, 1874-01-31
RAILROAD INDEBTEDNESS.
Speciat Usspntch to INe Chicago Tribune.

PROVISION Fon IT8 PAYMENT.
SPRINGFIELD. ILL.,, jan. 30.-A bill was Intro
duced In tho Senate by MIR. Qlonn to provide for
tho payment through tho State officora OF tho
registered railroad indebtedness OF tile stato
which, 1t ia understood, was prepared by the su-
perintenlent Of tho Auditors othce. Following
the full taxi OF the bill:
a bill for net to provide for the payment Of the
registered indebtedness Of countless eities, townships
sEor1oN l. On tie lat Of July of each year the Treas
uror aud Auditor shall casinata tho amount of surplus
funds which will rcuin to the crodit Of each 9f tile
loca bond fulB aftsr acductfg the amount necessary
fur ho payment VI ali Interest tic registered rail.
road builts, which will fall due before tho receipt Of
taxcs by ths ncxt levy. And tho third Monday Of
September uf each yrar such srpua shall bo applied
t. lie purchase Of such rsgsters Sos a. not mere
thu manner provided III tho following aectlou.
SEQ. =. Tie Treasurer ahal, during tt,s month Of
ing lle surplus, any, to the credit Of tho bond fund
II each eoay e1ty t1wnstp or town having H.. r.sgs
ss't hi1's as VIZ s oeWna
purchase from hs ewss sassr a ss
Tie surplus to tic credit Of each county, city.
chase ot tue registered bonds Of such county, city,
township, or town. THO publication required to bs
during tho month oi July, y SUMO daily paper q
general circuation in the citfes Of Springfield and
Chicago.
SEC. 3 Bids shall be received until noon Of such
third Monday Of September, when tho Treasurer and
Auditor shnit open them ali make awards to The low
est bidders. And upDn such payment purthahe of
| such bonls tho amount paid upon tho principal
thereof alla 10 ndorscd aaid houds, anu recerts
thereof shall be taken and ncl III te otlleo OF tue
State Treasurer. Aud the bonds, when fully paid,
aa he 1ourned to tue olce Of tho state Treasurer,
and Cancelled III tho aaino manner ag State indebs-
neEa.
! Sec. 4. II there shall bc proposals to ac tho
bonds Of any county, city township, or town ut not
more than par sufficient to Absorb such surplus, 1t
shall bn th1 duty Of tho Trcasnrer 10 invest i'll Untted
States bons ut their market value such surplus not
expended III purchase of bonds. -.
And thereafter tho interest such United States
bonlB shall bc added to the fund 10 which such bonds
belong, and tho lat Of July Of each year the value
funds shall lie considered IN tho estimate made BY the
Auditor aud Treasurer eforesaid aud the United
Staos bonds shall be sold and the proceeds applied to
the PURCHASE Of registered bonls oercd at not moro
| than par, on thu third nlonday OF September.
| Aud whenever the invested surplu7 Of any local
bond fund shall bc oqual to tho aount outstanding Of
tho registered indebtedness Of tho county, city town.
Bhtp, town tu which such fund belongs such county
city, township, town shah to derive the bonaa
Of the act Of April lG, 1BG9 anl the Auditor shall only
leyy for interest," IN the interest .earle by auc
invested surplus shall ba insufficient to pay the inter-
| css Oh The Registered bonds outstAnsing.
THE BTATE D0AnD OF EQUALIZATION.
| Youug1loal Introduced resolution, paa8od at
mcotiug of citlzons Of Ewing, Franklin Coun-
ty, den<,,ncing tho State Board Of Equalization
| as incompetent, 1aHeloRs, and unjust, and pray.
| ing for its abolition.