The weekly miner. [volume] (Butte, Mont.) 1878-1881, 1881-03-22

Be It enacted By the Legislative Assembly
Of the Territory OF Montana:
SECTION I. That the trustees of school dis
trict No. 3, in Silver Bow County. Montana
Territory, are hereby authorized and empow-
cred to issue, on the credit OF said school dis
drict, coupon bonds to an amount not to eX-
coed the sum Of $4,000, or SO much thereof
rs may be necessary to enable the trustees of
said school district to erect ample and sufi-
clent buildings for school purposes, and to
furnish and equip the same, which bonds shall
become due aud payable six years from their
date. and shall be redeemable at the pleasure
of the trustee after one year from the date
of their issue, aud shall bear interest at a rate
not exceeding Z per cent. per annum interest,
payable semi-annually.
SEC. 2. The bonds authorized to be issued
by this act shall be in such form as the school
trustees may direct, and shall bear the sigma
ture of the chairman of The board Of trus-
tees, and shall be countersigned by the clerk
OF the said school district, and the coupons
attached TO the bonds shall be slgued by the
chairman of the board of trustees and the
clerk of the school district, and each bond
issued shall be registered by the county trea-
surer of Silver Bow County, in a book pro-
vided for that purpose, which shall show the
numbe and amount of each bond, and to
whom issued, and said bonds shall be sold by
said school trustees, or their lawfully author
lied agents, at not less than IS cents on the
dollar of the face thereof, as hereinafter pro-
vided.
Sec 8. The school trustees shall, as soon
as practicable after the passage of this act and
its approval by thep p lie OF school district
No. 3, as hereinafter provided, give notice by
advertisement IN some newspaper published
in Silver Bow County, for a period of not
less than four weeks to the effect that SAID
school trustees will sell said bonds (briefy
describing them), and stating the time when,
and the place where, such sale will take place
Provided, that the school trus ees are author
lied to reject any and all bids, and to sell
said coupon bonds at private sale. if they be-
lieve it for the best interests of the school dis
trict aud all money arising from the sale of
such bonds shall be Immediately paid into
the treasury of Silver Bow County to the Gre
dit Of said school district, and shall be I'M
mediately available for carrying into effect
the provisions of this 'act and the treasurer
shall not be entitled to any compensation for
any services required by this act.
SEC. 4. All bonds authorized to be issued
by this act shall be of the denomination of
one hundred and five hundred dollars, and
the faith of said school district is hereby sol.
emnly pledged for the payment of the inte-
rest and the redemption of the principal of
said bonds.
SEC. ). The school trustees shall ascertain
and levy annually the tax requisite to pay The
installments of interest as they become due,
and a sinking fund to meet the bonds at their
maturity and said tax shall become a lien
upon the property in said school district, and
be collected III the same manner and under
the same laws that other taxes are collected.
SEC. e. Whenever, at any time after one
year from the issue of said bonds, or any of
them, the sum i'll the sinking fund shall equal
or exceed tue sum of one hundred dollars; and
and from time TO time thereafter when it Hay
so occur, the county treasurer shall post in
his office notice that he will, in thirty days
from the date of such notice, redeem said
amount of bonds, which may then be paya-
bic, giving the numbers thereof, preference
being given to the oldest issue and if, at the
expiration of said thirty days the holder or
holders of such bonds shall fail or neglect to
present the same for payment, interest there
on shall cease, but the treasurer shall, at all
times thereafter be ready to redeem the same
on presentation and whenever any bonds
shall be purchased Or redeemed the county
treasurer shall cancel all such bonds by wri-
ting across the face thereof, in red Ink, the
word "redeemed' and the date of such re-
demption.
SEC. Z. The treasurer of the county shall
pay out of any moneys belonging to said
school district, at the expiration of six
months from the date of the issue OF such
bonds, the interest due on such bond, and
semi-annually thereafter, upon presentation
at his office of the proper coupons, which
shall show the amount due, and the number
of the bond to which it belonged, and all
coupons SO paid shall be reported to the
school trustees at their first meeting there
after.
SEC. s. For the purpose of carrying into
effect the provisions of this act, the said
school trustees are hereby authorized to cause
to be printed or autographed, at the lowest
possible rates, suitable bonds, with coupons
attached, and pay for the SAM out of any
moneys in the county treasury, to the credit
of said school district.
SEC. 9. This act shall be submitted to the
qualified voters of said school district OH Sal
urday, March 26, 1881, at the school house in
said district by and under the direction of the
school trustees of said district, and if a ma
jorIty of the votes cast at such election shall
be in favor of this act then this act shall be in
full force and effect; but if a majority of the
votes cast shall be against this act, then this
act shall remain suspended, unless thereafter
enforced as hereinafter provided.
SEC. 10. In case of the rejection of this act
by the majority of the votes cast at the first
election the same may again be submitted to
the votes OF said district for approval at any
time or times thereafter, when one hundred
qualified voters of said district shall petition
the school trustees to re-submit the same. and
upon such petition being made, said trustees
shall re submit the same to the qualified
voters of said district, as In the first instance;
and if upon said second submission a majority
shall be in favor of this act, then the same
shall be in full force and effect from the time
of ITS adoption; and this act may be re-submit-
ed as often as SAID number of petitioners shall
petition for the submission of the same. The
re-submisslon ofthls act shall be conducted in
the manner provided by the school trustees
on no ice thereof of not less than ten days.
SEC. IL. Before entering on the duties pre-
scribed by his act, the school trustees of
school district No. 3 shall severally take and
subscribe an oath and enter into bonds in the