The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1892-03-26
ARTICLE VII.
Bonded Indehtedness.

SEC. 1o7. The Board OF Trustees may con
tract bonded Indebtedness as follows: Said
board shall, by order duly passed, by yeas
and nays, rycoried IN it's Journals of proceed
incs, specify the particular purpose Tor wHica
the lnueo;edn2SS is u b. created. and the
amount of bonds which is proposed 10 be is.
sued The board shall then pro vide for SUD
hitting the question of the issue of sliG bonds
u the qualified electors ottne city at a special
municipal election TO be called by the BOARD
Tor that purpc s., and II shall be held as neatly
as possible 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, tue object for which
the Indebtedness is 10 be created, and the rate
Of interest 10 be paid. shall be distinctly
stated. The ballots shall be printed; For the
issue Of bonds yes; For the issue of bonds.
ne" II two-third OF the electors OF the city
so voting atSucn election shall vote in favor
OF issuing bonds, and not otherwise, the board
may proceed 10 issue the amount of bonds
specified, in manner a. follows: said bonds 10
lie IL sums of not less than one hundred dol
lars. nor more than one thousand dollars
each, having not more than forty years 10
run. and bearing interest at u rate per annUm
not exceeding six per cent. payable semi
annually: the said bonds To be payable and
redeenlaele at 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
fornia. Tor value received promises 10 pay 10
OF the Treasurer OF said city. on the rirSt day
the yo}T, or at any time
before that date, at the pleasure Of the city. the
sum os-,,......,..,.... dollars. gold coin of the
United States, with interest a. the rate of -.
per cent per annum, payable at the o.f5ce oI
said Treasurer seml-annusilly, on the Iirst
DAYS OF .................s ....i i'm each wear
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. counteTSigned
Icy the President oi the BOARD of Trustees. and
atteSted by the City Auditor with the cor
porate seal OF said city hereto attached. this
-''--.--.-'.''-'-'''--.,'-'.-' mayor.
corporate Sal Pres, Board OF
Trustees.
Attest, ........--.........-,...-, City Auditor.
And the interest coupons shall lie in the
form following, aud signed oy the City Audi
tor:
The Treasurer OF the City Of Sacramento,
Calitofnia, will pay 10 the holder hereof. GA
the..-.....Gay ot,...--.,-..-.ln the year. a;
his Office IN said city. the sum of.,..........
dollars. gold coin. for interest on City Bond
Mo-.
SIC. los. Whenever bonds issued under
this Charter shall be duly executed. mum
oered conSec0tivSlS and sealed. they shall he
delivered 10 the City Treasurer and his rScei IT
taken therefor. and he Sllal stand CHARGED on
his o.4lcial bond With al bonds delivered 10
him. ana the proceeds thereof. The Treas
ureT shall then proceed 10 sell said bonds, tor
not less than par, together with any accamu-
lated interest, under the direction OF the Board
of Trustees, and for the highest prices. and
Whenever said boslx.S, or any portion tl.ereaL
are sold. he shau report II +. fact 10 tie
Auditor. Stating under US2th 10 whom sold.
assd for What price, and tie Auditor shall al
once appoTtlon the moneys SrlSsnE rom such
sale TO the proper tuad IN tue Treasury. ming
8 statement o. SSsc& superintendent with the
Treasurer. The Board OF Trustees shall have
the power and must create anu name the
moneys arising nom The sale of bonds shall
be pad. And before or st the tine OF issuing
said bonds. the Board % Trustees shall. ~
ordinance, PROVIDE tor the levy aud col sgia.l
OF a tax. 10 be levied and collected tssct " a.
at the same time ana IN the same manner as
ether city tsXeS> sufficient 10 uSsv the anVIgSI
interest upon $ Scn bonds issued aad cut
sGanSsinE. and not loSs than sssca pToporsfon-
ale ssars OF the principal thenSof aS one years
time bears - the whole serIn foV wAicA sach
bonds ara 70 runs aud 1t or before the date vi
maturity o. Ihe 0o<lGS the whole amount COL
lecteS thcrSsoc shall be sGs5clent 20
discharge $se whole amount OF the
principal and interest And the board mus
annually thereafter levy such tax in sufficient
amount IL ceslltg With The 1r0ViSiorS OF This
section and tsle ordinance ~ The board aEore-
sid: aa0 the moneys arising from such texles
snail 0e used Tor tie payment Of Sg,ch bends
azad interest coupons assG tor no other x,ssr-
POSE w1aaiSxer. " Whenever the amount in the
EslEa1. AFTER setting aside tie sum X qsIira 10
paw the lntsEe>S maturing before Inc next
sSNy, Is >ss1c4e4lS - redeem one or more such
bonds. he SNAIL publish, once week for two
TeeSSs IN q SaslS newspaper published in EsSs
city, noSicS te the e1cct thai lie * presSrsSI
10 pay such eSssld o. bonds giving the uaa.aa-
Der 11seTeoI}, asao sisat II same are not gsT-
ScnsSs soT ncdesnpEScn within thirty DAYS
after the ng>s publication OF such notice the
interest on sSseh eQlsuS VIII cease. He shall At
TIE same Tt-as deposit IN the RSs.osSce copy
OF such notice. aslcAoSaS ia a ssasea envelo,se
with t41e passage paid thereon. addressed IL
such owner or owners. a. shown BIZ the rSeS,-
er1s thereof Kept ~ the IresSgrsr'S ossscs- III
S.1oh bond or bonds sire Tot Presented within
the time specified IN such notice the interest