Chapter CCLIII. *to authorize the City of Washington to issue Bonds for the Purpose of paying the floating Debt of the City.* July 27, 1868. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,* That the city of Washington be, City of Washington may issue
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Chap. CCLIII.— An Act *to authorize the City of Washington to issue Bonds for the Purpose of paying the floating Debt of the City.* July 27, 1868. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,* That the city of Washington be, City of Washington may issue not over $ 800,000 of bonds to pay its floating debt. Denomination, interest, &c. Bonds, how to bo executed, and where payable;and hereby is, authorized to issue, by vote of its councils, registered or coupon bonds in denominations of fifty dollars, one hundred dollars, five hundred dollars, and one thousand dollars, payable in ten years from the date of issue, bearing interest at the rate of six per centum per annum, payable semiannually; principal and interest payable in lawful money of the United States.
Said bonds shall be signed by the mayor and countersigned by the register of the city, and shall be payable at such place or places as may by them be deemed expedient, and may be issued and disposed of to an amount sufficient to pay and discharge the present floating debt of the city, not, however, to exceed the sum of eight hundred not to bo sold, for less than par, &c.thousand dollars: *Provided,* That said bonds shall not be sold for less than their par value in lawful money of the United States, or in exchange for said matured and liquidated indebtedness: *Provided also,* That no greater amount of said bonds shall be disposed of than may be found necessary for the payment of said indebtedness.
Interest and sinking fund for redemption to bo provided for by taxation. Sec. 2. *And be it further enacted,* That it shall be the duty of the city councils upon issuing the bonds herein authorized, to provide by taxation for the prompt payment of the interest thereon; also to provide for the redemption of the said bonds by establishing a sinking fund to be set apart annually to an amount not exceeding ten per centum of the amount of bonds issued, said sinking fund to be created from regular taxes levied for that purpose, and to be assessed and collected as other taxes.
Necessary ordinances may be passed. Sec. 3. *And be it further enacted,* That the said city councils are hereby authorized to pass any and all ordinances which may be necessary to carry into effect the provisions of this act, and all acts or parts of acts inconsistent with this act are hereby repealed. Approved, July 27, 1868.