The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1895-08-10

, amended at the third session OF the
} legislature Of the state Of Idaho, ap
J proved March 8, 1895, the board OF
county commissioners of kootenai
county, state Of Idaho, made an exam
, nation into the financial condition OF
, the county aforesaid, and after examin-
Ing the reeorIts and files of the board
and the reports of the auditor and
!. treasurer OF the county, lind that exclu,
sive of the bonded Indebtedness of the
county, that there is an outstanding in.
debtedness, as shown by warrants
issued prior to the second Monday OF
January, A. ID. 1875 of S43 ,5Sls4, upon
which there is accrued interest up to
the Srd day Of June, \. d. 1895, as near
as the same can be estimated, amount.
ing to S4,047.97, which warrants the
board finds are valid and legal obliga-
tons of the county. The board further
hnds that there is now in the treasury
OF the county no money applicable to
the discharge of such indebtedness,
leaving the outstanding indebtedness OF
the county as evidenced by such war
rants, including interest as above speci-
fled, at S47 ,6292i, and the board further
finds that said warrants are drawing in
terest at the rate of seven per cent. per
annum which the board believes could
oe funded by the issue OF bonds bearing
interest not to exceed six per cent. per
annum, said warrants are not at par
thus depreciating the credit Of the
county and causing those who furnish
materials or perform services for the
county to charge above the market rate
FOR such materials and services, thus
greatly increasing the cost Of carrying
on the business Of the county, and fur
Their the legislature of the state Of
Idaho at its last session passed a Rev.
enue Act by the provisions Of which, in
case the outstanding Indebtedness of
any OF the counties of the state is not
funded by the issue of bonds for the
redemption Of same, the board of com
mlssioners Of such counties are required
to levy special tax for the redemption
and payment of said warrants, and it
would seem that in view OF the present
depression in trade and business that it
would be unwise to place any heavier
burdens on the tax payers of the county,
already necessarily heavily taxed, by
the imposition of any additional tax
unless sanctioned by vote Of the
county; for these reasons, the interests
OF the county require and the board
deem 1t for the public good to issue
bonds OF the county to fund the out
standing warrants. The board further
unds, that as such bonds cannot be ne
gotiated and sold for some length of
time that it will be necessary to issue
bonds somewhat i'll excess of the pres
ent indebtedness to cover the interest
accrGing up to the time OF the negotia-
ton and sale Of such bonds. " hich Will
amount, as near as can be estimated, to
the sum of 81 ,525.34.
And the board being fully advised in
the premises, it is hereby ordered. that
the board Of county commissioners of
h0otenai county, Idaho, in pursuance
of the act of the legislative assembly of
the territory Of Idaho, approved Janu.
airy %, 1857, and of the act Of the legis-
Iature OF the state Of Idaho, ammenda- |
tory thereto, approved March 5, 1885.
and OF the provisions Of the constitu. /
ton OF the state OF Idaho, Section Is /
Article - will issue and sell negotiable 1
coupon bonds Of the said county Of
kootenai, to the amount of sigI5tJ5
that being the total amount of the out
standing Indebtedness Of the county as
evidenced by warrants issued prior to
the second Monday Of January. AID.
1879, including interest on said warrants
which has accrued and the probable
as near as can be estimated
that will accrue before the said bonds
IAN be disposed of and realized upon.
there being no money in the treasury
d tie county applicable to the payment
Of such Indebtedness, or so much of
SAID sum as may be necessary to fund
such Indebtedness and redeem said
warrants, and no more Of such bonds
'hail be issued and sold than shall be .
nee eesary for such purpose, provided.
hat the issuing of such bonds be first !
authorized by a vote OF two-thirds Of
he qualified electors of the county vot !
ng at an election to be held for that !
purpose, as hereinafter provided. said
'onds shall be issued, as near as prac- I
lcable, In denominations Of one thous- !
nd dollars, or If necessary in denomin- !
tions of five hundred and one hundred a
oilars, and will beas interest at rate
OF TO exceed six per cent, per annum, b
he interest to be paid on the first day /,
January and the first day Of July in !
ach year, at the Office Of the county d
reasurer, or at such bank in the city Of y
lew York as may be designated by the !,
GARD OF county commissioners. such q
onds to be redeemed by the county in Il
re following manner: ten per cent of a,
ne total issued to be paid In ten years n
ON the date OF issue. and ten per cent n
'ch year thereafter until all Of said ~
,nds are paid. no
Now therefore, Notice is hereby given an
at special election by the qualified T.!
ectors OF koOtenai county, state of m'
Iaho, will he held in the several pre-. al
nets Of said county, on Tuesday the I'll
tn day OF August, a. b. 1895. .. a.,
$500 cpI
: - 3 - -'''--'. precinct, place OF CD-
,ldin2 election abl
''.--'..-. dai
..........., which election shall ha irO