The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1935-06-07

aggregate principal amount Of an
proXimately $165.OO; and
WHEREAS, the county on july
l, 1884, was in default on approx-
imately $4,000 interest on bonds
which had matured, and
WHEREAS, because Of delir-
quent taxes the said county is I'M
able to pay all OF said defaulte6
principal and because of the gen.
eral conditions in said county. it
Will not be able to meet future
payments of principal; and
WHEREAS, said county now has
an outstanding bonded indebted
ness in the total principal amount
OF $5O4,OOO, including both funds
due, and not yet due; and
WHEREAS, it is deemed advis-
able to take advantage Of the re-
Gently enacted municipal refunding
law approved on the 10Th day of
December, 1888, and set forth in
Chapter VI of the laws of Mon
tana passed in the 1933-94 Extra
ordinary Session of the Legisla
tive Assembly of the State of
Montana hereinafter referred to
as "the municipal refunding law"
and
WHEREAS, said county has,
within the meaning of said munic-
ipal refunding law, an indebted
ness of outstanding bonds and reg
istered warrants lawfully issued,
in an amount in the aggregate in
excess of fifty per centum 5000
of the total indebtedness which
may be lawfully incurred under
the provisions of the constitution
of the state of Montana limiting
the amount of Indebtedness which
may be incurred by counties; and
WHEREAS, certain of the out
standing bonds of said county, to-
wit: funding bonds numbered from
No. Sc to No. So and No. SO to
No. Sc, inclusive, dated January /,
1914, and due January 1, 1884,
bearing interest at the rate Of six
per centum (6%o), were erroneous
ly called for payment by the treas
urer of the county on June 20,
1884, and: the call having been
rescinded by order of the board
of county commissioners, said
bonds remain unpaid; and
WHEREAS, the said county and
a said committee have agreed up
on plan for the adjustments of
its obligations as respects its in
debtedness and for the refunding
as aforesaid, in accordance with
the provisions of said refunding
law; and
WHEREAS, said plan was incor-
porated in an agreement between
said county and said committee un-
der date of October 81, 1884, anu
on the same date said plan was
adopted by resolution of the board
of county commissioners for saiC
county; and
WHEREAS, following the adop.
ton of said resolution, said plar
was submitted to the State Exam
iner of the state of Montana pur
suant to the provisions of sale
municipal refunding law, where
upon the State Examiner made
certain recommendations requiring
changes in said refunding plan
and
WHEREAS, the parties heretc
desire to comply with said recon-
mendatiOns made by the State Elk
aminer and to reaffirm the term,
of said agreement of October 81
1884, as modified by said recon
mendations;
NOW THEREFORE, 1T Is
HEREBY RESOLVED:
1. That said resolution passed
by the board of county commits
sioners for Sheridan County, Mon
tana, on the 31st day of October
1884, is hereby annulled and re
voked in every respect and tn
provisions herein contained shall
be deemed to supersede and shall
take the place of said resolution
of October 81, 1884.
2. That the said board of coun
ty commissioners, in exercise 0
the powers vested in it by Law
| hereby approves, adopts and &C
cepts the debt readjustment an
:, refunding plan set forth herein i
5 paragraphs (a) and (b) in accord
ance with the provisions of tn
aforesaid municipal refunding law
: (a) That all the present Out
9 standing of Sheridan county in tn
3 total amount of $5O4,OOO as Sc
y forth and described Immediate
below, shall be refunded into re
funding bonds:
+ (Date of issue, purpose, amour
n outstanding, interest rate and me-
e turities):
; LILA. funding. $4,000, go ar
A 1-1-34; 9-1-15, funding, S95,O0
e 51ke5 and 7-1-35; 10-1-15, refund
e ing, $4,000; $40 and 7-1-3!
7-1-19, refunding, s124,OOO, So
: and (serially) 1934-S9.; Alps, r,
= funding bond, $4,000, 20 an
e (serially) 1s34-S5.