The Springdale news., 1907-03-29

nance .or repair of any partieu- lar road. shall be final and con elusive. unless inpeaehed in an appropriate proceeding for fraud in the making thereof.
 Sec. Q. That in lieu of the mrking of contracts for the an- nual payments out of tax annu- ally laid and collected, the said board of directors are hereby au- thorized and empowered to make, execute and issue negotiable bonds for an amount not to ex- ceed twenty per cent of the value of the real property located with in the particular district, and bearing rate of interest not to exceed ten per cent per annum. That the said bonds may be is- sued and paid directly to con- tractors ln payment for the build ing, construction. maintenance or repair of any road or roads. or the same may, at the option of the directors, be sold for cash at price not less than par, and from the proceeds of such sale payments III money made for the discharge of the liabilities ere ated by said contract for the building, construction. nainten- ance or repair of said road or roads. In the event said bonds are issued, the secretary of said directors shall correctly register, i'll book to be kept for that pur- pose, the date, amount. number, date of maturity, the number and description of each coupon, and the name of the person to whom the same k issued in payment of work or sold as aforesaid. The said bonds shall be made payable to bearer and made payable at ally place the said board of directors
 may designate. All money de- rived from the collection of taxes or for the sale of bonds shall be deposited in the county treasury 10 the credit of the particular road district. The county treas urer shall be allowed q commits sion of ole half of one per cent for receiving and disbursing said money, which commission shall be paid only once, regardless of the succession of said office. That the said money shall be paid out by the said county treas urer on warrants drawn thereon by the said board of directors. which said warrants shall be signed by the president and countersigned by the secretary thereof, and attested by the seal of sad corporation. No war rant shall be issued by said board of directors until the claim, in payment of which the same IS issued, has been duly allowed by said board of directors. and the fact of such allowance enter ed upon the records of said board. The said bonds shall mature at such period, not greater than thirty years from the date of is- sue. as may be determined by the board of directors at the time the same are authorized and is- sued. In the event the method  of payment adopted by the board of directors shall be the execu- tion and issue of bonds as afore- said. a tax shall be laid and col cected, by authority of said board of directors, on all the real property adjudged to be ben- etitted by the building, construe
 tion, maintenance or repair of such road or roads sufficient to pay the annual or sem-annual in- terest on said bonds and to cre- ate sinking fund sufficient to retire all of said bonds on the date of maturity thereof. The sureties on the bond of the coun- ty treasurer shall be liable for all moneys deposited with him under at,t bnrftv af fl,te At a.j to | la