Year: 1876

An Act to Authorize the Cordordtion of


the City Of Los angeles to issue


Bonds for Building a Main Public


Setcer IN said city, and to Procide


for their Payment.


The people of the State of California
represented in the Senate and As
sembly do enact as follows:


SECTION !. The Common Council of
the city of Los Angeles is hereby au-
thorized and empowered, for and in
behalf and in the name of the said
corporation known as the Mayor and
Common Council of the city of Los
Angeles, to issue bonds of said city to
such amount as the Common Council
shall see fit, not exceeding the sum
of one hundred and thirty thousand
dollars, to sell the same and appropri-
ate 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. >. Each of the said bonds shall
be regularly numbered in numerical
order, and shall be paid 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;
they shall be payable to bearer in gold
coin of the United States, at the office
of the City Treasurer of said city, in
said city, twenty-five years from and
after the first day of July, A. d. 1876,
and shall bear interest 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 a
fund in said city to be known and
called The Main Sewer Fund, and the
City Treasurer of said city is hereby
required and directed to keep regular
account upon his books with said fund.
For the purpose OF providing for the
payment of the semi-annual interest
on said bonds and stheir final redemp-
tion and discharge, 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 as
sess, levy and collect, so long as re-
quired, upon all taxable property in
said city a tax of not exceeding one
fourth of one per cent, upon each one
hundred dollars of such property, all
of which taxes shall paid to said City
Treasurer, and be by him placed to
the credit of said Main Sewer Fund
and applied to the payment of the
principal and interest of said bonds.


SEC. 1. Whenever at any time there
shall be to the credit of said fund any
sum in excess of the aggregate of the
sum of five thousand dollars and the
amount that will be required to pay
the sem-annual interest next thereaf-
ter to be paid on said bonds, the Com
mon Council of said city is hereby au-
thorzed to direct and require the City
Treasurer of said city to advertise for
the redemption of bonds issued under
this Act.


SEC 5. 1t shall be the duty of the
Mayor of said city, the City Treasu-
rer and Clerk of the Common Council
to make out and return to the Com
mon Council of said city within thirty
days after the issuance of such bonds
a list thereof, showing the number
and amount of each, and to whom
sold and delivered, which report shall
be entered in full upon the minutes
of the Council, and the original pre-
served in the office of said Clerk, and
it shall be the further duty of the City
Treasurer to enter such list in suita-
BILE 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 Coun-
Gil shall have the power and authority
to reject any or all proposals, and to
do and perform such other things con-
cerning the construction of said sew
er, and the issuance, sale or redemp-
tion of said bonds before maturity, as
it may seem best for the interest of
said city.


SEC. Z. This act shall take effect
Immediately.