The record-union., 1892-04-12
ARTICLE VII.
Bonded Indebtedness.

SEC. 1O7. The Board of Trustees may con-
tract bonded Indebtedness as follows: said
board Shall, byEorder duly passed., by yeas
and nays, recorded in lis 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
hitting the question of the issue of aid bonds
t. the qualified electors of the city at q special
municipal election to be called By the board
for that purpC Sc. and 1t shall be held as nearly
as possbiea in conformity with the general
laws OF this State. 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, tie object Tor which
the Indebtedness is to be croa ted, and the rate
of interest to be paid, shall be distinctly
stated. he 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 suca 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
le 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 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
following form:
The City Of Sacramento, in the State of Cali
fornia, for value received promises 10 pay to
of the Treasurer of said city, on the first day
Of. the year........., at any time
before that date, at tie pleasure of the city, the
sum o dollars, gold coin of the
United States, with interest at the rate of
per cent per annuin, payable at the Office OF
SAD treasurer semi-annually, on the first
days of...........and 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 Poard OF 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 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,
G tSad wlii pay 10 the holder hereof, on
his Office IN said city, the sum
dollars, gold coin, for interest on City Bond
No.........
SEC. los. Whenever bonds issued under
this Charter shall be duly executed num-
pered consecutively and sealed, they shall be
delivered TO the City Treasurer and his recent
taken therefor, and he shall stand CHARGED on
his Official bond with all bonds delivered TO
MIN, and the proceeds thereof. The Treas
urer snail then proceed to sell said bonds, for
not less than par, together with any accuinu-
lated interest, under the direction of the Board
OF Trustees, and fer the highest prices: and
whenever sald BONUS, or any portion thereof,
are sotd, he shall report tn fact 10 the
Auditor. stating under oath TO whom sold
ana Ior what price, and the Auditor shall at
once once apporuon the moneys arising from such
sale to the proper fund in the Treasury, filing
statement OF sucn apportionment with the
Treasurer. The Board of Trustees snail 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 iss1in1
SAID bonds, the Board of Trustees shall, by
ordinance, provide for the levy and cole ,tion
OF tax, 10 be levied and collected each year
at the same time and in the same manner as
other city taxes, sufhclent to pay the annual
interest upon such bonds issued and out
standing, and not less than such proportions
ate part of the principal thereof as one years
time bears TO tue 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
annually thereafter levy such tax in Sufficient
amount to comply with the provisions of this
section and the ordinance of the board afore-
said; aad the moneys arising from such Ievies
shall DC used for the payment of such bonds
and interest coupons, and Tor no other pur-
pose whatever. Whenever the amount in the
IlSsnuS oi Iuc i 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 q caiy newspaper published in the
city, notice 10 the effect that he is prepared
to pay such bond or bonds fgiyinc tho nup,
Der thereon, 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 snail at
the same time deposit in the Postofice COPY
of such notice, inclosed IN sealed envelope.
with the postage paid thereon addressed to
such owner or owners, as shown bv the rec
ords thereof kept in the Treasurer's Office. If
such bond or bonds are not presented within
the time specified in such notice the interest