The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1892-03-29
ARTICLE VII.
Bondea Indebtedness.

SEC. 10Y. The Board of Trustees may 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 b. created, and the
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
to the qualified electors of the city at a special
municipal election to be called by the board
for that purpose and it 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 newspape
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 at such 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 wears to
run, and bearing interest at q rate per annum
not exceeding six per cent, payable semi
annually; the said bonds to be payable and
redeemable at any time at pleasure of the city,
which said bonds shall be substantially in the
following form:
Non.
The City of Sacramento, in the State of Cali
fornia, for value received promises TO 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 cent. per arnum, payable at the Office of
said Treasurer semi-annually, on the first
days of-~...-...and. .-.............1n each year,
on presentation and surrender of the interest
coupons hereto attached.
In testimony whereof, the said city by it's
ROar6 a sfG con cd tic hny m, ho
signed by the Mayor oft the city, countersigned
by the President of the Board of Trustees and
attested by the City Auditor, with the cor
porate seal OF said city hereto attached, this
.-uay ot.................in 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
tneday of................in the year......., at
his Office IN said city, the sum
dollars, gold coin, for interest on City Bond
No........
..................................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
his Official boad 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 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 10 the
Auditor, Stating under oath to whom Sold
ahd Tor 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. The Board of Trustees shall have
tie 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 col e:tion
of a tax, 10 be levied and collected each year
at the same time and in the same manner as
other city taxes, suficIent TO pay the annual
interest upon S Ich bonds issued and out
standing, and not less than such proportion
ate part of the princip pal 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
lecteo therefor snail 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 leyies
snail be used for the 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 tue next
levy. is Sufficient TO redeem one or more such
bonds, he shall publish, once IA week for two
weeks, in ca.ly newspaper published in the
city, notice 10 the elect that he is prepared
to pay such bond or bonds giving the num-
Der thereofl 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 will cease. He shall at
the same time deposit in the Postoffice 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 once. If
such bond or bonds are not presented within
the time specified IN such notice the interest