The Coeur d'Alene press. (Coeur d'Alene, Idaho) 1892-1907, 1895-08-24

leaving the outstanding Indebtedness OF
the county rs evidenced by such war,
rants, including interest as above speci-
fed, at Sii ,6292l, and the board further
finds that said warrants are drawing i'll
terest at the rate OF seven per cent per
annum which the board believes could
6c funded by the issue Of bonds bearing
interest not to exceed six per cent per
annum, said warrants are not ut par
thus depreeiating 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 Rev
enue Act by the provisions Of which, i'll
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
misSioners OF such counties are required
to levy IA special tax for the redemption
and payment of said warrants, and ii
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 it for the public good to issue
bonds OF the county to fund the out
standing warrants. The board further
finds, that as such bonds cannot be ne
go;iated and sold for some length Of
time that it will be necessary to issue
bonds somewhat in excess of the pres
ent indebtedness to cover the interest
accruing up to the time of the nego,ia-
ton and sale of such bonds, which will
amount, as near as can be estimated, To-
the sum Of 81 1881.
And the board being fully advised Ia
the premises, 1t is hereby ordered, that
the board OF county commissioners Of
kootenai county, Idaho, in pursuance
OF the act OF the legislative assembly OF
the territory of Idaho, approved Janu-
airy %, 1851. and of the act of the legis-
lature of the state of Idaho, ammeuda.
tory thereto, approved March ), 1885,
and of the provisions of the constitu-
ton OF the state OF Idaho, (>ection Is,
Article 81 will issue and sell negotiable
coupon bonds Of the said county. Of
koOtenai, to the amount Of Siy,l5t55,
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. \. ID.
l59o, including interest OH said warrants
which has accrued and the probable
amount, rs near rs can be estimated,
that will accrue before the said bonds
can be disposed Of and realized upon,
there being no money i'll tie treasury
of the 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
shall be issued and sold than shall be
nee eesary for such purpose. provided,
that the issuing Of such bonds be first
authorized by vote OF two-thirds of
the qualified electors OF the county vot-
ing At an election to be held for that
purpose, as hereinafter provided. Said
bonds shall be issued, as near As prac-
ticable, in denominations Of one thous-
and dollars, or il necessary in denomin-
atoms Of five hundred and one hundred
dollars, and will bear interest at rate
not to exceed six per cent. per annum,
the interest to be paid on the first day
Of January and the first day Of July in .
each year, at the Office Of the county
treasurer or at such bank in the city of
New York rs may be designated by the
board OF county commissioners, such |
bonds to be redeemed by the county in /
tie following manner: ten per cen: of |
the total issued to be paid in ten years
from the date Of issue, and ten per cent
zach year thereafter until all OF said
bonds are paid.
Now therefore, Notice is hereby given
hat special election by the qualified
electors OF kootenai county, state of
Idaho, will be held in the several pre-
,:ncts OF said county, on Tuesday the
18th day Of August, \. ID. 1888, =. .....
..................... precinct. place Of
holding election, ..................
............, which election shall be
pen at eight o'clock in the morning.
md continue until four o'clock in the
vening Of the same day, during
which time the ballot boxes shall re-
main open, for the purpose Of voting
lpon the question Of issuing the bonds
Iereinbcfore provided, at which time
uci question will be submitted To
hem, and such election shall be con.
Iucted according to the general election {
avs OF this state so far IA the same !
nay be applicable. and except as the
anne are modified by the provisions of
he act above mentioned.
Dated this 10th day of June, A. d.
sos. ,,
=, RoBT. s. BRAGAw, a
Jerk NJ the Board of County Commits !.
sioners, kootcnal county, Idaho. Il
unel5-AugA