The Russellville Democrat., 1875-04-22

York as the county court shall, in their discretion, determine upon. The interest on said bonds shall be paid annually on the first day of July in each year, for which said bonds shall have interest coupons attached: Provided, that the first coupons shall be made payable on the first day of July of the next succeeding year after which they are issued. Said bonds shall be signed by the county judge and attested by the clerk of the county court, with the county seal thereto attached, and the interest coupons shall be signed by the clerk of the county court.
 Sec. 4. After the order shall have been made as provided in section two of this act, any person holding a duly issued order or warrant of any of the counties in this state, duly and legally is sued by the county, shall, upon the surrender of the same to the county court of the county issuing the same, for cancellation, receive therefor the bond of such county, upon such terms as may be agreed
 upon by the party holding the
 warrant or scrip, and the county court, to be issued as herein: Provided, The person presenting the same for cancellation, shall present orders or warrants amount ing to twenty-five dollars or more: And provided further, That there be no money in the treasury of such county to pay the same: And provided further, That no such bonds shall be issued for in debtedness occurring after the 3Oth day of October, A. D. 1874: And provided further, That said warrants shall be presented for cancellation before the expiration of one year from the making of the order provided for in section ? of this act, unless said court shall make another or supple mental order extending the time twelve months longer.
 Sec. 5. It shall be the duty of the county court to duly cancel any order or warrant that shall be presented to such court for can cellation under the provisions of this act, by writing across the face of such order or warrant the word "canceled," in red ink, with the date of such cancellation, which shall be signed by the coun- ty judge, and he shall cause the records of the county court to show what orders or warrants were so surrendered, their amount, the date of their issue, to whom issued, and that the same were duly cancelled. He shall also cause to be kept a record of the bonds issued under and by virtue of this act, showing to whom is- sued, their amount and date.
 Sec. 6. It shall be the duty of the county court, issuing bonds under the provisions of this act, to levy special tax of sufficient amount to pay the principal and interest of said bonds as the same becomes due, not to exceed the limit of taxation, together with all other taxes levied for that year, prescribed in the constitu- tion of the state, such tax shall be levied and collected Tn the lawful currency of the United States, and shall not be appropriated to any other purpose than that for which it was levied and collected.
 Sec. '. Any court issuing bonds under the provisions of this act may, at any time before said bonds be cancelled, call in the same by paying the full amount of the principal and interest due on the same, in the lawful curren- cy of the United States, and when the amount collected for the pay ment of the principal of the bonds issued as herein provided, shall amount to the sum of five hundred dollars or upward, such court may make an order to sell such sink ing fund to the highest bidder, and take in payment therefor any of the outstanding bonds of such county. It shall be the duty of the county court to give at least thirty (30) days notice of the time and place of selling such sinking fund, by posting written or printed advertisements in at least five of the most public places in the coun- ty, one of which shall be posted at the courthouse door, and by inserting the same for four sue cessive weeks in any newspaper published in the county, if one there be. The county treasurer, or his duly appointed agent, shall conduct the sale of the county sinking fund as herein provided, selling the same to the highest and best bidder, and he shall re- ceive in payment therefor the bonds of such county, and at the rate specified in the bid of the holder of such bond. The bonds so purchased shall be vouchers in his hands for the amount of sink ing fund actually required to pur- chase the same at the rate bid by