The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1892-03-30
ARTICLE VII.
Bonded Indebtedness.

SEC. 10y. Inc Board OF trustees may con-
tract bonded Indebtedness as follows: Said
board shall, by order duly passed, by yeas
and nays, recorded in i'll journals of proceed
ings, specify the particular purpose for which
the Indebtedness is to b. 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
70 the qualified electors of the city at special
municipal election to be called by the board
for that purpose, and 1t 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." If 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-
lie 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
redeeInable al 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 10 pay to
order at the Office
of the Treasurer of said city, on the first day
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 &c 1t Per annum, payable at the Office OF
SAID Treasurer seni-annually, on the first
days 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 ofthe city, countersigned
by 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 ol.-'............in the year.
Mayor.
Corporate Seal ..............., Pres. Board of
Trustees.
Attest, ..........................., City Auditor
And the interest coupons shall he 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
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 mum
bered consecutively and sealed, they Shall be
delivered TO the City Treasurer and his receipt
taken therefor, and he shall stand che rred on
his Official bond with all bonds delivered to
MIN, and the proceeds thereof. The Treas
uref snail then proceed to sell said bonds, Tor
not less than par, together with any accumu-
lated interest, under the direction of the Board
OF Trustees, and for 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
I'd for what price, and the Auditor shall al
once apportlon the moneys arising from such
sale to the proper fund in the Treasury filing
q statement OF such apportfonmeut with the
! Treasurer. The Board of Trustees shall have
tue power, and must create and name the
fund or FUNDS OF the city into which the
moneys ar sing 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 col @ .tion
of tax. 10 be levied and collected each yea.
at the same time ana in the same manner as
other city taxes, sufficient to pay the annual
interest upon Ich 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 10 run; and at or before the date of
maturity OF the bonds the whole amount col
lected therefor shall be sudlciant 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-
SstIQ; ana the moneys arising from such leyies
snail DC used for the payment of such bonds
and interest coupons and for no other pur-
pose Whatever. Whenever the amount ia 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 catly newspaper published in the
city, u notice 10 the elect that he is prenared
to pay such bond or bonds giving the num-
Der thereof, and that if same are not pre-
sented TOR redemption within thirty DAYS
after the first publication of such notice the
interest on such bonds will cease. lie shall at
the same time deposit in the Postoffice q COPY
OF such notice, incloSed in sealed ENVELOPE
with the postage paid thereon, addressed to
such owner or owners. as shown by the REG
ords thereof kept in the Treasurer's Office. If
such bond or bonds are not presented within
the time specified Ia such notice the interest