The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1892-03-24
ARTICLE VII.
Bonded Indebtedness.

SEC. 1O7. The Board of Trustees NAV 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 Be created, and the
amount OF bonds which IS proposed 10 be is
sued. The board shall then provide for sub
Uniting the question OF the issue of said bonds
to the qualified electors of the city at u special
municipal election to be called by the board
for that purpose, and 1t shall be held as nearly
as possible ia 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 Ia 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." Ii two-third of the electors of the city
so voting atsuch election shall vote in favor
OF issuing bonds, and not otherwise, the board
may proceed to issue the amount of bonds
specified, in manner as follows: said bonds to
e IL suIaS 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
redeelnable 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
lorna, Tor 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
per cent per annum, payable at the Office OF
sara treasurer seml-annually, on the first
days OF. d .....in each wear
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
ny the President OF the Eoard OF Trustees and
attested by the City Auditor, with the cor
porate seal OF said city hereto attached, this
.day of......-...........ln 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
the....day ot,................in the year,, at
his ONCE In said city. the sum of .......'.....
dollars, gold coin. for interest on City Bond
Non.
.....-..,.........................C City Auditor.
SEC. los. Whenever bonds issued under
this Charter shall be duly executed num-
bered consecutively and sealed, they shall be
delivered 10 the City Treasurer and his receipt
taken therefor, and he shall stand charged on
his Official bond with all bonds delivered to
him. ana the proceeds thereof. The Treas
uTer 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 bonds or any portion thereof
are sold, be snail report tn. fact TO the
Auditor, stating under oath to whom sold
and for what price, and the Auditor shall at
once apportion the moneys arising from such
sale to the proper fund in the Treasury fling
a statement OF such apportionment with tb9.
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 :
ordinance, provide Tor the levy and col c ;tion
of tax, 10 be levied and collected eaen yea.
at the same time and ii the same manner as
other city taxes, sufficient to nav the animal
interest upon S lch bonds issued and ont
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; Snd at or before the date of
maturity OF the bonds the whole amount col
Iected therefor shall be sufficient to
discharge the whole amount of the
annually thereafter levy such tax in icierlt
amount TO comply with the provisions OF this
section and the ordinance of the board afore-
said; AID the moneys arising from such leyies
snail toe used for the payment Of such bonds
and interest coupons. and tor no other pur-
pose Whatever whenever the amount in the
,lttnuS W - OeIoHSlIlg 10 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 shah publish, once a week for two
weeks, IN q caily newspaper published in the
city. notice 70 the effect that he is prepared
TO pay such bond or bonds giving the num-
| Der thereon, and that if same are not pre-
sented for redemption within thirty davs
after the first publication OF such notice the
interest on such bonds VIII cease. He snail nj
the same time deposit in 1he Pestoffice eorv
of such notice, Enclosed in q 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
such bond or bonds are not presented within
the time specified in such notice the interest