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of the outstanding bonds proposed to be refunded, he shall publish once a week for two weeks in some newspaper of general circulation published in such city or town, if there be any, a notice to the effect that he is prepared to pay such bond or bonds (giving the number thereof), and if the same are not presented for redemption within thirty days after the first publication of such notice, the interest on such bonds will cease. time, deposit in the postoffice a copy of such notice, inHe shall, at the same close in a sealed envelope, with the postage paid thereon, addressed to the owner or owners of such bond or bonds, at the postoffice address of such owner or owners, as shown by the record thereof kept in the treasurer's office. If such bond or bonds are not presented within the time specified in such notice, the interest thereon shall ther cease, and the amount due be set aside for the pay. ment of the same, whenever presented. All redemption of bonds shall be made according to the priority in the order of their issuance, beginning at the first number. Whenever such outstanding bonds are surrendered and paid, the treasurer shall proceed to cancel the same by indorsing on the face thereof the amount for which they are received, the word cancellation. He shall also keep a record of such bonds "Canceled" and the date of so redeemed, and shall make the common council, or a report of the same to city or town, at least once a month, accompanying the other governing body of such samc therewith by the bonds which have been taken up and carceled.

Ser. 3. All moneys which shall remain in said funding fund after all outstanding bonds or indebtedness as were proposed to be refunded have been taken up and canceled, shall be paid into the general fund of such city or town, and become a part thereof. [Amended 1901, 275.]

Sec. 4. Chapter eighty-two of the statutes of eighteen hundred and eighty-three, chapter forty-eight of statutes of eighteen hundred and ninety-three, and chapter the one hundred and seventy-six of the statutes of eighteen hundred and ninety-five, all being laws of the state of California in conflict herewith, are hereby repealed.

Sec. 5. This act shall take effect and be in force immediately after its passage.

This act repealed the act of March 15, 1883; Stats. 1883, p. 379, and the amendatory March 27, 1895, Stats. 1895, p. 203, providing for the refunding of inacts of March 1, 1893, Stats. 1893, 61, and debtedness and the issuing of bonds.

ACT 383.

An act providing for submitting to a vote of the qualified electors of a county, or city and county, a proposal to issue bonds.

[Approved March 15, 1883; 1883, 375.]

Issue of bonds to be submitted to vote.

Section 1. Any county, or city and county, in which the board of supervisors may declare by resolution that the income and revenue provided for it for the fiscal year end ing June thirtieth, eighteen hundred and eighty-three, will not be sufficient to carry on the government of such county, or city and county, until the commencement of the fiscal year beginning July first, eighteen hundred and eightythree, may, by resolution adopted by a majority of such board, and with the approval of the presiding officer thereof, submit to a vote of the qualified electors of such county, or city and county, a proposition to issue the bonds of such county, or city and county, in a sum not to exceed five hundred thousand dollars, in accordance with section eigh teen of article eleven of the constitution of the state of California.

Supervisors to issue and negotiate.

Sec. 2. The said board of supervisors are granted full power and authority to provide by ordinance for the printing, signing, custody, redemption, and issuance of all bonds under the provisons of this act, and for their negotiation, sale, or exchange for cash, or for county, or city and county indebtedness; provided, that said bonds shall not be sold below par.

Sinking fund created.

Sec. 3. Before any election is held to determine the question of the issuance of said bonds, the board of supervisors may provide by ordinance for the collection of an annual tax sufficient to pay the interest on any bonds which may be issued under the provisions of this act, as said interest falls due, and also to constitute a sinking fund to pay the principal of said bonds at a time to be fixed by said board of supervisors, not more than twenty years from the date of the passage of said ordinance,

Calling of election.

Sec. 4. Whenever the said board of supervisors shall, by resolution, so request, it shall be the duty of all officers,

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boards, and commissioners, to call an election as herein, and by said board of supervisors provided for, and at the time (which shall not be less than ten days) provided for by said board of supervisors; and at said election the regis ters used at the last general or special election shall be used without new registration.

Sec. 5. This act shall be in force from and after its passage.

ACT 384.

An act to authorize the several counties of this state to create a bonded indebtedness for certain purposes.

[Approved March 19, 1889; 1889, 348.]

Issuance of bonds to pay county indebtedness, not created by law, to be submitted to a vote.

