The Leavenworth weekly times., 1879-01-23
OUR BONDED DEBT.
The County Board Met Last Night
to Take Action in the. Matter.
FASTING Some Resolutions Asking the
Legislature for What the
People Want.

An EVENING SESSION.
The Board OF County Commissioners had
q session last night to take action in regard
to the question OF our bonded Indebtedness
TO conform with the wishes OF the people as
expressed by the action of the tax-payers'
convention held short time ago at the
court house in this city. Messrs Pickens
chairman Of the Board and 3. S. Richards
were present, Mr.. Squires being sbsent on
account of sickness. County Attorney Tay-
lor was also present. The following resolu-
tions were adopted, as expressing the action
of the Board in accordance with the e1-
pressed wishes Of the people:
THE RESOLUTIONS.
BY Mr.. L. S. Richards-
WHEREAS, In pursuance Of the call Of
the Board heretofore made, the
tax payers of the County met in delegate
convention at the Court House on Monday,
January 6, 1879, to take into considera-
ton the means of compromising the rail-
road Indebtedness of the County and such
convention, among other things, adopted
the following resolution:
Resolued, That the County Commission
ers be authorized by the taxpayers to COM
promise the outstanding county railroad
bonds as follows: Not TO exceed thirty
cents on the dollar of the face without ac-
crued interest for z. c. Il F. ID. NJ; at
forty five cents for Missouri Pacific, and
fifty cents on Union Pacific on same basis;
fifty cents on the dollar for outstanding
judgements on railroad debt, and issue in
payment therefor thirty year bonds at five
per cent. interest.
WHEREAS, Further legislation is neces-
sary 10 carry out the wishes of the people
az expressed in said resolution, and in order
to enable the Board to make a compromise
OF this Indebtedness therefore be it
Rs1lred, That the Board considers itself
bot n by the action Of said convention III d
will proceed forthwith to carry out the ex-
pressed wishes of the people as indicated by
said resolution, and to this end will apply
at once to the Legislature for The neces-
sary laws under which 10 act, and Henry
c. Squires and the county attorney are
hereby instructed to proceed to Topeka and
consult with our memberss of the Legisla-
ture and the officers and persons represent
ing other counties in the State desiring the
same laws, and TO assist our members of the
Legislature to draft law for the purposes
aforesaid ard our said members are ear.
nestly requested to secure the passageo of such
laws at the earliest date possible and be it
Resided, That the Board will, as soon as
such legislation is had, make an offer of
compromise to the holders of such railroad
bonds az Is indicated IN said resolution.
BY Mr.. SIuires:-
WHEREAS, In the opinion of the Board
large amount could be saved to the coun-
ty If it had the money to pay cash for its
outstanding railroad bonds and the most
feasible way TO settle the matter would be
to purchase said bonds at the lowest cash
figures; therefore, he ii
Res0ired, That our Senators and Repre-
sentatives are hereby requested to secure the
passage OF law authorizing the Board of
County Commissioners OF Leavenworth
county 10 issue the bonds of the county
with coupons attached, TO run 20 and so
years, to bear , per cent. interest to be paid
out Of the general fund and receivable for
taxes, the proceeds OF such bonds TO be used
in and about purchasing and compromis-
ing saId railroad bonded Indebtedness and
be it further
RcSolUei, That our Senators and Repre-
sentatives he requested TO take into consid
Grafton ard, if found practicable, pass a
law 10 enable the Board to issue the bonds
of the county in small denominations with
coupons, or such other devices as snail act
instead therCof, attached, TO be sold for not
less than par, the proceeds TO be used only
in purchasing outstanding railroad bonds
OF the county and in paying the costs and
expenses OF our railroad bonded litigation,
said bonds TO bear per cent. interest and
run so years, reserving the privilege in the
county OF calling in portions Of the same af
ter FIVE years, the bonds to be of the size of
an ordinary bank note, the intention being
to use them as n circulating medium
among our people.
BY Mr.. Pickens-
WHEREAS, There is in the county treas
ury fund known as the sinking fund, Tor
the redemption of court house and INSTALL
ment bonds, and for the payment Of the
interest on the same; and
WHEREAS, 1t is deemed bad policy TO
use the fund for such purposes therefore
be it
Resolued, That our Senators and Repre-
sen:atives are requested to secure the pas
sage of law TO enable the Board to use
such funds in purchasing outstanding bonds
of the county at the lowest cash value.
By Mr.. Richards
WHEREAS, The bonded Indebtedness Of
the county other than railroad, amounts to
about the sum of of 100000, all of which
draws interest from 8 to 10 per cent. per
per annunI therefore be it
Resoiued, That our Senators and Repre-
sentatives are requested to secure the pass
age of law allowing the Board to fund
such bonded Indebtedness at its face, the
funding bonds to bear, not to exceed per
cent, payable in ten, twenty and thirty
years.