The Glasgow courier., 1915-09-10

be open to contest by any person or
/ persons, corporation or corporations,
or by said county for any reason what
| ever.
Section 10. That for the purpose
of providing the necessary funds to
nay the interest accruing on said
bonds promptly when and as the same
falls due. and to constitute and main
tain sinking fund sufficient for the
discharge of the principal thereof at
maturity, there shall be and there is
hereby levied upon all of the taxable
property of said county. in addition to
all other taxes, the following direct
annual ad valorem tax, to-wit:
In each of the years 1915 to 1884,
both inclusive, a tax sufficient to pro-
duce the net sum of $7865 in each
wear for interest, and also a sum suf-
ficient to provide for the redemption
of the bonds as the same becomes due,
or are called in for payment, accord
ing to the conditions thereof.
and said tax when collected shall. by
the treasurer of said county, be kept
in separate fund to be known and
designated as "Funding Bonds dated
July 1, A. D. 1915, interest and sink
ing fund.-, which shall be irrevocably
pledged to and used solely for the pay
ment of the interest and principal of
the said bonds hereby authorized when
due, so long as any of said bonds
or the interest coupons thereto ap-
pertaining remain outstanding and un-
paid: and for greater certainty the
board of county commissioners Of said
county shall in each of said years
1915 to 1884. both inclusive, include
the bond tax hereinabove levied for
such year in the annual estimate for
said county for such year, and said
bond tax shall in each of said years
be certified. extended upon the tax
rolls and collected by the same offic-
ers, in the same manner, and at the
same time as the taxes for general
county purposes for said county are
certified, extended and collected.
Section II. That on the 18th days
of June and December, respectively,
in each year, so long as any Of the
interest coupons appertaining to the
bonds hereby authorized to be issued,
remain outstanding and unpaid, the
treasurer of said county shall and he
is hereby authorized, ordered and dir
ected to remit by and through the
parties receiving said bonds New
York draft to the National Bank of
Commerce, in the city and state of
New York, U. S. A., sum sufficient
to nay the semi-annual interest ac-
cruing on said bonds on the first davs
of .Ta9uary and July, respectively. in
each/year, and anv and all escrow
charges made bv said hank for handl-
ing said coupons; and on the 18th
day of June, A. D. 1885. the said
county treasurer shall and he is here
bv authorized. ordered and directed, in
addition to the sum required to meet
the interest accruing on said bonds
as and in the manner hereinabove
mentioned, out of the sinking fund
created under the provisions of this
resolution, bv and through the parties
receiving said bonds to remit bv New
York draft to the said National Bank
of Commerce. in New York, U. S. A..
sum sufficient to nav the principal
amount of all of said bonds then out
accrued thereon to July /. A. D. 1885.
by said bark for handling the same.
Section 12. That the chairman and
clerk of said board, and the clerk and
treasurer. respectively, of said coun-
| ty (or anv or either of them). are
hereby authorized, ordered and direct
ed to furnish the aforesaid party or
parties receiving the said bonds in
exchange for said Indebtedness with
such certificates. transcripts or other
documents as will fully evidence the
proceedings had preliminary to the is
suance of said bonds. the regularity
and sufficiencv thereof, and the valid
ity of the said warrant Indebtedness;
and the acts of said officers in the
premises are hereby declared author
lied. ratified, apnroved and confirmed
Section 13. That the provisions of
this resolution and each of the fund
ing bonds and each of the interest
coupons issued pursuant thereto, shall
constitute and the same are hereby
declared to be binding and irrevoc-
able contract between said county and
the parties receiving said bonds and
the holder from time to time of each
of said bonds and the interest cou-
pons thereto appertaining.
Section IA. That an emergency is
declared to exist and this resolution
shall be in full force and effect imme-
diately upon its adoption and shall
be irrepealable until the Indebtedness
hereby created, both as to principal
and interest. shall have been fully
paid, satisfied and discharged.
Section Is. That all resolutions and
orders, or parts thereof, heretofore
adopted in conflict with the provisions