Pioche daily record. [volume] (Pioche, Nev.) 1872-1876, 1873-03-27
LINCOLN COUNTY FUNDING LAW

The following is a synopsis of the in
coin county funding bill:
The Chairman of the Board of Com.
nissioners, the Auditor and County
Treasurer, and their successors, are Gre
atel Board of Funding Commissioners
They shall have bonds prepared for all
the county Indebtedness existing on the
18th day Of the present month, for which
warrants has or may ba issued. Said
bonds shall b. Of the denomination OF
510l, $500 and $500 AMI bear interest at
the rate of 10 per cent. per annum from
March lst, 1873 the interest payable on
the lst day OF January of each year, until
said bonds are paid. The bonds shall be
due and payable in gold coin at the Office
Of the Treasurer of Lincoln county on the
lst day of January, 1888. They shall be
signed by the Chairman Of the Board OF
County Commissioners, countersigned by
the County Auditor, and endorsed by the
County Treasurer, with the county seal
affixed.
The Funding Commissioners shall ex-
anime all certificates of Indebtedness pre-
sented for funding, and ascertain from
the records if they correspond with the
entries therein; and the Auditor and
Treasurer shall keep separate records of
all bonds issued, showing the number
date, amount, and to whom issued. to-
gether with the coupons that may be is
sued herewith.
Interest coupons shall be attached to
each bond, numbered and expressing the
interest due at the different periods of in
terest payment; and the County Treas.
urer shall detach and deliver to the
County Auditor said coupons as the in
tsrest shall be paid, taking his receipt
therefor, and filing the fame.
There shall be a special tax at the rate
Of 45 cents on each 500 valuation, pay
able in gold and silver coin, to pay the
interest on said bonds, and any surplus
thereupon Shall 90 into sinking fund,
referred to below.
The Treasurer shall arrange for the
payment Of the interest 30 days before
the same Is due, and should the interest
fund be insufficient, he shall draw on the
general fund; and if it should be made
quate he may make such special arrange
ments for the payment of the interest as
Will protect the credit of the county,
The Treasurer shall sat apart sink
Ing fund, into which shall be paid all
surplus Of interest derived from the spe-
cial interest tax; and all that may be over
the required amount for the pay
ment Of interest shall be applied
to the payment Of the principal of said
bonds; and all remaining in the sinking
fund, after the liquidation of the bonds,
shall b. paid into the general fund.
Whenever there shall be 81 900, or over,
IN the sinking fund, the Treasurer shall
advertise for sealed proposals for the
redemption of said bonds; said propo-
sails shall be opened in presence of the
County commissioners, and such other
persons as wish to be present, and the
Treasurer shall liquidate said bonds at
the lowest value at which they may be
proposed to be ljquidated, provided it is
not for more than their par value. If
no sealed proposals are made the Tr as
urer shall then advertise for the sur
render and payment of as many of said
bonds as there is money to liquidate in
the regular order OF payment, commence
ing with number one. If the holder
fails to surrender his bonds for payment
as provided, the interest thereon shall
cease, but said bonds shall have prece-
dence over the interest-bearing bonds in
order of payment.
The account and record of the sinking
fund shall always be open to the inspec-
ton of the Auditor, Commissioners and
Grand Jury.
The Board of County Commissioners
are prohibited, from the 1st day of
March, 1873, to contract debts or to in
cur liabilities, that shall exceed the sum
OF nine thousand dollars more than the
amount IN the treasury for the payment
of said debts or liabilities.
The law is quite lengthy, amply guards
against speculation, and carries with it
severe penal provisions for the neglect or
violation Of official duty, etc; but the
foregoing embodies all its main features
as financial measure.
ARrEsIAN WELLS ON THE U. P. r. R.