The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1892-04-09
ARTICLE VII.
Bonded Indebtedness.

SEC. 1o7. The Board of Trustees may 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 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
hitting the question of the issue of S ND bonds
to the qualified electors of the city at special
| municipal election to be called by the board
for that purpo 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 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 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 bonos, 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 years to
run, ana bearing interest at a rate per annum
not exceeding six per cent, payable semi
annually; the said bonds to be payable and
r2deemable 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
foTnia, for value received promises To pay to
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 annum, payable at the ONCE oil
said Treasurer semi-annually, on the first
days .........fnd ....... .......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 countersigned
by the President of the GARD OF Trustees, and
attested by the City auditor, with the cor
porate seal of said city hereto attached, this
.-.......day oL............ln the year,.
.....---.--...--..............,M 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
Jne.-day of...............in the year........, at
his once IN said city. the sum
dollars, gold coin, for interest on City Bond
No.........
ACKNOWLEDGEMENTS City Auditor.
SEC. los. Whenever bonds issued under
this Charter shall be duly executed num-
bered consecutively and sealed. they Shall be
delivered 10 the City Treasurer and his receipt
his Official bond 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 accuInu-
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 to the
Auditor. stating under oath TO whom sold,
and for what price, and tie Auditor shall at
once apportion the moneys arising from such
sale to the proper fund in the Treasury. filing
q wit N Ia
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, BIZ
ordinance, provide for the levy and collection
of q tax, 20 be levied and collected eacn Va ar
at the same time and in the same manner as
other city taxes, sufficient to pay the annual
lntersst upon slcn bonds issued and out
standing. and not less than sucn proportions
ate part OF the principal thereof as one Years
time bears 10 the whole term for which such
oonos are 70 run; and at or before the date OF
maturity OF the bonds the whole amount col
lected therefor shall be sufficient IN
discharge the whole amount of the
principal ana interest. And the board must
annually thereafter levy such tax in SUFFICIENT
amount to comply with the provisions of this
sectlon ana the ordinance OF the board afore-
slld; aad the moneys arising from such levies
shall De USED Tor the payment of such bonds
and interest coupons, and for no other MIR.
pose Whatever. Whenever the amount in the
hands OF the Treasurer, belonging to Tie Bond
Fund, after setting aside the sum REQUIRED 10
pay the interest maturing before the next
levy. Is sUnclent to redeem one or more such
bonds, ne snail publish, once a week for two
weeks, III q daily newspaper published in the
city, a notice 70 the effect that he is prepared
to pay such bond or bonds giving the mum.
Der thereof. ana that ii 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 al
the same time deposit in the Postofhce copy
of such notice. Enclosed in sealed envelope
with the postage paid thereon, addressed to
such owner or owners, as shown by the rec.
ords thereof kept in the Treasurers Office 81
such bond or bonds are not presented within
the time specified in such notice the interest