Tama County Republican. (Toledo, Tama County, Iowa) 1867-1872, 1870-04-28
County Auditor

4 cory Of this Act shah be printed on the
buck CT each bond issued under its provisions
Sec. 2. Whenever Bonds issued under this
Act shall be duly executed, numbered consec-
.utiveiy, aud scaled, they shall be delivered
to the county Treasures: and his receipt taken
ahcrcfor, and he shall sand ci, .rgcd on his
official bond, with all bonds delivered to him,
aud the proceeds thereof, aud il shall be his
duty to sell the same, or exchange them Oh
the best available terms, for any legal indebt-
edness OF the county, 0ut staining on the FIRST
day Of May, 1870, but in neither case for a
hess sum NAN tic face value OF the bonds, ana
all interest accrued on them At tho daio OF
such sale or exchange; ami il any portion Of
said bonds are sold f.r 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 Tor warrants, aud
o.icr legal evidences OF county Indebtedness,
the Treasurer sha il 1T once proceed 10
cancel such evidences Of Indebtedness,
hy endorsing on the face thereof the amo mt
JOT VIII sCH tHey WcIe TcSt.Vcul tue
celled," and The date Of cancellation.
lie shall also keep u record Of bonds sold or
exchanged by him, by number, date OF
sale, amount, date Of maturity, and name and
postoflicc address of purchasers; and il ex>
changed, what evidences of Indebtedness were
received therefor, which record shall be open
at oil times to inspection by the public.
Whenever the hol1er VI any bond shall sell
and transfer it, the purchaser shall notify the
Treasurer Of such purchase, giving at the
same time the number Of the bond transfers
red, and his pcs,otice address, and every such
transfer shall be noted on the record. The
Treasurer shall also report under oath to the
Board, at each regular session, a statement
Of sll bonds sold or exchanged by him siLce
preceding report, and the date Of such sale Or
exchange, and when exchanged, o list or de,
scription OF the county Indebtedness cxchang.
cd therefor, and the amocnt of acc .ucl inter.
estreccivcd by him on such sale, or exchange,
which latter sum shall be charged 10 him as
moneys received On Bond fund, and SO enter
ed by him in his books. A ~ s
Sec. 8. 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 author.
lied for other purposes, sufficient sam to
pay the interest on outstanding bonds accru-
ing before the next annual levy, aud SUCH
PROPORTION OF the principal, that at the end Of
Az
shall equal at least twenty per cent. Of the
whole amount of honds issued at the end Of
fveyears at least forty per cent of the amount;
and at aud before the date Of maturity Of the
bonds, shall be equal to the whole amount Of
principal and interest. and the money a.ising
from such levies, ehall he known as the bond
fund, and shall be used for-the rn yment Of
Bonds and interest coupons, and for no other
purpose whatever; and the Treasurer shall
open and keep in his books, . separate aud
special account thereof, which shall at oil
Iimes show the exact condition Of said Bond
fund. fN
Sec. 4. Whenever the amount inthe hands
OF the Treasurer, belonging 70 the Bend fund
After setting aside the sum required to pay
Interest maturing before the next levy, is suf
6cient to redeem one or more Bonds, it shall
be his dnty to notify the owner of such bond
or bonds, that he is prepared to pay the same,
with oil interest accrued thereon, and IL mot
presented for payment or redemption, within
thirty days after the date Of such notice. the
interest on such bond shall cease. and the
amount due thereon, shall be set aside for its
payment whenever presented. All redemp-
tione shall be made in the exact order Of their
issuance, beginning at the lowest or frst
snumssf; and tho notice herein required
shall bs directed to the postofice address Of
the ovnar - shown by the record KEEP. in the
Treasursrs ONCE.
seo. 8. II the Board Of Supervisors Of any
county which has issusd bonds under the pros
Visions Of this Act, shall fail 70 make the levy
nscesssry to pay such bonds, or interest cou>
pons, st maturity, and the same shall have
been presented to the county Treasurer, and
the payment thereof refused, the owner may
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