Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-27
FRrnav ocroprp 81

S,onsfS 6en Z. johnston ana ". i
Commissioner Komners in office at
tending to routine business. Several
persons called on 0 "a and relief mat
ters.
At 500 o'clock p. m. adjourned to
SATURDAY, OCTOBER 2s, 1922.
Present: Chairman Ben c.. Johnston,
Members Louis II. Kommers and G. T,
BOYD. Clerk John E.. Moran.
General business, road and relief
matters attended to.
At 800 o'clock p, m. adjourned to
October 30, 1922.
MONDAY, OCTOBER 80, 1922.
P~reesnt: Chairman Der C. Johnston,
members Louis n. Kommers and @. I.
BOYD. Clerk, John e. Moran.
At 1880 o'clock p. m. following re-
solutions presented; COMMISSIONS
Louis H. Kommers introduced same
and moved its adoption:
RESOLUTION
Whereas, there are now outstanding
the following valid, legal and subsist-
ing bonds Of Cascade county, Montana,
to wit:
$1Ss,0o0 6he6 Special Relief Funding
bonds. dated January /, 1920.
whereas, the acts under which said
bonds were issued providing for the
taking of notes by the county from
the Inhabitants to whom relief was fur
nished and the levying of q tax annual
county In addition to other taxes suf-
ficienf, In addition to collections on
such. notes, to provide a proportionate
amount of the total amount required
FOR the redemption of such bonds as
the same become due or are called in
for payment according to the condi
tons thereof, and
Whereas, the amour of said notes
which have become due and are now
unpaid exceeds the amount Of bonds
now proposed to be refunded and it
does not appear probable that said UNI
paid notes will be paid before final
maturity of said bonds and there are
not sufficient moneys in the Special
relief Bond Sinking Fund" and no
taxes already levied available for the
payment of the bonds, n whereas the
levy of sufficient taxes in the years
intervening between now and the final
maturity of the bonds for the payment
of said bonds would produce a heavier
tax burden on the taxable property in
the county than appears to be for the
best interests of the county, and
Whereas. the county has the right to
redeem said bonds on the first day Of
January, 1923, and
Whereas, it appears that the said
bonds in the amount of One Hundred
Fffty-Seven Thousand Dollars ($157,-
000.00) can be refunded at a lower rate
of interest and to the general profit
and benefit Of said county, and
Whereas, in the judgment of his
board it is to the best interests Of said
county that r%efunding bonds be issued
on the credit OF the county to the
amount of One Hundred Fifty-Seven
Thousand Dollars (s157, 100000 to en-
able IL to redeem a like amount OF its
outstanding bonds, described in the
first paragraph hereof, which can be
called in for payment on the date
aforesaid, and
Whereas, the total Indebtedness of
so proposed to be issued and the out
standing bonded Indebtedness of tfg
county is less than five Per cent of the
value of the taxable property within
said county, a. ascertained by the last
assessment for state and county taxes
previous to the issuing OF the bonds
herein proposed, and
Whereas, the holders of certain of
the present outstanding Special Relief
ambie of this resolution are willing
to exchange said bonds for q like
amount of the Refunding Bonds herein
authorized, and
Whereas, the issuance Of such re
outstanding Special Relief Funding
Bonds will Immediately effect a ma
terial reduction OF interest payments
and thereby be a distinct advantage in
that respect, and in other respects here
in recited, to the county and its tax
payers.
Now. therefore, be it resolved by the
board OF county commissioners of Cas-
eade county, Montana:
Section j: That for the purpose of
legal outstanding bonds Of said county,
described in the preamble hereof, there
are hereby authorized and directed to
be issued One Hundred Fifty-seven
Thousand Dollars ts157, 100000 negoti-
able coupon bonds of said county to be
known as "Refunding Bonds" of the
denomination of One Thousand Dollars
each. numbered c~onsecutively from I
10 157, inclusive, dated the first day of
January, 1923, and becoming due in
numbers first, as follows;
$4,000 due January /, 1923; $4,000
due January /, 1929; so 1000 due Janu-
airy /. 1881; 10000 due January l, 1888:
$4,000 due January !, 1884; $4,000 due
January /, 1885; $4,000 due January l,
1886: $4,000 due January /, 1887; $4,000
due January l, 1888; 10000 due Janu-
airy l. 1889; 10000 due January I. 1910;
2 1000 due January l, 1874; $4,000 due
January /. 1912.
to pay and redeem sail bonds or the
interest payment date next preceding
their respective maturity, which said
bonds shall bear interest at the rate
VI / pc SRI tVFCt RCb aAllAAiS pay
able semi-annually on the first days
Of January and July in each year and
both principal and interest Of said
bonds to be made payable at the
American Exchange National bank. in
the city of New York, state of New
York.
Section II. That the board of county
commissioners, after a full investiga-
ton and consideration OF the situation
of the said county with respect TO the
payment of the county bonds now out
standing and proposed to be refunded.
hereby finds and determines that the
issuance of refunding bonds of the
county for the purpose herein stated
in accordance with section ! of this
is for the best interests and
the general profit and financial bene-
PAYERS thereof.
Section III. That said ~refundtng
bonds and coupons attached shall be
signed by the chairman of the board
of county commissioners II by the
county treasurer and be counter
signed by the county clerk and sealed
with the county zeal and hat the form
tificate to be endorsed thereon shall
be substantially as follows:
United States of America
State of Montana
Cascade County
Refunding Bond
Know all men by these presents
of Montana. for value received,
promises TO pay to bearer
One Thousand Dollars
mons of the United States of
America. on the first day of...........-,
10, with interest on said sum from