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139 THE COUNCIL OF REDWOOD CITY DO ORDAIN AS FOLLOWS : Section 1 . That a special municipal election be and is hereby ordered and will be held in said City of Redwood City on Tuesday , the 24th day of September , 1935 , at which election shall be submitted to the qualified electors of said City the pro- position of incurring indebtedness of said City in the principal sum of $425 , 000 . 00 , for the object and purpose of acquiring a municipal improvement of said City of Redwood City , to-wit : A municipal investment bond fund to be used for the purchase of municipal securities or evidences of debt either of said City of Redwood City or of boroughs or districts therein; including municipal bonds of said city , bonds of boroughs or dis- tricts therein or any bonds or liens arising out of the construction or acquiring of public improvements by local assessment within said municipality. That the estimated cost of said proposed municipal improvement is the sum of $425 , 000 . 00 , and the amount of the principal of said indebtedness proposed to be incurred for said municipal improvement is the sum of $425 , 000 . 00 . Section 2 . That the said Council roposes to issue and sell bonds of said City of Redwood City in the said amount of $425 , 000 . 00 for the object and purpose specified in the said proposition set forth in Section 1 of this ordinance , if two- thirds of the qualified electors voting on such proposition at said special election shall vote in favor of said proposition. Said bonds shall be negotiable in form and of the character known as serials , and shall bear interest at a rate not exceeding four ( 4) per cent per annum , payable semiannually. Section 3. The said Council does hereby submit to the qualified electors of said City of Redwood City at said special municipal election this ordinance and the said proposition set forth in Section 1 of this ordinance , and designates and refers to this ordinance and said proposition in the form of ballot hereinafter prescribed for use at said election. Section 4. The polls at the polling places hereinafter designated shall be opened at six o ' clock in the morning of said day of election and shall be kept open continuously thereafter until seven o ' clock in the evening of said day of election , when the polls shall be closed ( except as provided in Section 1164 of the Political Code ) , and the election officers shall thereupon proceed to canvass the ballots cast thereat . Section 5. Said special election shall be held and conducted , and the votes thereof canvassed , and the returns thereof made , and the result thereof ascertained and determined as herein provided; and in all particulars not prescribed by this ordinance said election shall be held as provided by law for the holding of municipal elections in said City. The returns of said election shall be made out and signed by the election officers and shall be by them deposited with the City Clerk , together with the ballots cast at said election; and this Council shall meet at its usual meeting place and canvass said returns on Monday , the 30th day of September , 1935 , being the first Monday after said election , at the hour of 8 o ' clock P.M . ; and if upon such canvass it shall be found that at least two-thirds of the qualified electors of said City voting on said proposition at said election voted in favor of said proposition , then bonds of said City of Redwood City in the said amount specified in said proposition , to-wit , $425 , 000 . 00 , will be issued and sold by said City for the purpose therein mentioned. Such bonds may be issued and sold by the Council as the Council shall determine , but for not less than their par value and accrued interest thereon to date of delivery. Section 6 . For the conduct of said special election , the City of Redwood City is hereby divided into eight ( s ) special election precincts , and the general state and county election precincts into which said City is divided for general state and county election purposes are hereby consolidated as hereinafter provided. The territory embraced within each of said precincts , the polling places therein , and the election officers appointed to conduct said election thereat are as follows , to-wit : SPECIAL MUNICIPAL BOND ELECTION PRECINCT NO . 1 ( consisting of Precincts Nos . 1 , 2 and 3 of the City of Redwood City , as 'now established of record by the Board of Supervisors of the County of San Mateo , State of California , for general state and county election purposes . ) Polling Place : No . 2326 Broadway (Justice ' s Courtroom) in said City of Redwood City. Inspector: Mrs . Anna Bennett Robb Judge : Mrs . Frances Wheaton Clerk: Mrs . Inez E. Felton Clerk: Mrs . Dorothea M. Wilson SPECIAL MUNICIPAL BOND ELECTION PRECINCT NO . 2 ( consisting of Precincts Nos . 4 , 5 and 6 of the City of Redwood City , as now established of record by the Board of Supervisors of the County of San Mateo , State of California,