The producers news., 1925-04-03
PROCEEDINGS
of the
Board Of County Commissioners
BEING THE OFFICIAL MINUTES OF THE REGULAR
AT THE COMMISSIONERS CHAMBERS AT THE
COUNTY COURT HOUSE, PLENTYWOOD, FRI
DAY AND SATURDAY, MARCH 10Th AND 21ST.
1925.
of the

We therefore, propose to accept
from YOU S11O,000.00 Funding Bonds
of your County to be issued in ex-
change for, and to take UP. a like
amount of the outstanding Special
Relief Warrants above described and
which are to be called for payment
and we further hereby propose to de-
liver to YOU, in exchange for said |
Bonds, an equal amount, par value, !
of said Sheridan County Special Re
! lief Warrants, now owned by us and |
cur clients, adjusting accrued inter |
est, if any, from date of Bonds and |
to date of delivery to us; said Fund !
ing Bonds to be dated April 1st, 1925, |
to bear interest at the rate of five
and one quarter per cent (5A per
cent) per annum, payable semi-an-
nUally, principal, and interest to be
payable at the county treasurer's Of
flee, in the City of PlentywOod; said
bonds to mature S55OO.OO in each of
the Years 1926 to 1915 both inclusive.
In addition, we will pay the cost of
printing blank bonds ready for exc
cution by your County Officials, and
pav the expense of competent attor-
neys for preparing all necessary reso-
lutions, certificates, etc., in connec-
ticn with the legal issue of said
bonds.
This offer is expressly made subject
to the approval of our attorneys of
the validity and regularity of the is
suance of said Bonds. 1t is under
stood that you will promptly furnish
Z to us, without cost, complete certi-
! fed transcript Of all proceedings had
relative to this issue, and the issues
: which it is proposed to refund; you
5 also agreeing to take whatever action
: and pass whatever proceedings and
2 resolutions our attorneys may request
to the end that said Funding Bonds
. may be legally issued and negotiated.
z Respectfully submitted,
WELLS-DICKEY co.
(Signed) by r. G. Andrews.
We hereby certify that the above
/, and foregoing proposal was and the
0 same is hereby accepted by proper
2 resolution of the Board of County
Commissioners of Sheridan County
d adopted this goth day cf March, 1925
r, EDWARD IVERSON,
e Attest: Chairman
NIELS MADSEN,
County Clerk.
Thereupon Commissioner Franz
French introduced the following resO
luton and moved it's adoption:
RESOLUTION
1. WHEREAS, there were out
standing on the 1st day of May, A
y D. 1928, and there are now Outstand
p ing, the valid, legal and subsistini
IL I Special Relief Warrants in an am
l cunt which, with interest, is not les
e than S115,00000.
- Section 2. Whereas, the acts unde
" which said warrants were issued pre-
< vided for the taking of notes by tn
county from the inhabitants to whol
"a special relief was furnished; and,
W Section 3. WHEREAS, the amour
70 of said notes which became due an
r are now unpaid, exceeds the amour
= of Warrants now proposed to be n
y funded; and it is now certain tn;
81 said notes will not be paid within
ne reasonable time, if at all; and,
III Section A. WHEREAS, there a.
no moneys in the Sinking Fund, al
- no taxes levied now available for tt
payment of said Warrants, save {
4 amount not exceeding S5OOOOO; and
Section 5. WHEREAS, in t
Judgment of this Board it is to t
best interest of said County that R
funding Bonds be issued on the cree
of the County to the amount of on
HUNDRED AND TEN THOUSAN
y DOLLARS (S11O,OOOO0), to enable
to retire said amount Of outstandil
Special Relief Warrants, and intere
thereon; and,
Section 6. WHEREAS, the tot
Indebtedness Of said County, inclU
ing the Bonds so proposed to be
sued, and the outstanding bonded
debtedness Of the County, is Il
than Five Per cent of the value
the taxable property within s;
County as ascertained by the last
sessment for State and County ta7
previous to the issuing Of the BcI
II herein proposed; and,
H Section z. WHEREAS the hold
of said outstanding Special Re-
Warrants as herein described,
willing to exchange the same,
gether with interest, for
amount of the Refunding Bonds he
Fl in authorized and,
Section 8. WHEREAS, the 30
"a cf County Commissioners has eau