish, once a week for two
weeks, in oaily newspaper published in the
city, a 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 pre-
sented for redemption within thirty DAYS
after the first publication OF such notice the
interest on such bonds win cease He shall at
the same time deposit in the Postofice a COPY
of such notice, inclosed in sealed envelope.
with the postage paid thereon, addressed to
such owner or owners, as shown by the rec
ords thereof kept in the Treasurer's Office. Ii
sucn bond or bonds are not presented within
the time specified IN such notice the interest