The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1896-05-15
The Council Is Preparing to
Issue Lots of Bonds
ARE AFTER AN OLD DEBT
An Ordinance Which Was Not Adopted
Yesterday
The Bosrd Of Park Commissioners Tfsnsacts
Routine Business-Thers Is Trouble
Over on Boyle Heights

The city council at an adjourned ses-
sion held yesterday adopted by a unani-
nous vote the following very important
resolution:
Whereas, there were included in the
tax levy for the present fiscal year GER
tain amounts to be placed in sinking
funds for the redemption of outstanding
bonds, be it
Resolved, that the city attorney be in
structed to at once commence the proper
proceedings required by law to pay off:
$4,000 of the general Improvement
bonds.
$4,000 Of the bonds Of 1881.
$4,000 of the main public sewer bonds
of 1887, and that the ordinance to refund
all of the outstanding bonds Of the issue
above named less the amounts ordered
paid, be prepared and presented at mis-
earliest convenience.
The ordinance authorizing the issu-
ance Of bonds to the amount of $270,O0O
for refunding certain part OF the c1tys
bonded debt was reported by the city at
torney, but was not passed owing to the
absence of quorum. 1t will again come
up for consideration next Monday. The
ordinance is as follows:
An ordinance providing for the issu-
ance of bonds Of the city of Los Angeles
to the amount of $27O, 900 for the purpose
of refunding certain outstanding bond
ed Indebtedness Of said city.
The mayor and council of the city Of
Los Angeles do ordaif as follows:
Section l. That. whereas, the city of
Los Angeles has now outstanding the fol-
lowing bonded Indebtedness. namely:
$50, 600 funding bonds of 1881, due July l.
1901; $125,0O0 of general improvement
bonds of 1886. due July l, 1906; $4,000 Of
same of 1887, due July l. 1907; $4,000 of
same of 1883. due July 1. 1908, amounting
in all to 100000. and all of which bear
greater rate Of interest than - per
cent per annum; and
Whereas, 1t is deemed expedient by
the city council of said city to refund
said Indebtedness, and to issue bonds
therefor bearing interest at the rate Of
- per cent per annum, said bonds to
De serial in character, one-fortieth part
or the whole amount of said indebted
ness, together with interest thereon, to
be paid each year.
Now, therefore, in pursuance Of the
laws of the state of California, and for
the purpose of refunding said outstand-
ing bonded Indebtedness, 1t is ordained
That refunding bonds of said city to the
amount of 100000 shall be issued, said
ponds to be serial in character sid one
iortieth part Of the principal of said
bonds and the interest thereon to he
paid each year.
section z. Said bonds shall be $50 in
number, $50 Of which shall be for the sum
OF $500 each, and forty of which shall he
Tor the sum of $3.50 each. All of said
. UonuS snail be dated July /, 1896, and
sha!l pear interest at the rate Of per
cent per annum payable semi-annuailv
IIHiclpal and interest of said bonds
Snail De payable in gold coin of the
Uniteu states at the office of the treas
urer OF said city of Los Angeles: Said
worSs snall De substantially in the
"T ,Th ana ngures following to-wit:
Inc interest coupon shall be substan.
TALLY as follows to-Vit.