The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1903-05-19
FOR
LOAN ISSUE
Submits
Form of
Bond.

Treasurer Kepoikai Is preparing data
for the bond issue authorized by The
Legislature, which after submission to
Governor Dole will be submitted to the
various banks for approval as to form.
! The bonds cannot be issued under the
provisions of the act until the legisa-
ture has authorized loans and then on
ly in such amounts as are fixed by that
body. The arrangements being made
are simply as to form and denomina-
ton. Treasurer Kepoikai stated yes
terday that the denominations would be
probably be 500, 5000, $500 and $1,000.
He thought that $3.50 bond might also
be issued. The bonds will bear inter-
est at five per cent. There was a con-
ference between the Governor and the
treasurer yesterday as to the bonds, but
no conclusion was reached.
The law as passed contains the fol-
lowing provisions:
Section /. That the Treasurer of the
Territory is hereby authorized and en-
powered, with the approval of the Gov
ernor, to issue from time to time Bonds
of the Territory of Hawaii, with inter-
est coupons attached thereto, to an a
mount 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 It's
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 is
sued, except in pursuance of an Act OF
the Legislature defining the purposes
for which the same are to be issued,
nor until approved by the President.
Section 3. All Bonds issued under
authority of this Act shall bear inter-
est, payable semi-annually, at 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 4. All such Bonds shall be
exempt from any and all taxes whatso-
ever, and the payment of the principal
and interest thereof shall constitute
charge upon the consolidated revenues
Of the Territory
Section s. The proceeds of the Bonds
so issued shall be exclusively devoted
to the purp jsas for which the same ave
issued, as exp, essed in Act of the Leg
lslature under which the issue Of the
Bonds is autho, lied.
Section 5. 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 sucn
Bonds, or any of them, shall be paya-
ole. and the method Of their redemption. |
He may make such arrangements as |
may be necessary or proper for the sale |
Of the whole or any part of each au-
thorized issue. Such arrangements |
shall provide for the sale of such Bonds |
by the Government itself, by public |
advertisements for tenders, but no |
Bond shall be issued at less than 2 per |
cent below their nominal par value:
md no Indebtedness shall be incurred |
n any one year which shall exceed one |
he taxable property of the Territory,
rs shown by the last general assess
nent for taxation.
Section I. All Bonds issued under the
provisions of this Act shall be litho-
.raphed or steel engraved, and shall be
signed by the Treasurer of the Terri
'is' anu ny tHe INeSlStTaT OF fuDllc
accounts, and be sealed with the seal
# the office of the Treasurer.
Interest coupons shall bear n litho-
'raphed or engraved facsimile of the
gnature of the Treasurer Of the Ter
torv.
Section s. This Act shall take effect
md become Law from and after the l.
late of its approval