The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1870-05-05
County Auditor

teenth General Assembly OF Iowa.
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County Auditor.
A copy OF this Act shall be printed
on the back of each bond issued un-
der its provisions.
Sec. 2. Whenever Bonds issued
under this Act shall be duly execu-
ted, numbered oonsecutively, and
sealed, they shall be delivered to the
county Treasurer, and his receipt
taken therefor, and he shall stand
charged on his official bond, with all
bonds delivered to him, and the pro-
ceeds thereof, and it shall be his duty
to sell the same, or exchange them on
the best available terms, for any legal
indebtedness Of the county, out.
standing on the first day Of May,
1870, but in neither case for less
sum than the face value OF the bonds,
and all interest accrued on them at
the date of such sale or exchange !;
and if any portion of said bonds are
sold tor money, the proceeds thereof
shall be applied exclusively to the
payment of liabilities existing
against the county, at and before the
date above named. When they are
exchanged for warrants, and other
legal evidences of county indebted
ness, the Treasurer shall at once pro-
ceed to cancel such evidences Of in
debtedness, by indorsing on the face
thereof the amount for which they
were received, the word cancelled"
and the date of cancellation.
He shall also keep q record Of
bonds sold or exchanged by him, by
number, date of sale, amount, date Of
maturity, and name and post Office
address of purchasers; and if ex-
changed, what evidences of indebt-
edness were received therefor, which
record shall be open at all times to
inspection by the public. Whenever
the holder Of any bond shall sell and
transfer it, the purchaser shall notify
the Treasurer, Of such purchase, Civ
ing at the same time the number Of
the bond transferred, and his post
office address, and every such trans
fer shall be noted on the record. The
Treasurer shall also report under
oath to the Board, at each regular
session, a statement OF all bonds sold
or exchanged by him since the pre-
ceding report, ard the date of such
sale or exchange, and when exchang
ed, list or description of the county
Indebtedness exchanged therefor,
and the amount Of accrued interest
received by him on such sale, or ex-
change, which latter sum shall be
charged to him as moneys received
on Bond fund, and so entered by him
in his books.
Sec. 3 1t shall be the duty Of the
Board of Supervisors, to cause to be
assessed and levied each year, upon
the taxable property of the county,
in addition to the levy authorized for
other purposes, a sufficient sum to
pay theinterest on outstanding bonds
accruing before the next annual levy,
and such proportion ofthc principal,
that at the ond of three years, the
sum raised from such lcvies shall
equal at leas. twenty per cent. Of the
whole amount of bonds issued at
the end OF five years at least forty
per cent. of the amount; and at and
before the date of maturity
Of the bonds. shall be equal to
the whole amount of principal and
interest, and the money arising from
such lcyies, shall be known as the
Bond fund, and shall bo used for
tho payment of Bonds and interest
coupons, and for no other purpose
whatever; and the Treasurer shall
open and keep in his books, scpa,
rate and special account thereof
which shall at all times show the
exact condition of said Bond fund.
! See. /. Whenever the amount it
the hands OF the Treasurer, belon:.
ing to tho Bond fund, after setting
aside the sum required topay inter
est maturing before tnu neSt levy, il
| sufficient to redeem oucnor NOR,
Bonds, it shall be his duty to motif,