Phillipsburg herald. [volume] (Phillipsburg, Kan.) 1882-1905, 1883-03-22
HOUSE BILL NO. zoe.

missioners of Phillips county to is
sue bonds to fund the county indebt
edness, and levy tax for the re
demption of the same.
Be 1t enacted 6y the Legislature Of t1st
State Of Kansas.
SECTION !. The board of county
commissioners of. Phillips county is
hereby authorized and empowered to
issue the bonds of said county in a
sum not to exceed fifty thousand dol
lars said bonds to be issued for the
redemption of the outstanding orders
and warrants of said county, as here
matter provided.
| Sec. 2. Each bond issued under
| the provisions of this act shall be for
the sum of one hundred dollars or
some multiple thereof, and shall be
made payable to the bearer at the ifs
cal agency of the State of Kansas, in
the city of New York and shall run
not less than ten nor more than thirty
years from the date thereof, and shall
bear interest at rate not exceeding
six per cent. per annnm, for which
interest coupons shall be attached :;
each of said coupons to lie for six
months interest, and made payable to
bearer semi-annualIy on the first days
of May and November of each year.
Each of said bonds and coupons shall
be signed by the chairman of the
board of county commissioners, and
countersigned by the county clerk !;
and each bond shall have the official
seal of the clerk attached, and by him
registered in book kept for such pnr-
poses, and shall be registered in the
Office of the Auditor of State,
Sec. 8, Any person or persons hav-
ing the orders or warrants of said
county issued prior to the first day of
May, eighteen hundred and eighty
three, may present them to the board
of county commissioners of said ooun-
ty at any session of said board, in
sums of one hundred dollars or any
multiple therereof, and the said board
of county commissioner shall issue to
the person so presenting such orders
or warrants, bond or bonds as here
matter provided, for the amount of
such orders and warranUst with &C
crued interest thereon, which bond or
bonds shall be exchanged for such
orders or warrants and interest, dol
lar for dollar and the orders or war
rants so exchanged shall be cancelled
as provided by law in other cases.
SEC. 4. Immediately upon the ex-
change of any of the bonds provided
for in this act, the county clerk shall
inform the county treasurer Of the
name and post office addres of the
purchaser, and whenever the holder
of any of said bonds shall sell or
transfer them, the purchaser shall
notify the county treasurer of said
purchase, giving the number of bonds
transferred and the post office address
of purchaser, and.every such transfer
shall be noted on the treasurer's rec
ord, and a copy of this act shall be
printed on the back of ::eachss bond is
sued under its provisions.
SEC. S. It shall be the duty of the
commissioners of said county to levy
each year on the taxable property in
the said county, in addition to the levy
authorized by law for other purposes,
a sum sufficient to pay the interest as
it shall accrue, and at the end of one
third of the time for which such bonds
were drawn to run and annually
thereafter they shall levy a sufficient
amount, in addition to other author
lied levies, to create a sinking fund
for the final redemption of the same
and the money collected and accumu-
lating from such levy shall be known
as ''bond fund.-" and shall be used
for the payment of said bonds and in
telest coupons, and for no other pur-
pose.
SEC. 6. Whenever the amount in
the hands of the county treasurer be-
longing to said bond fund, after set
ting aside the amount required to pay
the interest on coupons maturing be-
fore the next annual tax levey, shall
be sufficient to redeem one or more of
the bonds thereby authorized, it shall
be the duty of the county treasurer to
notify the owner or holder of said
bonds that he is prepared to pay the
same with all interest accrued there
on, if such bonds are not presented
for payment or redemption within
thirty days after the date of such no
tice their interest on such bonds shall
cease and the amount due thereon
shall be set aside for their payment
when presented, Said bonds shall be
paid in the order of their numbers.
SEC. 2. Nothing in this act shall
be construed so as to prevent the coun-
ty commissioners from selling said
bonds for cash and applying the pro-
ceeds of such sale to the payment of
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