Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1881-01-22
THE LAW.
For Compromising County and
Township Bonds. ....s


Tho following is the law for cempro-
missing county and township bonds. 1t
may be found on page S4S. I'd vol. revis-
cd statutes: a. --..7u9a ag y ft
Sec. 1920. Bonded debt Of counties
cities etc, may be comproanised.-The
various counties in this state Tor them
selves, as we'll as Ter any township or
parts Of Townships therein, ter which
said counties may have heretofore issu-
cd any bends, asd the several cities
and incorporated towns OF this state, are
hereby authorized and empowered to
make and enter lnts contracts with any
person or persona. corporations or as
sociations. for the .cempromise, pur-
chase or redemption Of all bonds and
coupons, whether due or net due. and
all, unpaid subscriptions to the capital
stock Of any railroad company, hereto
fore issued, made or contracted by the
county courts Of such counties, either
for the counties themselves or for any
township or townships or parts OF town
ships therein, or by the.prsper authorities
OF any such city or tewn, respectively,
aud Including any judgments which
have herstsisre bssn rendered, or
which may harsafter,. be rendered or
ssid bends or coupons, or unpaid sub
scrlptieas to capital stock, and SAID
counties by their county courts, and
said sitiss and, towns by their rsspec-
tive authorities, are hereby authorized
and empowsred TO- execute and carry
cut such contracts, and for that pur-
pose they may issue. negotiate and de-
liver new bends or original bonds on
the surrender and cancellation OF the
old bonds or ether indebtsdnsss: prsvi-
dsdi that ii the holders Of any such
bonds hsretsfors issued, refuse to ex-
change their bends for the bonds issued
under the authority Of this article, the
county csurtsu or 'muaicipal authorities
having authority to make and carry cut
sush contracts, shall have authority in
their discretion to sell the new issues OF
bonds, provided they shall net be ssld
at less than the par value thereof, and
with the proceeds thereof rsdssm all
such honda in the. hands of parties re-
fusins to exchange: Provided that in,
NO case shall the amount OF tho debt sf
any such county, township or parts Of
interest on such debt be increased or en-
Gle and provided, also, that no new
bonds bsr original bonds Issued under
this, article shall be payable in less than
five nsr more than thirty years from date
thereof, aad that each bond shall be OF
the dissemination OF not more than enc
thousand dollars nor less than one hum
drea dollars, and shall bear interest not
to exceed six per cent. Per annum. pay
able annually, and to this end each bend
shall have annual interest coupons there
t. attached, and the bends and coupons
shall be made payable to bearer: previ-
dsd. however, that before the county
esurt Of any county or the municipal au-
thoriiiss of any city or town in this
state, shall be in any manner authorized
to fund any part or all Of their bonded
debts or subscription to the capital stock
Of any railroad company in accordance
| with ths provisions of this article, such
county courts or the municipal authori-
ties Of snsh city or town upon, the peti.
tion of fifty resident tsc-psyers, shall
first submit or cause to be submitted to
the qualified voters OF such county, city,
town or tewnship.or parts ot townships,
at q general or special election held fel
that purpose. q proposition to cempro-
OF their Bonded. iadebtsdnssi
or subscription to the capita
stock et any railroad company; which
proposition or proposal to csmprenise
and iund shall be in writing, and spread
upon the records of such county, city ol
tewn. and shall esntain: First, th,
amount. principal and accrued interest
OF the outstanding bonds or subscription
to the capital stock of any railroad coR
pany. pre- posed to be funded, the purpos,
for which said outstanding bonds Of
Subscription to the capital stock st any
railroad company were originally issued
made or contracted, the rate oil intsrss
they bear, and the tiMe OF their matari
ty; ssssna, the amount on the dollar To-
which said outstanding bends or sub
soriptisn to the capital stock OF any rail
road company, are 10 bs compromised
and funded third, the number Of year
in which the proposed funded bonds ar
to bscoms payable, and the rate Of inter
est they are to bear: which prspssitiel
shall be signed by the county court, o
the Mnnicipal authsritiss Of such city 0
town. and published fer thirty days ii
some daily newspaper, or in l. weskl.
Newspaper for ieur successive weeks
before the time when such proposition
to esmprsmise and fund. shall be vote
on; and tho last insertion OF such motto
shall be at least ten days bsiors the da
Of such elsctisn ii there be mo daily o
weekly newspaper published in sue
county, olty. town or township. or part
Of townships, then notice OF such cleo
ten shall be given to the voters therss
; BY posting ap not less than twenty fiv
; printed handbllls in - the most publ
places Ia such county, oity, tswn Q
> township, or parts Of townships. at lea.
fsur wseks before the day OF such else
tion; such notice shall contain the ebjse
and general nature OF the proposition t
conpremise and fund such indebtedness
the election to be held in contormit
with the statutes OF the state governing
state aud county elections. (Laws 1877
p. 40, sec. 1-d.)
Sec. 1921. Election on propositio
to cOnapromise.-Ifa at the election hel
as Aforesaid. a ma ajority OF the qualitis
voters oi such county city town or towr
ship, or parts Of townships voting 8
} such election. shall vote in favor of con
promising and funding any pal
: or all Of their bonded debts an
: subscription to the capital stso
) OF any railroad company, then til
county court OF such e0aaty, Or the mt
, nicipal authorities Of such city or tow
shall be fully authorized and empower
!. ed to proceed at once to compromise an
fund any part, or all their bonded deb,
; and subscription to the capital stsck {
any railroad company, in cenfsrmit
: with the provisions OF this article, an
for that purpose may employ hnanci,
: tasent to assist them in carrying int
! effect the proposition to compromise an
/. fund as iadorssd and ratified by major
ity OF the qualified votors OF such cour
: ty, city, town or township. or parts {
townships voting at such election: pre-
vided, expressly, that no act to fund {
{: attempt TO fund any part or all of th
: bonded debt OF any county city. town {
d township, or parts OF townships in ,h
= state, shall be valid. legal or in an
manner binding, until the same sha
!. have been submitted to and endorse
r and ratified by majority vote OF til
D qualified vsters voting at such electlo
. Of such county. city. town or township
E or parts OF townships, as in this artic
y provided. Laws 1879, p. so. sec. -
t Sec. 1922. Form Of baliot-elecLo
4 retuns.-When the proposition to con
0 premise and iund any part or all OF til
9 bonded Indebtedness or subscription [