Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1907-04-25
G. r. CARTER,
Governor of the Territory of Hawaii
ACT 81.
AN ACT


To PROVIDE A SINKING FuNp REDEMPTION Pun
CHASE OF TERRITORIAL. BONDS.
BE Enacted By the Legislature of the TERRITORY of Hama:
SECTION l. The Treasurer of the Territory is hereby
torizcd and empowered establish special deposit in the
Treasury of the Territory sinking fund with which pay
present future bonded Indebtedness of the Territory and
upon from date of territorial bond issue hereafter
made whether same rcfunding bond issue otherwise,
and thereafter annually until all of the bonds of such issue
have been called ill., he shall transfer from the
of the Territory and deposit TO the credit of said sinking fund
such an amount of money WILL compounded annually the
of interest specified in the bonds of such ISSUE amount in
the uxpred term thereof to the full face value of such bond
issue.
The Treasurer shall also deposit the credit of said sinking
fund.- Immediately upon the receipt thereof all compensation
received from of the counties municipal divisions of
the Territory in payment for public improvements transferred
by the Territory to the said counties municipal subdivisions
of the Territory
The Treasurer shall also deposit the credit of said sinking
fund, Immediately upon the receipt thereof all receipts from
land sales made by the Superintendent of Public
Works
Except provided by this Act, such deposited
aforesaid shall be used for the redemption purchase of any
outstanding Territorial bonds and shall not be held exclusively
for the redemption payment of the bonds used basis for
the annual deposits
The Auditor of the Territory shall open and keep his
books separate and special account of this fund which shall
be known the Sinking Fund Account and which shall all
times show the exact condition thereof.
SECTION Whenever the deposit to the credit of
said sinking fund sufficient the Treasurer may redeem
bonds provided however, that prior such redemption
he shall advertise in newspaper of general circulation pub
hed in Honolulu and in places other than Honolulu where
interest payments upon said bonds made not less than
week for three successive weeks that he prepared
pay such bonds together with all interest accrued thereon
giving the numbers, issue, date date of payment the dato
interest will cease and such further information may be
required by the of the said bond law of the Terri
tory of Hawaii If said bonds sought be redeemed
aforesaid presented for payment redemption
before the payment date specified in said advertisement the
amount thereon shall be held exclusively for the payment
of said bonds whenever presented All rcdempton shall be
made provided by law and notice of redemption shall be
required other than that by publication hcrcnbcforc pro-
vided.
SECTION 3. Provided it be shown to be to the financial
advantage of the Territory the Treasurer of the Territory BY
and with the of the Governor is hereby authorized
buy in the open market any of the outstanding bonds of the
Territory of Hawaii not yet redcemabc whenever in
of the needed for the redemption of bonds then
rceemab the cxpcnsd of such purchase and above the
purchase price of said bonds be proper charge against this
fund
SECTION t. The Treasurer of the Territory is hereby
thorizcd by and with the of the Governor of the Terri
tory, make temporary of any part portion Of said
sinking fund held for the of bonds legally called
in for the purpose of paying the warrants drawn the
Treasury for Indebtedness of the Territory whenever
the cash in the Territorial Treasury sufficient
pay the provided however, that all taken shall
be redeposited the credit of said sinking fund
than fifteen days after the succeeding delinquency date
of property and income taxes.
SECTION All funds available for the payment of bonded
Indebtedness under the provisions of Section 277 of the Re
vcd Laws of Hawaii and Act 90 Of the Session Laws of
shall be transferred from time time the sinking fund
herein created and be subject all the conditions of
this Act
SECTION g. This Act shall take effect May 80 1907.
Approved this 23rd day of April A. D. 1907.