The Ward County independent. [volume] (Minot, Ward County, N.D.) 1902-1965, 1905-07-26

tional Bank. Chicago, for $4,000, to be
held BY you and forfeited only when 1
have failed to fulfil the conditions OF
this proposal.
Respectfully submitted,
Arthur b. Wright.
Moved by Com Richardson and eec-
onded by com carroll that tie bid be
accepted. On roll call the members vot-
ed 40 follows: Richardson yes carroll
yes. Swanson no, Black yes, Torbenson
absent Motion carried.
The following resolution was read and
on motion OF Com Carroll and seconded
by Com Richardson was adopted with
the members present voting as follows:
Richardson yes, Carroll yes, Swanson
no, Black yes, Torbenson absent. Mo-
ton was declared carried
Whereas. on the 5th day of June,
1905, q resolution was adopted by this
board, authorizing the issuance OF fund.
ing bonds of this county to tho amount
of Sl5o, 900. 90 to draw semi-aunual in
terest at the rate OF 4 per ceat per an
mum, maturing 20 years from date, said
bonds to be dated July 1st, 1905, which
resolution further authorized the assist
ant states attorney Of Ward county to
negotiate for sale of said bonds.
AND WHEREAS, on June 7th, 1905,
\ further resolution of this board, was
adopted, directing the auditor of said
county to advertise for bids for the
funding bonds Of said county, the bid
der to designate the lowest rate of inter-
est at which he would purchase such
bonds at par.
AND WHEREAS, the said assistant
states attorney has reported his inabil-
ity to sell said per cent bonds at par
and it appearing satisfactorily to the
board that such bonds connot be sold at
par.
AND WHEREAS, this board, on the
5th day Of July, 1905, received and open
ed the bids of divers persons and firms,
which we're filed, pursuant to said ad-
vertisement, and after due considera.
ton OF the premises and OF said bids,
this board having on July 9Th, 1905, de-
termined that said bids could not be le-
gaily considered and having by resolu-
ton duly adopted, rejected all of said
bids
BE 1T RESOLVED, That the said
resolutions adopted by this board, with
reference to the issuance and advertise
ment for bids of such bonds, which
were adopted on the 5th and 7th days OF
June, 1905, be, and the same are hereby
rescinded and set aside, together with
all proceedings had under them, or
either of them.
AND WHEREAS, the county Of
Ward, in the state of North Dakota, is
justly indebted upon it's outstanding
county warrants. to an amount in ex-
rf EN ~& ,,,Ls
rants has been presented to the county
treasurer OF said county for payment
and by him endorsed mot paid for lack
and by reason thereof each of said war
rants is drawing interest at tho rate of
per cent per annum.
AND WHEREAS, It is the judgment
of this board that it is to the best inter-
ests of the county Of Ward to issue it's
negotiable bonds in the name OF said
county. IN the aggregate amount of
$3.50, OOO. 90 for the purposes of funding
q like amount of outstanding indebted
ness of such county represented by the
cousty warrants of said county afore-
said.
AND WHEREAS, Mr.. Arthur B.
Wright Of Chicago. in the state of Illi-
nois, has submitted to this board pro-
posal to purchase the funding bonds of
this county to the amount of Sl5O,OOO.-
90, to be dated July 1st. 1905, and to be
payable 20 years after date, Tearing
semi annual interest ut the rate of AZ
per cent per annum, for which. by the
terms of said proposal, the offers to pay
said Ward county the full par value of
said bonds ard premium of $3.50,
and to furnish free of expense to the
county, the blank bonds for such issue
and to bear all expense for legal opin-
ions upon the validity and regularity of
such bond issue, and he having submit
ted with said proposal a certified check
of the Corn Exchange National Bank of
Chicago, in the sum of 50, 900, to be paid
and forfeited to the county of Ward, in
the event OF his failure to fulfil said pro-
posal on his part; and the same being
the highest and best offer ut any time
made for said bonds.
NOW THEREFORE,, Be it resolved
by the board of county commissioners Of
Ward county that there shall he and
there is hereby ordered and di-
rected issued the negotiable bonds of
Ward county. to tho aggregate amount
of sl5O,OO0 co. to fund like amount OF
the valid Indebtedness of said county,
evidenced by its legally issued and out
standing warrants. mentioned in the
preamble hereof, which bonds shall be
designated ''Ward County Funding
Bonds"
That the funding bonds hereby au-
thorized shall consist of lao in number
of the denomination Of $1,000 each,
numbered to $50. both inclusive, shall
bear date July LIST, 1905; shall become
due and payable 20 years from and after
said date, shall bear interest from date
at the rate of 411a per cent per annum,pay-
able semi annually, on the first days Of
January and July in each year, which
interest payments to maturity shall be
evidenced by interest coupons, to be at
tached to each of said bonds, and both