The Hawaiian star. [volume] (Honolulu [Oahu]) 1893-1912, 1901-03-09
CECIL BROWN MOVES FOR BIG
LOAN.
Brings in Bill Authorizing Treasurer to
Borrow Not Less Than S5OOO,O 600 at
Five Per Cent-Details.

Senator Cecil Brown introduced an
important loan bill in the Senate this
morning, as follows:
whereas, to meet the requirement of
the Territory for the erection and inn
provement of public buildings and edu-
cational institutions, and for Wharves,
roads, harbor and other public improve
ments, 1t Will be necessary to effect
loans from time to time by means of the
issue of bonds and
Whereas, it is necessary that all
loans to be effected hereafter, should
be effected, and that the bonds to be
issued therefor. should be issued in
conformity with the Act of Congress
providing a Government for the Terri
tory of Hawaii approved April 30th,
A. ID. 1900 and that the authority to
effect such loans and issue bonds in
respect thereof should be given in a
uniform manner:
Now Therefore, for the carrying out
of the purpose above mentioned,
Be it enacted by the Legislature of
the Territory of Hawaii:
Section l. That the Treasurer of the
Territory, is hereby. authorized and en-
powered with the approval of the Cow
ernor, to issue from time to time bonds
of the Territory of Hawaii, with in
terest coupons attached thereto, to an
amount not exceeding five million dol
lars, the principal and interest to be
paid in Gold Coin of the United States
of America, or its equivalent at its
present standard of weight and fine
ness in the manner, upon the terms and
for the purposes in this Act stated
Section 2. No such bonds shall be
issued except i'm pursuance of an Act
of the Legislature defining the pur-
poses for which the same are to be is
sued, nor Rntil approved by the Presi-
dent.
Section g. All bonds issued under
authority of this Act shall bear inter
est, payable semi-annually, at the rate
of not more than five per cent per an
mum and be made redeemable in five
years and payable in fifteen years from
the date of issue thereof.
Section H. All such bonds shall be
exempt from any and all taxes whatso-
ever and the payment of the principal
and interest thereof shall constitute a
charge upon the consolidated revenues
of the Territory
Section s. The proceeds of the bonds
so issued shall be exclusively devoted
to the purposes for which the same are
issued as expressed in Act of the Leg
islature under which the issue of the
bonds is authorized.
Section 6. The Treasurer of the Ter
ritory may, with the approval of the
Governor determine the denominations
of such bonds, to be issued under the
authority of this Act and the place in
which the principal and interest of
such bonds or any of them, shall be
payable and the method of their re-
demption
He may make such arrangements as
may be necessary or proper for the
sale of the whole or any part of each
authorized issue. Such arrangements
shall provide for the sale of such
bonds by the Government itself, by
public advertisement for tenders, but
no bonds shall be issued at less than
per cent below their nominal par
value; and no Indebtedness shall be in
Cured in any one year which shall eX-
ceed one per centum upon the assessed
value of the taxable property of the
Territory as shown by the last general
assessment for taxation.
Section T.. All bonds issued under
the provisions of this Act shall be
Autographed or steel engraved, and
shall be signed by the Treasurer of the
Territory and by the Registrar of Pub
lie Accounts and be sealed with the
seal of the office of the Treasurer.
Interest coupons shall bear a litho-
graphed or engraved fac-simile of the
signature of the Treasurer of the Ter
ritory.
Section 8. This Act shall take effect
and become law from and after the
date of it's approval.