Year: 1875

CAAIl.

 An Act to authorize the several counties in

 this state to fund their Outstanding In

 debtedness.

 Be it enacted by the General Assembly of

 the State of Arkansas.

 SECTION 1. That the county courts of the several counties of this state be, and they are hereby empowered to issue the bonds of their respective counties, in any sum necessary to pay the out standing indebtedness of such counties, including claims against the same due on the 30th day of October, A. D. 1874; Provided, That no outstanding scrip or war rants of any county shall be fund ed under the provisions of this act at a greater rate than fifty cents in bonds for each one dollar in scrip or warrants, unless a three -fourths vote of the members of the county court, present and acting as hereinafter provided, shall be first obtained in favor of such higher rate; but such court may, by mere majority vote, provide for funding the outstand- ing scrip or warrants of the county at any rate less than fifty cents in bonds for each one dollar in scrip or warrants that may, in the judg- ment of said court be deemed practicable and to the best inter- est of the taxpayers of the county. Any violation of this proviso shall render void all or any bonds issued, or assumed to be issued under the provisions of this act. Said courts in the issuance of such bonds shall proceed according to the provisions of this act.

 Sec. ?. It shall be within the judgment and discretion of the county courts as to whether the bonds herein authorized shall be issued or not. In determining this question a majority of the justices of the peace of such coun- ty shall sit with the county judge and compose part of the county court; it shall be the duty of the county judge to give at least ten days notice, by posting five writ ten or printed advertisements in five of the most public places in his county, or by causing the same to be inserted at least twice in any newspaper published in his county, if one there be, before any term of the court at which it is proposed to entertain the propo- sition for funding the county scrip; and if, after due delibera- tion and counsel taken, the court be of the opinion that it would be to the financial interest of such county to fund as herein author ized, they shall make an order to the effect that for a period of twelve months from and after the making and entering of such or der, any one presenting to the county court, while in session, duly authorized and authenticated county warrants or scrip amount ing to the sum of twenty y-five dol lars or upwards, shall be entitled to receive in lieu thereof the bond of such county as herein author ized; Provided, That it shall be and is hereby made the duty of the county court to strictly exam inc every warrant presented for bonding, and satisfy themselves that the same has been legally issued, before they shall be au- thorized to issue bond of the county therefor, and should they detect any spurious or illegal war rants or scrip. they shall not issue any bond therefor, but they shall make a list of numbers and amounts of such spurious or ille- gal warrants, and file the same with the clerk of said court, which filing shall be deemed sufficient notice to all of the illegality of such warrants or scrip, and from that date such illegal warrants shall not be received for taxes or any other dues to the county, but shall be deemed wholly null and void.

 Sec 3. The bonds herein au- thorized shall be issued in bonds ofnot less than twenty-five dollars, and shall be made payable and become due in not less than ten nor more than twenty years from the date thereof. Said bonds shall bear interest at the rate of seven per centum per annum, and be made payable nrincin