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Redemption of

warrants.

Payment of

warrants.

To take effect.

County warrant numbered one (1), bearing date July 2, 1872, for the sum of $200.

County warrant numbered two (2), bearing date July 2, 1872, for the sum of $200.

County warrant numbered three (3), bearing date July 2, 1872, for the sum of $200.

County warrant numbered four (4), bearing date July 2, 1872, for the sum of $200.

County warrant numbered five (5), bearing date July 2, 1872, for the sum of $200.

County warrant numbered six (6), bearing date July 2, 1872, for the sum of $500.

County warrant numbered seven (7), bearing date July 2, 1872, for the sum of $500.

County warrant numbered eleven (11), bearing date November 4, 1872, for the sum of $500.

County warrant numbered twelve (12), bearing date November 4, 1872, for the sum of $500.

County warrant numbered thirteen (13), bearing date November 4, 1872, for the sum of $500.

SEC. 5. The proceeds arising from the sale of said bonds shall constitute a special fund for the payment of the warrants and the interest thereon, mentioned in section four of this act, and shall be paid over to the treasurer of said County of Jefferson, to be by him expended in redeeming said warrants: Provided, That the county commissioners of said county may, in lieu of selling said bonds, exchange the same with the holders of said county warrants; provided that in making such exchange, said bonds shall not be disposed of by said commissioners at more than ten (10) per cent. discount.

SEC. 6. This act shall take effect and be in force from and after its passage.

Approved, February 2, 1875.

AN ACT.

To provide for the funding of the warrants and outstanding indebtedness of Webster county, Nebraska.

Be it enacted by the Legislature of the State of Nebraska:

ster county.

SECTION 1. That the county commissioners of the Bonds of Webcounty of Webster, are hereby authorized and empowered to prepare in printed form, bonds of such denominations as said commissioners may deem best, and made payable ten years after the date thereof, for the purpose of funding and paying the outstanding and unpaid warrants of said county. Said bonds shall be for the payment by the county of Webster, of the sum specified therein, to the holders thereof respectively, and shall bear interest at the rate of ten per cent. per annum, which interest shall be payable annually, on the first day of July in each year, and there shall be attached to said bonds, coupons, for the payment of said installments of interest, and said coupons shall be receivable in payment of all county taxes, and said bonds and all said coupons attached thereto, shall be signed by the chairman of the board of county commissioners and countersigned by the county clerk of said county.

payable.

SEC. 2. Said bonds and the interest-coupons thereof, Bonds, where shall be made payable at the city of New York, at such bank or authorized agency, as shall be designated by the said commissioners, and stated on said bonds.

SEC. 3. The said county commissioners of the county Sale of bonds. of Webster, are hereby authorized and empowered to offer said bonds for sale for cash: Provided, That no bond or bonds shall be sold for a less sum or amount than eightyfive (85) per cent. of the par value thereof.

SEC. 4. All money or moneys received by the sale of

Payment of

warrants.

Exchange of

warrants tor bonds.

Publication of notice.

said bonds shall be paid into the general fund of said county, and shall be used only for the exclusive purpose of payment of the outstanding and unpaid warrants of said county, which said warrants drawn on the general fund shall be paid and redeemed in the order of registration thereof, as in the manner provided by law; but none of the proceeds of said sale of bonds shall be applied to the payment or redemption of the warrants of said county of Webster, issued for the construction of bridges in said county during the years 1873 and 1874.

SEC. 5. The said county commissioners of the county of Webster, are authorized and empowered to receive the outstanding and unpaid warrants of said county, which have been or may be issued prior to the first day of July, A. D. 1875, except the warrants issued for bridge purposes, as before mentioned, in exchange of said bonds upon demand of the holders or owners of said warrants, when presented in sums or amounts equal to any denomination of said bonds, which said warrants shall be received at par value thereof with accrued interest, added thereto : Provided, That when said bonds are exchanged for said warrants, must bring not less than ninety per cent. of the par value thereof.

SEC. 6. It shall be the duty of the said county commissioners of said county of Webster, and they are hereby directed, before offering said bonds for sale or exchange for warrants, to give notice by publication for not more than eight nor less than four consecutive weeks, in all the weekly newspapers published in the said county, and for four consecutive weeks in one newspaper published at the capital of the state. Said notice to contain a statement of conditions upon which said bonds are issued, and the time, place, and conditions of sale or exchange, thereof, and, also, a statement of the assets and liabilities of

said county, and such other information as the said county commissioners shall deem necessary.

SEC. 7. It shall be the duty of said county commis- Levy of taxes. sioners, and they are hereby directed, to provide for the payment of said bonds, and the interest-coupons thereof, by making an annual levy of taxes at the regular July meeting of said commissioners, which levy shall be sufficient to meet the interest on said bonds, which levy shall be paid in cash only, or with interest-coupons of said bonds, and the said commissioners are further authorized and directed to make an additional levy of taxes in July, a. d. 1880, and each year thereafter, until said bonds are paid and redeemed, equal to twenty per cent. of the amount of said bonds issued, and all moneys derived from said levies of taxes shall constitute a sinking fund to be used for the payment of said bonds and interest thereon, and for no other purpose.

outstanding

exchange.

SEC. 8. Whenever the holders of outstanding and un- Presentation of paid warrants of said county of Webster, shall present said warrants for warrants for exchange for said bonds, as before specified, in such sums as may be fixed by said commissioners, it shall be the duty of the county clerk, of said county of Webster, to give a bond or bonds to the holder of said warrants, equal in amount to the principal and interest, if any be due, of said warrants, and thereupon the said county clerk, shall forthwith cancel said warrants by writing across the face of each of them, with red ink, the following words: "Cancelled by issue of bond No.-- this▬▬▬ day of—18—,” which cancellation shall be signed by both the county clerk and the party presenting said warrants; and the party presenting such warrants shall also sign a receipt for such bond or bonds so received by him, to the county clerk, specifying therein the number, date, and amount of such bonds, and the numbers, date, and principal and interest of each warrant taken up by such bond,

Agency for selling said

bonds.

Bonds not to be issued in excess

warrants

and unless the warrants are so cancelled and signed, and the receipt be so taken, as aforesaid, the county clerk shall be charged with the amount of the warrants, and shall be liable therefor on his official bond.

SEC. 9. The county commissioners of the said county of Webster, are hereby authorized and empowered to select or procure the services of an agent, or to establish an agency, said agent or agency to be located at the city of New York, for the purpose of selling, negotiating, or paying said bonds, and interest thereon, and where said bonds. and interest shall be made payable, as provided in section two of this act,

SEC. 10. This act shall not be construed as authoriz of outstanding ing the said county commissioners of the county of Webster to issue any bond or bonds in excess of the amount of outstanding warrants and accrued interest thereon remaining unpaid on the first day of July, A. D. 1875, or to issue bonds for any other purpose, or in any manner than herein provided for.

To take e Tect.

SEC. 11. This act shall take effect and be in force from and after its passage.

Approved, February 20, 1875.

AN ACT

To provide for funding the indebtedness of Furnas county,
Nebraska.

Be it enacted by the Legislature of the State of Nebraska:

SECTION 1. That the county commissioners of Furnas county be, and are hereby authorized and directed to issue coupon bonds of five hundred dollars each, not to exceed

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