Custer chronicle. [volume] (Custer City, Black Hills, D.T. [S.D.]) 1880-1890, 1883-03-17

| FOR AN ACT AUTHORIZING THE COUNTY
COMMISSIONERS OF THE CoCNrIEs OF PEN
| NiNGroN AND CUSTER TO FUND THE OUT.
STANDING INDEBTEDNESS OF SAID COUN-
TIES.
Be it enacted by the Legislative Assem-
bly, of the Territory Of Dakota.
SECTION |. That the outstanding in
debtedness Of the counties Of Penning-
ton and Custer payable out of the county
treasury Of said counties shall be funded
as herein provided.
SEC 2. The commissioners OF the
aforesaid counties, on and after the pas
sage and approval Of this act, shall have
the authority and it is hereby made
their duty to provide that when ever
warrants or certificates OF indebtedness
drawn upon or against any Of the funds
Of said counties herein before mention
ed shall be presented to the county
treasurer Of said counties in sums Of fifty
dollars or any multiple Of fifty for the
purpose Of being funded. that such war
rants or certificates of Indebtedness shall
be taken up, the interest calculated
thereon, if any interest they bear. to the
| first day of July, 1883 and in lieu there
Of and in payment Of said warrant or
certificates of Indebtedness and the in
terest thereon if any be due, that the
! bonds Of said counties in denominations
Of not less than fifty dollars bearing date
and with coupons attached to such
bonds and payable as hereinafter men
toned be ISSUED to the holder Of such
warrants, or certificates.
SEC. 3. Such bonds shall be dated the
! frs day Of July, 1888, shall be redeem
able In five years. from date at the option
! Of the counties and maturing and pay
able twenty years after date, and shall
bear interest AZ The rate Of seven per
cent per ahnum, payable annually on
the first day Of July Of each year at the
Office Of the county treasurers of said
counties upon the presentation of the
Interest coupons, and the principal of
said bonds shall be paid in like manner
at maturity or at the option Of said
counties rs above provided.
SEC. L. 1t shall be the duty of the
board of county commissioners of the
: respective counties aforesaid, having
! funded the outstanding Indebtedness as
herein provided, to levy and collect an
nually tax sufficient to pay the interest
! Oil said bonds, and after ten years they
hall levy and collect annually in addi
ton thereto a sinking f1Ld bond tax
/ sufficient to pay the principal Of such
bonds at maturity and with such sinking
! fund tax they shall as fast as the same
! is collected apply it in payment of said
bonds and to that end the treasurers of
said counties respectively shall SO soon
as there is collected IN said sinking fund
an amount sufficient to pay bond num-
Der one () enclose the same in a pack
age and indorse said package "FunGs IL
retire bond No. /" and so continuing
consecutively in the older in which said
| bond are numbered. Tie treasurer
aforesaid shall then notify the holder Of
said bond or bonds that he has funds
sufficient to nav and retire said bond or
bonds, and if the holder Or holders
thereof shall fail or refuse to present
said bond or bonds 10 the said county
treasurer within thirty days after such
notification the said bond or bonds shall
cease to draw any interest whatever,
and provided further that no part OF
| e; l.; r,n N
any manner or under any pretext to any
purpose except the payment and retire
ment of said bonds.
SEC s. All the outstanding indebted
shall exist on the first dav Of July, 1888,
i'm the form Of county warrants bf certi-
ticates Of Indebtedness, shall be funded
as herein provided, and any person own
ing or possessing any such warrant or GER
tifcates of indebtedness, shall have until
the first day Of January, 1884, to bring
in and surrender such warrant or certi-
ficates Of indebtness and receive in lieu
thereof the bonds herein provided, and
no longer.
SEC. g. The county commissioners OF
the respective counties shall, as soon as
practicable after the passage of this act
make such provisions as may be neces
sary and proper for carrying out the
provisions Of this act.
Said bonds shall be Autographed OF
printed on good pond paper, and shall
state upon their face the date Of thei
issue, the amount Of the bond, to whom
; and for what purpose issued. the tim'
and place Of payment and the rate Of in
terest to be paid.
They shall have printed upon tn
margin the words authorized by act o
the Legislstlte Assembly of Dakota
1888" with interest coupons thereto ut
tached, and shall be executed by tn
chairman of the hoard Of county com
missioners Of the respective ooDnfie