Honolulu star-bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1912-2010, 1913-04-24

the benefited improved district shall be payable bearer
in sufficient period of years the number of INSTALL
payments determined upon pursuant provisions of
this Act and shall be subject to call hereinafter provided
The bonds of each Issue shall bear serial numbers shall be of
such denomination exceeding thousand dollars EACH
may be determined by the Supervisors and shall bear in
terest at the rate of not more than SO per payable
semiaunuay may be determined by the Supervisors.
Such bonds shall be executed by treasurer pur
TO and under the authority and requirements of resu
ons of the Supervisors Said bonds shall be counegnod by
the mayor and atesed by the clerk and by the seal Of the city
and county Interest coupons shall bear Autographed
grave facsimile of the signature of the county The
treasurer shall preserve record of such bonds in suitable
book kept for that purpose Such bonds shall payable only
ont of the moneys collected of made
for the improvement for which they issued and the city and
county shall not otherwise guarantee payment of any bonds
issued under the provisions of this Act
All moneys collected of interest assessments
for any improvement shall be kept by the treasurer of the city
and county special fund and applied solely the payment
of interest and principal of the bonds issued for such improve
men until all such bonds shall have been paid In the event
that any surplus shall remain any such special fund after
payment of the bonds chageabe against such fund.- shall be
credited to and become part of the general the city
and county
The principal and interest of such bonds shall be payable at
the office of the Treasurer of the City County Of Honolulu
and may also be made payable the Office Of any bank
fducay company such other place places may be de-
eined by the Supervisors In all the bonds and coup
shall ecte the place places of payment In case any
bonds made payable elsewhere than Honolulu the treas
shall remit the funds necessary pay and
principal Ehenue Of any such bonds with exchange the
institution designated first assuring himself that such nst
tuition is then solvent
Bonds issued may be Supervisors at par to pay
H.. - -.
proceeding brought aforesaid in the that such bonds
not used they shall then be sold the highest bidder or
bidders therefor after public advertisement for tenders for at
least each week for less than four successive weeks
in suitable newspaper Of general circulation published the
City and County Of Honolulu and the proceeds thereof shall
be 50 applied
SRcTnS II Whenever considered desirable by the Super
vsors and whenever sufficient funds in the hands of the
City and County Treasurer exceeding the next interest pay
men the unpaid principal of any bond issue made the
Supervisors may direct the treasurer by resolution call for
payment by advertisement for not less than FIVE days in
newspaper of general circulation published in Honolulu such
number M bonds there funds pay. AT the expra-
ton of thirty days from the first publication of said notice
interest the bonds called for payment shall The
notice shall specify the serial numbers of the bonds called
which numbers shall be determined by lot in the following
the treasurer shall be prepared slips of paper
Of uniform size bearing respectively the numbers of the bonds
of the issue then outstanding and shall place such slips
suitable eonainer in such that the numbers said
slips shall be hidden He shall hereupon the presence of
the county clerk draw from said the number of slips
representing the aggregate par value of the bonds be re
deemed and paid
SEcTos Is. All bonds previously paid shall be paid
at maturity together with thereon
due at the place places and the prescribed bh
!. Act
SECTION - No action proceeding at law in equity
to royew any acts proceedings to question the validity
enjon the performance of any the issue payment of
bonds the levy collection of any author
lied by this Act for any other relief against any
proceedings done had under this Act whether based upon
irregularities jmisdictional defects otherwise shall be
hon,,r