The record-union., 1892-04-06
ARTICLE VII.
Bonded Inaebtelness.

SEC. 10Y. The Board of Trustees may con-
tract bonded Indebtedness as follows: said
board shall, by Order duiy passed, by yeas
and nays, raeor5ed in its journals Of proceed
ines, specify tie particular purpose for wnich
the Indebtedness is to D. created, and the
amount of bonds which is proposed To be is
sued. The board shall then provide for sub
mItting the question of the issue OF saiG bonds
to the qualified electors of the city at n special
municipal election TO be called by the board
Tor that purpt So. ana it shall be held as nearly
as possible III conformity with the general
laws of this Slate. Notice shall be given of
such election by publ cation, 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 cr5 ated, ana the rate
of interest to be paid. shall be distinctly
stated. I he ballots shall BE- printed: FOR the
issue of bonds. yes; For the issue Of bonds,
no." II JWo-third Of the electors OF the city
so voting atsGcl election shall vote in favor
o. Issuing bOnCs, and not otherwise, the board
1 may proceed to issue the amount of bonds
Specihfd, IN manner as 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 u rate per annum
not exceeding six per cent, payable semi
annually; the said bonds to be payable and
redeeia3ble at any time at pleasure Of the city,
which said bonds shah be Substantially in the
following form:
The City OF Sacramento. in theState of Cali
fornia, for value received PROMISE TO pay to
order. at the Office
OF the Treasurer of said city, on the fiTst cay
the Ye}r...-.... or at any time
before that date, ut the pleasure Of the city the
sum dollars gold coin OF the
United States, With interest at the rate of
per ceGt. Per annum, payable at the oIice Of
SAD treasurer sen-annually, on the first
Jay ; iti..-.- lh eacl year.
on preSe1tltion and surrender Of the interest
coupons hereto attached.
IN testimony whereof, the said city by its
hl hon f,,la
signed by the Mayor ofthe city, countersigned
by tee President 81 the oard OF Trustees. and
aEtested by the City Auditor, with the cor
porate seal OF said city hereto attached, this
uty ol..................In The year..
.---....-....-......,.-... Mayor.
corporate Seal .................., Pres. Board of
Trustees
Attest, ....-.......-.........., City Auditor.
And the interest coupons shall be in the
form following, aad signed by the City Audi
TIE Treasurer of the City of Sacramento,
California, viii pay 10 the holder hereof, on
tne.........day in the yeaT........ 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
Jhis Charter shall be duly executed num-
bered eousecutively and sealed they shall be
delivered TO the City Treasurer and his receipt
taken therefor, and he shall stand charged on
blH, 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 he direction OF the Board
OF trustees, and Tor the highest prices: and
whenever said bonds, or any portion thereof
are sold, lie shall report tn fact to the
Auditor, stating under oath 10 whom sold
and for what price, and the Auditor shall at
once apporJ1on the moneys arising from such
sale TO the proper fund in the Treasury. filing
q stateinent OF such apportionment with the
Treasurer. The Board of Trustees shall have
Ine power, and must create and name fba
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 bG
ordinance, provide Tor the levy and col e etion
OF q tax, 10 ne levied and collected eaen year
at the same time and in the same manner as
other city taxes sufficient to pay the annual
interest upon sIch bonds issued and OUT
standing and not less than such proportion-
ate part oftae 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 therefor shall be sufficient TO
discharge the Whole amount of the
principal and interest And the board must
annually thereafter levy such tax in suficient
amount TO comply with the provisions of this
section and the ordinance of the board afore-
SAID; aad the moneys arising from such levies
shall De used iorsthe payment of such bonds
and interest coupons, and tor 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 tne next
levy, is sufficient TO redeem one or more such
bonds, he snail publish, once week for two
weeks, in caliy newspaper published in the
city, notice 20 the effect that he is prepared
10 pay such bond or bonds tgiving the num-
ber 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 viii cease. He shall at
the same time deposit in the Postoffice a COPY
OF such notice, lnclOsed in a sealed envelope
with the postage paid thereon, addressed to
such owner or owners. as shown by the rec
ords thereof kept IN the Treasurers Office If
such bond or bonds are not presented within
the time specified in such notice the interest