The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1925-04-17
less than $4,000.


under which said Warrants were is
sued provided for the taking of notes
by the County from the inhabitants
to whom special relief was furnish
ed; and,
Section 3: WHEREAS the amount |
OF said notes which became due and /
are now unpaid, exceeds the amount |
CT warrants now proposed to be re-
FUNDED; and it is now certain that |
said notes will not be paid within a
reasonable time, if at all; and,
Section 4: WHEREAS in the
judgment of this Board it is to the
best interests of said County that
Reminding Bonds be issued on the
credit of the County to the amount of
ONE HUNDRED AND FIFTEEN
THOUSAND DOLLARS ($115,000),
to enable it to retire said amount of
outstanding Special Relief Warrants,
and interest thereon; and,
Section 5: WHEREAS the total
Indebtedness of said County, includ
ing the bonds so proposed to be is
sued, and the outstanding bonded in
debtedness of the County, is less than
Five Per Cent Is per cent? of the
value of the taxable property within
said County, as ascertained by the
last assessment for State and Coun-
ty taxes previous to the issuing Of the
bonds herein proposed; and,
Section 6: WHEREAS the holders
of said outstanding Special Relief
Warrants as herein described, are
willing to exchange the same, to-
gether with interest, for a like
amount of the Refunding Bonds
herein authorized; and,
Section z: WHEREAS The Board
of County Commissioners has caused
to be made diligent inquiry among
the holders of said Special Relief
warrants of the County, as to wheth-
er they would accept in exchange for
their Warrants, Refunding Bonds of
Sheridan County issued upon the
Amortization plan,-meaning that
kind of bond on which part of the
principal is required to be paid each
time interest becomes due and pay
able, which part payment on the
principal increases at each succeed
ing installment in the same amount
that the interest payment decreases
so that the combined amount due in
principal and interest on each sue
ceeding due date remains the same
until the bond is paid in full; and,
Section 8: WHEREAS this inquiry
has been of sufficient scope so that the
Board of County Commissioners has
determined that sucn amortization
bonds cannot be negotiated at a reas-
enable rate of interest advantageous
to the people in the County eff Sheri
dan, for whose benefit the bonds are
proposed to be issued; and the issu
ance of Refunding Bonds of Sheridan
County, maturing serially, in ex
change for such Special Relief war
rants will Immediately effect a ma
terial reduction of interest payments
and thereby a distinct advantage, il
that respect, to the County and it
taxpayers.
NOW, THEREFORE, BE IT RE
SOLVED By the Board of Count,
1 Commissioners of Sheridan County
State of Montana:
/ Section 1: That the Board of Coun
ty Commissioners hereby determine
| that the said proposed ONE HUND
RED AND FIFTEEN THOUSAND
I|DOLLARS ($115,OO0) Refundin
Bonds of the County of Sherida
cannot be negotiated at q rate Of il
/ terest advantageous to the people {
the County If issued upon the amOl
tization plan; and that the Board {
County Commissioners hereby detel
= mines that the issuance Of bonds pa.
able serially will be most advantag
= Gus to the said County; and that Il
issuance Of said bonds, payable {
the serial plan, in exchange for
like amount, with interest, of Speci
Relief Warrants Of said County,
deemed for the best interest and a
vantage of said County, and is deer
ed necessary and expedient to e
nance, preserve and maintain tt
credit Of said County.
Section 2: That for the purpo
of enabling the County Of Sherid;
to retire, fund and refund the vail
legal outstanding Special Relief Wa
rants of said County, hereinbefo
described, now outstanding, in
amount, which, with interest, tots
ONE HUNDRED AND FIFTEE
THOUSAND DOLLARS ($115,00(
there are hereby authorized and
rected to be issued ONE HUNDRE
AND FIFTEEN THOUSAND DO
LARS ($115,OOO) of negotiable cou
On bonds of SHERIDAN COUNT
to be known as "Refunding Bonds
in the denomination of One Thol
and Dollars ($1000), each, number
consecutively from One (D to O
Hundred and Fifteen (115l inclusi
dated the First day of April, 10
and becoming due, in the order
their number, the lowest numI
first, as follows:
$4,000 April 1, 1880, 1881 and 1913.
$4,000 April 1, 1888;
$4,000 April 1, 1884;
100000 April 1, 1885.
Said bonds to bear interest at
rate of Five and One-Quarter per c
(5A per cent? payable semi-annr
", on the 1st day of April and
a ooh axvoo,~ 10th T1viroiVol .