The Mellette County pioneer. [volume] (Wood, Mellette County, S.D.) 19??-1971, 1921-03-11

for and on behalf of such city, shall
order the county auditor or the city
clerk as the case may be, to make
such subscription or loan in the name
of such county, township or city and
| shall cause such bonds, with coupons
attached, as may be required by the
terms Of said proposition, to be issued
for and in the name Of such county,
township or city; which bonds, when
issued for such county or township,
shall be signed by the chairman of
the board Of county commissioners
and attested by the county auditor,
under the seal Of such county, and
when issued for such city shall be
signed by the mayor and attested by
the city clerk under the seal Of such
city; provided, no such bonds shall be
issued until the railroad to which
such subscription or loan is proposed
to be made shall be completed and in
operation through the county, town
ship or city voting such bonds, or TO
such point In such county, town
ship or city as may be specified in
the proposition set forth in the petit
tion in the first Section Of this Act,
SECTION 5. STOCK To BE ISSUED
For BONDS. Before any railroad
shall be entitled to receive any bonds
issued in pursuance Of the foregoing
provisions for the stock Of such com
pany, said company shall deliver TO
the treasurer Of such county, town
ship, or city, stock in their said road
equal i'm amount with the bonds
authorized to be issued, dollar for
dollar.
SECTION 6. TAX To PAY INTER
EST AND BONDS. Whenever any bonds
shall be issued in pursuance Of the
foregoing provisions, 1t shall be the
duty Of the board of county commits
sionerS or the mayor and council Of
the city, to levy and collect annually,
in addition TO other taxes, a tax on all
taxable property in such county, town
ship or city, sufficient to pay the in
terest on such bonds as the same
shall become due, and TO create a
sinking fund Sufficient to pay said
bonds at maturity; and such tax shall
be collected as other taxes are collect
ed and paid out by the treasurer on
presentation OF coupons on bonds when
due, at the treasurer's Office, or at
such place as may be specified in the
petition or proposition herein men,
toned
SECTION I, TINE For PAYMENT
AND AMOUNT OF BONDS. Tie princi-
pal OF the bonds Of such county, town
ship or city, shall be made payable at
any time that may be fixed in the pro
position voted upon, not exceeding
thirty years from their date; and may
be issued in sums Of not less than one
hundred nor more than one thousand
dollars.
SECTION 8. REGISTRATION AND
PAYMENT OF BONDS. All bonds issu-
ed under the provisions Of this Act
shall be made payable at the fiscal
agency of the State of South Drkota
In ------------. and shall be regis
tered in the office Of the Auditor of
the State of South Dakota; and to the
said bonds shall be attached coupons
for the annual installments Of the
principal and interest accruing from
time to time blythe terms of said
bonds, which shall be receivable as
they become due for taxes due the
county, township or city issuing such
bonds and which were levied to pay
the interest and instal!ments on such
bonds.
SECTION9. Powers OF TOWNSHIP
BOARDS. 1t shall be the duty of the
trustees, clerk and treasurers Of town
ship to order elections, canvass re-
turns, issue bonds in exchange for
stock, and levy taxes to pay interest
aid principal Of same when due, for
their respective townships in the same
way and manner as provided in the
foregoing Act for county commission
ers for the county and for the mayor
and council of cities.