The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1892-04-08
ARTICLE VII.
Rondea Indebtedness,

SEC. 10Y. The Board of Trustees NAV con.
tract bonded Indebtedness as follows: said
board shdu, BY order duly passed, by yeas
and nays, recorded in lis ioarnals 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 theu provide for SUB
uniting the question of the issue of SAID bonds
To the qualified electors OF the city at a special
municipal election to be cahed by the board
for that purpose. and il shall be held as nearly
as possible Ia conformity with the general
laws OF this State. Notice SHAH be given OF
such election by publication, Tor three weeks
next prior thereto, in some daily newspaper
published Ia the city. in which notice the
amount of such bonds proposed to be issued,
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 BONDS, and not otherwise. the board
may proceed to issue the amount of bonds
specified, in manner a follows: said bonds to
lie 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, ana 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 the
following form:
The City OF Sacramento, in the State of Cali
lorna, Tor value received PROMISE TO pay to
Or order, 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 annum, payable at tie once OF
said Treasurer semi-annually on the first
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 GARD Oh Trustees, and
attested by the City Auditor with the cor
porate seal of said city hereto attached, this
.........day of.............,...in the year..
.....................-.....-, Mayor.
corporate Seal ................., Pres. Board oil
Trustees.
Attest, ........................., City Auditor.
And the interest coupons shall he in the
form folio wing, and signed by the City Audi.
tor:
The Treasurer of the City of Sacramento,
California, will pay 10 the holder hereof, on
tne....day of:...........in the year........., at
MS Office In said city, the sum of..............
collars, gold coin. for interest on City Bond
No.......
.......-......................C City Auditor.
SEC. los. Whenever bonds issued under
TINS Charter shall be duly executed. num-
Dered conSecutively and sealed, they shall be
delivered To the City Treasurer and his receipt
taken therefor and he shall stand charged on
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 accumu-
lateQ interest, under the direction of the Board
OF Trustees, aud 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
ana Tor what price, and tie Auditor shall at
once apportion the moneys arising from sIich
SAFE 10 the proper fund III the Treasury, filing
q 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. bT
ordinance, provide for the levy and col e .tion
of q tax, 10 be levied and collected each year
at the same time and in the same manner as
other city taxes, sufficient TO pay the annual
interest upon sach bonds issued and out
standing, and not less than such proportions
ate part of the principal thereof as one years
time bears 10 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
principal and interest. And the board must
annually thereafter levy such tax in sufficient
amount TO comply with the provisions OF this
section and the ordinance of the board afore-
said; and the moneys arising from such levies
shall be used for the payment OF such bonds
and interest coupons, and Tor no other pur-
pose whatever. Whenever the amount in the
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 q eaily newspaper published in the
city. u notice TO the effect that he is prepared
to pay such bond or bonds giving the mum
Der thereof, ana that If same are not pre-
sented for redemption within thirty DAYS
after the first publication of such notice the
interest on such bonds win cease He shall at
l,a
of such notice, inclosed in sealed envelope
with the postage paid thereon addressed 10
such owner or owners, as shown by the rec
ords hereof kept in the Treasurer's ONCE. II
such Sbnd or bonds are not presented within
the time specified ia such notice the interest