Chapter 17. authorizing the Commissioners of the District of Columbia to issue twenty year five per cent bonds of the District of Columbia to redeem certain funded indebtedness of said District
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CHAP. 17.— An Act authorizing the Commissioners of the District of Columbia to issue twenty year five per cent bonds of the District of Columbia to redeem certain funded indebtedness of said District.June 10, 1879. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*,District of Columbia. That the Commissioners of the District of Columbia be, and they are hereby, authorized to prepare, execute, and deposit with the Secretary of the Treasury of the UnitedIssue of bonds.
States bonds of the District of Columbia, bearing interest not exceeding five per centum per annum, and payable twenty years after date, to the amount of not more than one million two hundred thousand dollars, the proceeds to be used only for the redemption of funded indebtedness of said District or of the late municipal corporations of Washington and Georgetown which became due January first and Marell first, eighteen hundred and seventy-nine, or those now existing and payable at pleasure, for the redemption of which the sinking fund of said District may not provide.
Said five per centum bonds shall be in such form and denominationsForm, etc. as the Secretary of the Treasury shall approve, and shall be numbered consecutively and registered in the office of the auditor of said District, and also in the office of the Register of the Treasury of the United States, in such manner as the Secretary of the Treasury may direct, and shall bear the seal of the District of Columbia: *Provided,**Proviso.* That this act shall not be construed to make the government of the United States liable for either the principal or interest of said bonds, or any part thereof.
Said bonds shall be sold by the Secretary of the Treasury to the highestSale of bonds and disposition of proceeds. bidder upon public tender, but for not less than their par value, after being advertised for one week in two daily newspapers in the city of Washington and two in the city of New York. The bids shall be opened by the Secretary of the Treasury and the awards approved by him. The 10 FORTY-SIXTH CONGRESS. Sess. I. Ch. 17, 18. 1879. money realized from the sale of said bonds shall be paid out by the Secretary of the Treasury only for the purposes named in this act.
Sec. 2. Repeals. That the provisions of all acts conflicting herewith, and the acts or parts of acts authorizing said Commissioners of the District of Columbia to issue bonds to redeem certain bonds of said District falling due January first and March first, eighteen hundred and seventy- nine, no bonds having been issued thereunder, are hereby repealed. Approved, June 10, 1879.