ty, 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. 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 executed 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 destruction, 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 city, signed by a majority of the legal voters of said city as appears by the vote cast at the last preceding general municipal election. 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. ACT 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 man. ner 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 elec tion, 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 attorneys who shall sign the necessary documents, and to provide for the collection of an annual tax, sufficient to pay the interest on such judgment as it falls due, and such a proportion of the principal thereof as is designated in such notice of election. Sec. 2. No proceeding under section one hereof shall affect the rights of any non-consenting holder of any bond or bonds specified in the notice of election. Sec. 3. In any action brought upon any of the bonds. described in the notice of election, the judgment of any court of competent jurisdiction in such action, shall be conclusive as to the regularity of all proceedings taken under the provisions of section one of this act. Sec. 4. Whenever any action is brought upon any of the bonds described in the notice of election, the plaintiff shall be required to deposit in the court in which such action is brought, the bonds upon which he sues and when the judgment of such court, rendered in accordance with the terms of the proposed compromise described in such notice of election, becomes final, the bonds sued upon shall be delivered to the treasurer of the city or town against which such judgment is rendered, to be held by him and his successors in office until such judgment shall have been satisfied in full. If for any reason such judgment should be reversed or set aside or any orders or writs thereunder should be disobeyed by the defendant or its officers, it shall be the duty of such treasurer to return such bonds to the plaintiff who thereupon may at his own option be relegated to all the rights which he held and enjoyed under such bonds, crediting, however, on such rights, all amounts already received on such judgment. The performance of the duty imposed herein upon such treasurer may be enforced by the court in which such judgment is rendered. Sec. 5. All acts or parts of acts conflicting with this act are hereby repealed. Sec. 6. This act shall take effect immediately. ACT 387. An act in relation to municipal bonds. The people of the state of California, represented in senate Section 1. Whenever the owner of any coupon bond, or of any bond payable to bearer, already issued or hereafter issued by any municipal corporation now or hereafter existing in this state, shall present any such bond to the treasurer or other officer of such corporation, who by law performs the duties of treasurer, with a request for the conversion of such bond into a registered bond, such treasurer, or such other officer, shall cut off and cancel the coupons of any such coupon bond so presented, and shall stamp, print, or write upon such coupon bond, or such other bond payable to bearer, so presented, either upon the back or upon the face thereof, as may be convenient, a statement to the effect that the said bond is registered in the name of the owner, and that thereafter the interest and principal of said bond are payable to the registered owner. Thereafter, and from time to time any such bond may be transferred by such registered owner in person, or by attorney duly authorized on presentation of such bond to such treasurer, or such other officer, and the bond be again registered as before, a similar statement being stamped, printed, or written thereon. Such statement stamped, printed, or written upon any such bond may be in substantially the following form: (Date, giving month, year, and day.) This bond is registered pursuant to the statute in such cases made and provided in the name of (here 4 insert name of owner) and the interest and principal thereof are hereafter payable to such owner. Treasurer (or such other officer). After any bond shall have been registered as aforesaid, the principal and interest of such bond shall be payable to the registered owner. Such treasurer, or such other officer, shall keep in his office a book or books which shall at all times show what bonds are registered and in whose names respectively. Sec. 2. Whenever under any statute of this state or any charter of any municipal corporation in this state, any bonds are issued, whether the proceedings for the issuance of such bonds have been had in whole or in part prior to the enactment of this statute, or whether the same have been had in whole or in part after the enactment of this statute, such bonds may be issued either in the form of coupon bonds, or in the form of registered bonds, or some in the form of coupon bonds, and some in the form of registered bonds, as has been or hereafter may be provided in the proceedings for the issuance of such bonds, and notwithstanding any language or provision to the contrary contained in any such statute or charter authorizing the issuance of the bonds, or in any other law of the state. The provisions of section one of coupon bonds, so issued, as well as to other coupon bonds, or other bonds payable to bearer. Sec. 3. This act shall take effect immediately. this act shall apply to Authorizing boards of supervisors to grant franchises for constructing booms. [Stats. 1881, p. 25.] Superseded by subd. 35, sec. 25, County Government Act, 1897, 466. Repealed 1901, 265. ACT 397. TITLE 55. BOUNDARIES OF STATE. To provide for the correction and establishment of the eastern boundary of the state. [Stats. 1889, p. 38.] Perhaps obsolete, for it provided the work was to be done in one year. |