The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1893-02-20

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Authorize National Loan, and to define
the uses to which the money borrowed
shall be applied" was approved on the
11th day OF January, A. D. 1898;
And, Whereas, on the 18th day of
January, A D. 1898, the Provisional
Government of the Hawaiian Islands was
proclaimed and established and became
vested with all the rights, powers and
authority of the Government of the Ha-
waiian Islands heretofore existing;
Now, Therefore, in order to carry out
the purpose of said Act approved Janu-
airy II, 1898,
BE IT ENACTED by the Executive and
Advisory Councils of the Provisional
Government of the Hawaiian ISL
ands:
SECTION 1.-The Minister OF Finance,
with the approval of the Executive Coun-
Gil, is hereby lrhorized to issue Coupon
Bonds OF denomination of not less than
One Thousand Dollars ($l ,0O0), and in
the aggregate not exceeding Seven Hun
dred and Fifty Thousand Dollars
($750, 0O0), in the manner and for the
uses in this Act stated.
SEcrIoN 2-Said bonds shall be
exempted from all taxes, and shall bear
interest at the rate of not more than six
per centum per annum, payable semi
annually, and shall be redeemable not
less than five nor more than twenty years
after the date of issue, the principal and
interest to be paid in Gold Coin OF the
United States of America or its equiya-
lent at its present standard Of weight and
fneness.
SECTION Said bonds shall be signed
by the Minister of Finance and by the
Registrar of Public Accounts and be
sealed by the seal of the Department of
the Minister OF Finance, and shall not be
issued at less than the rate of ninety
eight per centum of their nominal par
value in Gold Coin of the United States,
except that the Minister of Finance, with
the approval of majority of the Execu-
tive Council may allow commission not
exceeding five per centum to any person
or syndicate that may negotiate said
bonds; provided, however, that any such
commission shall not be allowed for any
bonds sold in the Hawaiian Islands.
SECTION 1.-THE sums borrowed under
this Act shall be placed in the Treasury
to the credit of the sloan Fund 1892"
and shall be paid out for and used for the
following purposes and no other:
New wharves, sea wall,
dredging harbor and
bar Honolulu. ..,.........$ 100000 90
Roads, bridges and landings 126,5OO 90
New buildings, vaults, mag
azine, hospitals ........ 100000 90
Additions and improvements
to Water Works.-~.-... 100000 90
Volcano Road...-..-........ $4,000 90
Road damages. .....- $4,000 OC
Forests, parks and nurseries. $4,000 90
Quarantine expenses. ...... 10000 OO
Subsidy to Oahu Railway
and Land Co........... $4,000 90
Encouragement to Immigra-
tion....-... ....~".-... 10000 90
Expenses OF Registration Act $500 OC
Purchase electric light plant 5000 OC
Purchase kuleanas in Kala-
wac and Kalaupapa...... 5000 oC
Purchase Chemical Engine
and house for same......~ 5000 oC
Expenses survey sewerage
system, Honolulu-...... 1000 OC
Expenses for placing this
Loan, not to exceed $1,000 OC
S 100000 OC
SECTION 5-The Minister of Finance is
hereby authorized to pay out of the
money borrowed under this Act, the
commission allowed by Section and the
expenses of preparing the bonds and
coupons for use.
SECTION 6-The said Minister of FL
nance is hereby authorized to make such
arrangements as will enable the holders
OF bonds issued under the provisions o.
this Act to receive the interest due there
IN IN 1Tr,f,