Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1913-04-30

time after FIVE years. and PAYABLE than
fifteen years from the date of issue thereof such other
time times respectively, be hereafter authorized by
law.
Section y. All interest coupons there
of shall be exempt from and all whatsoever and the
payment of the principal and shall constitute charge
upon the consolidated of the county issuing Them
SECTION b. The proceeds of all bonds issued under the
horiy of this Act shall be devoted exclusively the purposes
for which the issued expressed in the proclama
ton calling the election concerning their issuance The
pended balance any of the proceeds of bonds issued for
specific purpose shall be transferred the credit of the sinking
fund.- hereafter provided for for the redemption of any bonds
issued under this Act.
SEcTIoS IA The treasurer of the county with the approval
Of the board supervisors shall determine denominations
Of bonds issued under the authority of this and the
places where the principal and Of such bonds
of Them shall be payable and the method of their redemption
Said treasurer shall make may be
for the sale of the whole any of each
authorized ssue Such arrangements shall provide for the sale
of such bonds by the county ITSELF upon public advertisement
for tenders therefor least each week for less than
weeks newspaper of general circulation published
Honolulu, and newspaper if any, of general circulation
published in the county, bond shall be sold less than
per cent below its nominal par value provided that before
any sale made the shall first the approval
of snch sale by the board of supervisors.
SECTION 10 All bonds issued under the provisions of this
Act shall be Autographed engraved and shall be signed
by the county and the mayor chairman of the
board of supervisors and be sealed with the seal of the county
Interest coupons may bear autographed engraved facsimile
Of the signature of the county treasurer.
SECTION The treasurer of the county shall pay the pri
cipa of such bonds maturity and the neest thereon
the becomes due the place places and the
prescribed for such payment under the provisions of this Act
SECTION IT, The of the county is hereby required
establish sinking fund with which pay any bonded in
debedness of the county authorized hereby Within
the date any bond made by authority of this Act
and them and thereafter annually until all bonds of such
issue have been called he SHALL provided Sections 1919
and l272a of the Revised Laws, may be otherwise provid
ed by law from time time transfer from the receipts of the
county and deposit the credit of said sinking fund such
of money compounded annually the Of interest
specified in the bond of such ISSUE that the aggregate amount
transferred with the interest thereon would amount to the
par value of such bonds their maturity Except provided
by this Act SO deposited shall be used for the redep
ton purchase of any outstanding county bonds The auditor
the county shall open keep his books separate and
special of this fund which shall be known the sink
ing account and which shall all times show the
. condition thereof.
SEcroN Is Whenever the deposit the credit Of
said sinking sufficient the Of the county may
redeem one bonds The bonds be redeemed shall
be determined by drawings by lot the Office of the treasurer
publicly, after advertisement a newspaper of general circ
aon published in the City and County of Honolulu and in the
county less than week for each of three successive
weeks The treasurer shall forthwith newspaper
of general circulation published Honolulu and in places
other than Honolulu where interest payments upon said bonds
made less than week for three successive weeks
the numbers of the bonds drawn and that he prepared
to pay the same together with all interest accrued thereon
ing the ISSUE date date of payment the date interest will
and such further information be required by the terms
of said bond any law Of the Territory If the bonds sought
be redeemed aforesaid presented for payment
redemption before the payment date specified said
thereon shall be held exclusively for the payment thereof whe
presented All redepons shall be made provided by