The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1892-04-02
ARTICLE VII.
Eonded Indebtedness.

SEC. 107. the BoarI of Trustees may con-
tract bonded Indebtedness as follows: said
board snail, by order duly passed, by yeas
and nays, recorded in lis journals Of proc ed
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
hitting the question OF the issue of S nd bonds
t. the qualified electors OF tue city at Il special
municipal eiec;lon TO be called by the board
Tor that puript s.. and it shall be held nearly
as possible in conformity with the general
laws of this State. Notice shall be given OF
such election by pub. cltio1, 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, tue object for which
the Indebtedness is to be created, ana she 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 atsGcn election SHAH vote in favor
OF issuing bones, and not otherwise, the board
| may proceed to issue the amount of bonds
specified, in manner a follows: said bonds to
| e IL SUNS 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 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
forn1a, for value received promises 10 pay to
order at the Office
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 o.................... dollars GOLD coin of the
United States, with interest at the rate Of
per ce II. Per annum, payable at the o fee of
said Treasurer seIai-annually, on the first
days of:.....afld- III each year,
on prese lta ion and surrender of the interest
coupons hereto attached.
In testimony whereof, the said city by it's
NJ flr1-. In IL hr1,, -,
signed by the Mayor ofthe city, countersigned
by the President of the GARD o. Trustees, and
attested by the City Auditor, with the cor
porate seal OF said city hereto attached, this
.........day ot..................1n the year..
......................-..., Mayor.
Corporate Sc al. -............., Pres. Board of
Trustees.
Attest, .......................... City Auditor
And the interest coupons shall lie in the
form folio wing and signed by the City Audi
tor:
The Treasurer of the City of Sacramen 20,
California will pay TO the holder hereof, OH
e.day OIL. the year,, at
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, ana he shall stand charged on
his ofrcial 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 accImu-
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 10 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, filing
q statement of such apportionment with the
Treasurer ROlrd G Dt IN x-e
the power, and must create and name the
fund or funis of the city into which the
moneys arising from the sale of bonds shall
he pad. And before or at the time of issuing
said bonds, the Board of Trustees shall by
ordinance, provide for the levy and col e.tion
of q tax. 10 be levied and collected each yfar
at the same time and in the saline manner us
othercity taxes, sufficient to pay the annual
interest upon slch bonds issued and out
standing. ana 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 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 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
shall tie used for the payment of such bonds
and interest coupons, aad for no other pur-
pose Whatever. Whenever the amount in the
hands of the Treasurer. belonging TO the B1nd
UNI, eiitl settfils aslue the sum required to
pay the interest maturing before the next
levy, is sufficient TO redeem one or more such
bonds, he snail publish, once a week for two
weeks, IN 2 Caily newspaper published in the
city notice 70 the efect that he is prepared
to pay such bond or bonds giving the num-
Der thereof, aud that if same are not pre-
sented for redemption within thirty days
after the nrst publication OF such notice the
interest on such bonds will cease He shall at
the same time deposit in the P,stoffice a copy
of such notice, inclosed 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 Treasurer's office. III
such bond or bonds are not presented within
the time specified in such notice the interest