The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1892-04-05
ARTICLE VII.
Bonded 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 ioarnals Of proceed
ings specify tEe 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 n special
municipal election to be called by the board
Tor that purpe Sc. and 1t shall be held as nearly
as possible i'll 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
o. issuing bones, and not otherwise the board
may proceed to issue the amount of bonds
specified, in manner as follows: said bonds to
lie IL sums ofnot 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
redeefnable at any time at pleasure OF the city
which said bonds shall be substantially III the
following form:
+ The City OF Sacramento, in the State of Cali
fornil, for value received promises TO pay to
order, ut the office
of the Treasurer of said city, on the first day
in the year,. or at any time
before that date, at the pleasure ofthe city, the
sum ;.,-.-..... dollars, gold coin of the
United States. with interest as the rate of 80
per cent Per annum, payable at the Office OF
said Treasurer sem-annually, on the first
days ot.....arld .........in 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 of the CITY countersi@ned
by the President OF the GARD OF Trustees. and
attested by the City Auditor, with the cor
porate seal OF said city hereto attached, tins
---.-..uay oi...............ln 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
The Treasurer of the City of Sacramento,
California, will pay to the holder hereof on
his Office IN said city. the sum
dollars, gold coin. for interest on City Bond
No.....,...
.....--.-...................... CITY Auditor.
SEC. 103. 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
his official bond with all bonds delivered 10
MIN, and the proceeds thereof. The Treas
urer shall then proceed to sell said bonds, for
not less l1iln par, together with any accumu-
lated interest, under the direction OF the Board
OF Trustees, and fer the highest prices: and
whenever said bonds, or any portion thereof
are SOLD, ne shall report tn fact TO the
Auditor, stating under oath to whom sold
and for what price, and the Auditor Shall at
once apportlon the moneys arising from sucn
sale 10 tie proper fund in the Treasury, filing
statement OF such apportionrnent with the
Treasurer. The Board of Trustees shall have
the power, and must create and name the
fund or fGnus 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 tax, to be levied and collected eacn yC ar
at the same time and in the same manner as
other city taxes. sufficient TO pay the annual
standing, and not less than such proportions
ate part OF the principal thereof as one years
time bears 70 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
annually thereafter levy such tax in sufficient
amount to comply with the provisions OF this
section and the ordinance of the board afore-
sad; aud the moneys arising from such levies
shall be used for the payment OF such bonds
and interest coupons. and for no other pur-
pose whatever. Whenever the amount in this.
hands oil 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 cally newspaper published in the
city, notice 10 the effect that he is prepared
to pay such bond or bonds giving the num-
Der thereof, 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 ut
the same time deposit in the Pcstofice q 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 Ireasurer's office. II
such bond or bonds are not presented within
the time specified in such notice the interest