Year: 1876

49,


SEC. l. The Common Council of the
city of Los Angeles is hereby author
lied and empowered for, and in be-
half, and in the name of said corpora
tion, known as the Mayor and Com
mon Council of the City of Los Ange-
les, to issue bonds of said City to such
amount as the Common Council shall
see fit, not exceeding the sum of thir-
ty thousand dollars, to sell the same,
and appropriate the money received
therefor to the acquisition by purchase
or otherwise, of the needed right Of
way and to the construction In said
city of main public sewer OF such
dimensions and materials and in such
manner as the Common Council shall
determine to be best.


SEC. 2. Each of the said bonds shall
be regularly numbered in numerical
order, and shall be issued in such sum
not exceeding one thousand dollars, as
the Common Council shall direct,
shall be signed by the Mayor and City
Treasurer of said City, respectively,
and countersigned by the clerk Of the
Common Council, and have the cor
porate seal of said city affixed thereto,
shall be payable to bearer in gold coin
of the United States at the Office Of tho
City Treasurer Of said city, twenty-five
years from and after the first day OF
July "a. ID. 1870 eighteen hundred
and seventy-six, and shall bear inter-
est at the rate of seven ~ per cent per
annum from date until paid, and to
provide therefor shall have attached
thereto in the usual form, coupons
signed by the City Treasurer OF said
city, the interest to be payable semi
annually, on the first day Of January
and the first day of July of each year,
at the office of said Treasurer, both
principal and interest to be paid out
of the fund hereinafter established.


SEC. 3. There is hereby created Q
fund in said city to be known and
called 'HThe Main Sewer Fund.- and
the City Treasurer of said city Is here
by required and directed to keep
a regular account upon his books
with said fund. For the purpose
of providing for the payment of the
semi-annual interest on said funds and
their final redemption and dischage
the authorities Of said city, are hereby
authorized and required annually each
year at the same time and in the
same manner as other municipal taxes
in said city are assessed, levied and
collected, to assess, levy and collect
so long as required, upon all taxable
property in said city, a tax not ex-
ceeding one fourth of one per cent.
upon each one hundred dollars of such
property, all of which taxes shall be
paid to said City Treasurer and be by
him placed to the credit Of said "Main
Sewer Fund" and applied to the pay.
ment of the principal and interest Of
said bonds,


Sec. Whenever at any time there
shall be to the credit of said fund any
sum in access of the aggregate Of the
sum Of five thousand dollars and the
amount that will be required to pay
the semi-annual interest next there
after to be paid on said bonds the
Common Council of said city is here
by authorized to direct and require
the City Treasurer of said city to adj
vertise for the redemption of bonds is
sued under this Act.


Sec. 5. 1t shall be the duty of the
Mayor of said city, the City Treasurer
and the Clerk of the Common Coun-
ell to made out and to return to the
Common Council of said city within
thirty days after the issuance of such
bonds list showing the number and
amount of each and to whom sold and
delivered, which report shall be enter
ed in full upon the minutes of the
Council and the original preserved in
the office Of said Clerk, and 1t shall
be the further duty of the City Treas
urer to enter such list in suitable
book which shall be preserved In his
Office.


Sec. g. In providing for the sale of
said bonds, for their redemption before
maturity and In all other cases refer
red to in this Act, the Common
Council shall have the power and au-
thority to reject any or all proposals
and to do and perform such other
things concerning the construction OF
said sewer and the issuance, sale or
redemption of said bonds before ma
turity as to 1t may seem best Tor the
interest of said city.


Sec. Z. This Act shall take effect
Immediately.


Approved, March 2Sd, 1879.