Section 1. Whenever it shall appear to the satisfaction of the board of supervisors of any county of this state that said county is justly indebted to any person or persons for money received into the treasury of said county, and used by said county, and which said indebtedness at the time of its creation was not authorized by law, they shall, by ordinance, declare that said county is justly indebted to the person or persons named in said ordinance, in a sum named therein, and that the question of issuing bonds in the sum therein named, for the purpose of paying said debt, shall be submitted to a vote of the legal voters of said county.

Notice of election.

Sec. 2. The supervisors of said county shall thereupon publish a notice calling an election to be held in said county, submitting to the voters of said county the question whether said bonds shall be issued or not. The notice shall state the amount of bonds to be issued, the purpose for which they are issued; said notice shall be published, and the election held as provided by section thirty-seven of an act of the legislature of the state of California, entitled "An act to establish a uniform system of county and township governments, approved March fourteenth, eighteen hundred and eighty-three.

Return.

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Sec. 3. If upon return of the election it shall appear that two-thirds of all the voters voting at such election have

voted in favor of issuing said bonds, the supervisors are required to issue bonds in the sum named in the notice of election, payable to the creditors named in said ordinance; said bonds shall bear interest at the rate of five per cent per annum, and shall be payable at such time as the board of supervisors shall order, not exceeding twenty years from date. They shall be signed by the chairman of the board of supervisors and county clerk.

Tax levy to pay interest.

Sec. 4. It shall be the duty of the board of supervisors each year to levy a tax sufficient to pay the annual interest on said bonds, and to pay the principal as the same shall become due.

This act is to take effect from and after its passage.

ACT 385.

An act providing for the destruction of municipal bonds of municipal corporations where the same have been exeeuted and remain unsold.

[Approved February 26, 1897; Stats. 1897, 34.]

Section 1. Whenever there remain in the possession of any municipal corporations in this state any bonds voted to be issued for municipal purposes, which have been executed but not sold and disposed of, and the sale and disposal of such bonds shall be deemed by the board of trustees or other governing board of such city to have become impossible or inexpedient, and that their destruction is desirable, it shall be lawful for said board to give public notice of its intention publicly to destroy such bonds by a notice published for four successive weeks in the official newspaper of said city, if there be such a paper, and otherwise, in any newspaper published and circulated in said city which may be designated by said board; such notice shall specify the time and place of such intended destruc tion, and the reason alleged therefor, together with a general description of the character and amount of said bonds. And it shall be lawful for said board, at the time and place and in accordance with the terms of said notice, publicly to destroy said bonds unless at least three days prior to said time, written objections to such destruction shall be filed with the clerk of said sity, signed by a majority of the legal voters of said city as appears by the vote cast at the last preceding general municipal election.

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Sec. 2. No further or other issue of bonds in place of those thus destroyed shall be made by such city, or its board of trustees, or other governing board, unless again authorized by a vote of the people as provided by law.

Sec. 3. This act shall take effect and be in force from and after its passage.

АСТ 386.

An act to authorize municipal corporations to declare all or any of their bonded indebtedness to be at once due and payable, to compromise such bonded indebtedness and to consent to a judgment in favor of the holders of the same.

[Approved March 16, 1903; Stats. 1903, 164.]

The people of the state of California, represented in senate and assembly, do enact as follows:

Section 1. Whenever any incorporated city or town in this state has an outstanding indebtedness evidenced by the bonds thereof the common council, board of trustees or other governing body thereof, shall have the power to submit to the qualified electors of such city or town at any election to be held for that purpose, the question of declaring all or any of such bonds to be at once due and payable, of compromising such bonded indebtedness, of consenting to a judgment in favor of the holders of such bonds, and of providing for the payment of such judgment in installments.

Said election shall be called and held in the same manner in which other elections are held in such city or town. The notice of such election shall specify the bonded indebtedness which it is proposed to declare at once due and payable, the terms of the proposed compromise of the same, of the proposed judgment by consent in favor of the holders of such bonds, and the proposed method of paying such judgment in installments.

The question shall be voted upon as an entirety. If at such election two thirds of the qualified electors vote in favor of the question submitted, the said common council, board of trustees or other governing body shall, by ordinance, declare the bonds described in said notice of election, to be at once due and payable and thereupon shall be authorized to carry into effect the compromise and to consent to the judgment specified in such notice of election, and to the proposed method of paying the same in installments, and to designate by resolution the officers and

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