Page:United States Statutes at Large Volume 17.djvu/127

 FOR.TY—SECOND CONGRESS. Ssss. II. Ch. 142. 1872. 87 ple of that sum, not to exceed the amount of said liabilities, bearing interest interest, when, not to exceed six per centum per annum, payable semi-annually in `gold, Wl1¢¤‘¤» ¤¤<U¤¤W and having a period to run not more than thirty years nor less than fifteen pay °b1°* years; and the said commissioners are hereby authorized to negotiate the how may be sale of the said bonds at their discretion, at a rate of discount not to exceed mdthree per centum upon their par value, and with the proceeds thereof to pay the said liabilities of the city of Washington; and the principal and interest of said bonds shall be made payable in the city of Washington, or in the city of New York: Provided, That such amount of the said bonds Trust funds to or their proceeds as is necessary shall be applied and strictly held to make bs m°·d° 8°°d· good the trust·funds ; on which there is a denciency of two hundred and eighty-six thousand three hundred and seventeen dollars and fifty-eight cents: Provided, further, That the holders of any of the said iioating debts Holders of shall have the privilege of converting the same, or any part thereof; at'par, ¤°¤*·l¤8 d°b* mV for an equal amount of the bonds proposed to be issued under this act. wnvm me Sm"' Sec. 2. That the legislative assembly of the District of Columbia is Taxmbf, hereby empowered to cause to be levied upon and collected from all leviedi &<=-, ¤¤- taxable property of the city of Washington, within its limits, a tax Qtyé 2’u§“y annually, which shall be sufficient to pay the interest upon the said bonds, mats s sinking and to create a sinking-fimd sufficient to retire the said bonds at maturity, *’¤¤d· the said tax to be collected at the same time and in the same manner as general annual taxes are collected in the said District: Provided, That the Aggre fetax, aggregate amount of taxes in any one year, excepting such additional assess- ¤¤¤¢i¤*. 5;-i ¤<>¤ ments as may be made for improvements specially authorized by law, shall t° °x°“d’ &°' not exceed two per centum on the assessed cash valuation of property in said cit . SEc.y3. That the collector of the District of Columbia shall pay over to Money col- _ the said commissioners, upon their requisition being hrst certified by the 1g°*°d *°.b‘? P‘“d auditor and the comptroller of said District, as is now provided by the ,,,,§°]iE,i:],isQ,s;,‘;,xi§,l3f laws of said District, all the moneys collected by virtue of this act, with which said moneys the said commissioners shall pay or cause to bepaid the coupons or interest on said bonds issued by them under the provisions of this . act; and the residue, collected as aforesaid as a sinking-fund, the said commissioners shall invest in the said bonds issued by them, or in any bonds of the District of Columbia or of the late corporations of the cities of Washington or Georgetown, and shall cause to be placed on record, in the office B~*;i>¤¤‘¤ of wmof the register of the said District of Columbia, a full and complete report m‘s“°“°"` of all their acts herein on or before the nrst day of January of each year, and shall also make a report of the same to the legislative assembly at the commencement of each regular session thereo£ Sec. 4. That the said bonds shall be issued in the name of the District Tenor of the of Columbia, and shall show that they are so issued in payment of the 2E2S18g:;" °¥°· liabilities aforesaid of the city of Washington (found to be due at the time mm1_ mgw and in the manner provided in the first section of this act), and said bonds shall be signed by a majority of the commissioners aforesaid, and countersigned by the register and the comptroller of the said District; and a proper registry shall be kept in the office of the register of the said District of the number, denomination, date of issue, and to whom issued. Sec. 5. That so much of the act passed at the late extra session of the Conllicting legislative assembly of the .District of Columbia, entitled "An act provid- Qixffgzglbigt ing for the payment of the debts of the late corporation of Washington," of the District approved January nineteenth, eighteen hundred and seventy-two, levying decland V01d- taxes on real and persdlal property in the city of Washington, to pay the debt and the interest on the debt of the late corporation of Washington, as conflicts with the provisions of this act, be, and the same is hereby, disapproved, cancelled, and declared void. Sec. 6. That the act of the legislative assembly of the District of Colum- Certain acts of bia, approved August nineteenth, eighteen hundred and seventy-one, entitled gg xgghf _ An act authorizing the District of Columbia to create a debt for special cmu; vm,