Chapter 563.
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CHAP. 563.— An act to provide for the payment of bonds of the District of Columbia falling due July first, eighteen hundred and ninety-one and July first and twenty-sixth, eighteen hundred and ninety-two.March 3, 1891. *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*,District of Columbia. That the Treasurer of the United States, ex officio commissioner of the sinking fund of the District of Columbia, is hereby directed to cause bonds to beIssue of ten-year funding bonds. prepared in sums of one hundred, five hundred, and one thousand dollars, to be designated as ten-year funding bonds of the District of Columbia, bearing interest at the rate of three and fifty hundredthsInterest 3.50 per cent. per centum per annum, payable half yearly on the first days of July and January in each year.
Such bonds shall be redeemable at pleasureRedeemable after two, payable after ten years. Not taxable. after two years and payable ten years after the date of their issue. The principal and interest thereon shall be exempt from taxation by Federal, State, or municipal authority, and the faith of the United States is hereby pledged that the United States will, by proportionalPayment. appropriations and by causing to be levied upon the property within said District such taxes as will do so, provide the revenues necessary to pay the interest on said bonds as the same may become due and payable, and create a sinking fund for the payment of the same at maturity: and the bonds shall have set forth and expressed on their face the above specified conditions, and the principal and interest thereon shall be made payable at the Treasury of the United States.
Said bonds shall be engraved and printed at the expense of thePreparation, etc., of bonds. District of Columbia, shall be signed by the Treasurer of the United 1104FIFTY-FIRST CONGRESS. Sess. II. Chs. 563, 564. 1891. States, ex-officio commissioner of the sinking fund, countersigned by the auditor of the District of Columbia, and hear the seal of said District. They shall be numbered consecutively, and registered in the office of the Register of the United States Treasury, for which registration the Secretary of the Treasury shall make such provision as may be necessary.
The Treasurer of the United States is hereby authorized to sell andSale of bonds. dispose of any of the bonds issued under this act, at not less than their par value, to the most favorable bidder or bidders, after having duly advertised the same for ten consecutive insertions in two daily papers in Washington and two in New York, the bids to be opened under such regulations as may be prescribed by the Secretary of the Proceeds exclusively to redeem bonds falling due.Treasury, and the award to be subject to his approval.
The proceeds thereof shall be applied to the redemption of any of the bonds of the District of Columbia falling due on the first day of July, eighteen hundred and ninety-one, and on the first and twenty sixth days of July, eighteen hundred and ninety-two; but the bonds hereby authorized shall be used for no other purpose whatsoever. Any of the bonds hereby authorized may be called in for paymentOrder of payment of new bonds. after the expiration of two years from the date of issue, by said Treasurer of the United States, at his discretion.
The last of the said bonds originally issued under this act, and their substitutes, shall he first called in, and this order of payment shall be followed until all shall have been paid. Public notice shall be given by advertisement by ten successiveAdvertisement of redemption. insertions in two daily papers published in the city of Washington of the time on which payment will be made, and the interest on the particular bonds so selected at anytime to be paid shall cease at the expiration of thirty days from the date of such notice.
The Commissioners of the District of Columbia are hereby authorizedExpenses. and directed to provide for the payment of all expenses connected with the engraving, issue, and redemption of the above bonds, upon vouchers to be approved by the Treasurer of the United States. Approved, March 3, 1891.