Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1907-04-03


IrmIrom on INwAu.
BE E"octcd by hc Lcgshtrc of me Tc,iiory Of Hao:
SECTION l. For the sole purpose Of rcfrnding the por
and future bonded Indebtedness. Of Territory the Treasurer
IS hereby authorized and empowered with the approval Of
the Governor to issue negotiable rcundng bonds in the name
of the Territory of Hawaii with interest coupons attached in
an amount not exceeding the total authorized bonded indebted
ness of the Territory the principal and interest Of such refund
ing bonds be paid in gold coin of the United States of
America its equivalent its legal standard of weight and
hncness at the time of issuance of said bonds.
SECTION 2. All bonds issued under the authority of this
Act shall be approved by the President of the United States
and shall bear interest payable scmannualy
greater than that provided for in the bond by refunded Such
bonds shall be made rcdcmabc and payable provided v
law at the time of issuance thereof
SECTION B. All such bonds shall he exempt from any and
all taxes whatsoever and the payment of the principal and
interest thereof shall constitute charge upon the consolidated
of the Territory.
SEcrroN L. The proceeds of the bonds issued shall be
exclusively devoted to the purposes for which the
issued.
SECTION The Treasurer of the Territory NAV with the
approval OF the Governor determine the denominations of uc
bonds TO he issued under the authority of This Act aud tb
place or places at which the principal and interest of such bonds
or any OF them shall be payable and the method of their re.
phoh lie may make such arrangements as NAV be neccs-
say or proper for the sale of the whole any part of the
authorized issue The arrangements shall provide for the sale
OF the bonds by the Territory itself by public for
tenders or by private sale Provided however, that mo- bond.
authorized to he issued by this Act shall be sold less than their
nominal par value
SEcTIoN g. All bonds issued under the provisions Of this
Act shall be Autographed steel engraved 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 Treasury De.
parmen of the Territory Interest coupons shall bear ho-
graphcd engraved fac-simile the signature the person
holding the office of Treasurer of the Territory at the time of
the issuance of said bonds.
SECTION T. Said refunding bonds be exchanged at not
less than value for equal more than par
value of the bonds to be refunded under the provisions this
Act or said bonds be sold provided by this Act and
proceeds herefrom applied solely the payment of the bonds
to be refunded under the provisions of this Act All bonds so
refunded and redeemed by the issue and sale issue and
exchange of bonds herein provided for shall be cancelled
destroyed by the Treasurer.
SECTION When the bonds of the issues herein authorized
and the several thereto attached mature shall be
e duy OF the Treasurer to the presentations ont
OF any funds in his hands applicable thereto But if such bonds
or coupons made payable elsewhere the Office of the
treasurer he shall forward sufficient funds designated
pace or places OF payment to meet and all such obligations
at maturity in accordance with the terms thereof
SEcroN D. Bonds issued in substantial conformity TO the
preceding provisions shall in law be considered negotiable
SECTION TO- This Act shall take and become law from
and after the date of its approval and all Acts parts of
Acts IN conflict herewith are hereby repealed
Approved this End day of April, a. d. 1907
" al-.-4 H.
G. r. CARTER,