The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1892-03-28
ARTICLE VII.
Bonded Indebtedness.

Sec. 10Y. The Board of Trustees NAV con.
tract bonded Indebtedness as follows: said
board shall, by order duly passed, by yeas
and nays, recorded in lis Journals Of proceed.
ings, specify tie 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
mitting the question OF the issue of said bonds
u the qualified electors of the city at q special
municipal election to be called by the board
Tor that purpC Sc, 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
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
CT 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-thlrd OF the electors of the city
so voting atsuch election shall vote in favor
OF issuing bonus, and not otherwise. the board
may proceed 10 issue the amount of bonds
specified, in manner "a follows: said bonds TO
he in 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
redeemable at any time at pleasure of the CITY
which said bonds shall be substantially in Tie
The City OF Sacramento, in the State of Cali
foEnla, for value received promises to pay To
or ofoer, 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 annun, payable at the Office o!
said Treasurer semi-annualIy, on the first
days of............and ....-....-....in each year
on presentation and surrender of the interesf
coupons hereto attached.
In testimony whereof, the said city by It's
Board OF Trustees has caused this bond to be
signed by the Mayor ofthe city, countersigncd
by the President OF the Eoard OF Trustees. and
aJteSted by the City Auditor with the cor.
porate seal OF said city hereto attached, this
'.....'..day oI..............in the year..
..-...-.....................,M Mayor.
corporate seal ................., Pres. Board OF
Trustees.
Attest, ..........................., City Auditor
And the interest coupons shall be in the
form following, and sigued by the City Audi
The Treasurer OF the City of Sacramento,
California, will pay TO the holder hereof, on
10 ..::....Gay ot....in the year., al
ms othce 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 receip
taken therefor, and he shall! stand charged on
Ills omc1at bond with all bonds delivered to
him, and the proceeds thereof. The Treas
urer snail then proceed 10 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 DondS,- or any portion thereof
are SOLD, ne shall report tn fact TO the
Auditor, stating under oath TO whom sold
aad Tor what price, and tie Auditor shall al
once apporJ1on the moneys arising from such
sale to the proper fund in the Treasury, filing
a statement OF such apportionment with the
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 be-
ordinance, provide for the levy and col ection
of q tax. TO be levied and collected eacu wear
at the same time and in the same manner as
other city taxes, sufficient TO nav the annual
interest upon such bonds issued and out
standing, and not less than such proportion.
ate part of tine 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 Thereon shall be suficient to
discharge the whole amount of the
principal and interest. And the board mnst
annually thereafter levy sucn tax in SUFFICIENT
amount TO comply with the provisions of this
section and the ordinance of the board afora-
said; aad the moneys arising from such leyies
shall De used for the payment of such bonds
ana interest coupons, and for no other pur.
pose whatever. Whenever the amount in tha
hands OF the Treasurer, belonging to the Bond
Fund, after setting aside the sum required 10
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 ally newspaper published in the
city, a notice 10 the effect that he is prepared
10 pay such bond or bonds tgiving the mum.
Der thereof, and that if same are not nre-
sented for redemption within thirty davs
after the nrst publication OF such notice the
interest on such bonds viii cease He snail al
the same time deposit in the Postoffice a copy
of SUCH notice, 1nclosed In seaied envelope
with the postage paid thereon. addressed To
such owner or owners, as shown by the rec.
ords thereof kept in the Treasurers Office /,
such bond or bonds are not presented within
the time specified in such notice the interest