The record-union., 1895-05-28
CITY Debt SHOULD Be REFUNDED.
Resolution to That Effect Adopted by
the Trustees.
4 Serial Bond Plan Proposed-Sugges-
tfons Solicited From Citi-
Zons at Once.

At last nights meeting Of the City
Trustees q resolution. offered by Mr.
Mr.. Tozer, was unanimously adopted
pledging the board to some plan tor re-
funding the city debt.
The resolution favors the "serlar'
plan, but the board invites citizens to
suggest other plans to be considered at
meeting to be held on FRIDAY evening.
Following ia Trustee ToZer's plan:
WHEREAS, The City Of Sacramento is
indebted to holders of bonds OF said city,
issued from time to time for dlffereD
purposes in the total sum OF 81, 9UU, OF
which 81, ,050, 800 in sucn bonds Is helo py
the Funded Debt mission OF the city
of Sacramento, and S643, 800 is held by
persons other than the Funded Debt
Commission, leaving the net outstanding
bonded indebtedness of the city OF Sacra-
mento S643, 900, of which sum S2O4, ,2OO bears
interest at the rate Of six per cent. 70 per
cent per snnum, and $50, 500 bears inter-
est at the rate of five per cent. 70 per
cent? per annum, and S409, 200 now fulIy
matured, which does not draw any
interest, leaving the net amount
of Understanding debt of said city
$234. 700; and whereas, it is fully be-
Heved by the Board of Trustees OF
the city Of Sacramento that 1t is TO the
best interests Of said city that the lndeDt-
edness of said city. evidenced by the
principal of said bonds, should be re-
funded by the issue OF bonds OF the
character to be known as Serials, not
less than one-fortieth of the principal
being payable each year, together with
interest due on all sums unpaid, said
bonds to be called "Refunding Bonds OF
the City of Sacramento" and whereas,
the Legislature of the State OF California,
by an Act entitled IAN Act to amend Sec
ton l of an Act approved March 10, 1888,
and entitled An Act to authorize the
Common Council. Board OF Trustees. or
other governing body of any incorporated
city or town. other than cities of the hrst
class, to refund its Indebtedness, issue
bonds therefor and provide for the
payment Of the Same,' as amended
March l, 1898, approved March y,
1885," authorized the Board OF Trusteea
or governing bodies of cities other than
cities OF the first class in this State, hav-
ing outstanding Indebtedness, evidenced
by the principal of bonds by four-tfths
vote of such Board of Trustees to refund
such Indebtedness, and issue the bonds OF
such city therefor; provided, that no in
debtedness shall be refunded at higher
rate Of interest than the original lndebt-
edness bore; and whereas, 1t Is believed
that the city of Sacramento can refund It's
bdIO lllu6OL6QucSS OJ VIC ioSuO ~ S0AAeAA
bonds as aforesaid, which shall bear in
terest at the rate OF = per cent per
annum, payable semi-annuaily, both
principal and interest payable in the city
OF New York, or at the office OF the City
Treasurer OF the city of Sacramento. at
the option of the holder of such bonds,
both principal and interest payable in
gold coin of the United States of America;
therefore be it
Resolued, That it is the sense Of the
Board of Trustees of the city of Sacra-
mento that the outstanding Indebtedness
of said city, evidenced by the principal of
the bonds, should be refunded by the
issue of ''seriar' bonds. of which at least
one-fortieth of the principal should be
payable each year, together with interest
due on all bonds unpaid, at the rate of =
per cent. per annum. payable seml-an-
nually, both interest and principal paya-
BILE in gold coin of the United States of
America, in the city of New York, State
of New York, or at the office of the City
Treasurer in the city of Sacramento, State
of California, at the option of the holder
thereof, and that the Corporation Coun-
sci be directed to prepare the necessary
resolutions. form and documents neces-
sary and proper to legally authorize the
refunding of the Indebtedness of said city
on the terms herein outlined, and that
such Corporation Counsel prepare all
necessary details touching such refund
ing of such indebtedness, and that he re-
port to this board and furnish the forms,
resolutions. etc., necessary on or before
the Sd day of June, 1895.