Furnas county.

the amount of eight thousand dollars, running for the Bonds of
term of ten years, with interest at the rate of ten per cent.
per annum, payable semi-annually, on the first days of
January and July in each year; said bonds and the cou-
pons attached thereto shall be signed by the chairman of
the board of county commissioners, and countersigned by
the county clerk of said county, and the county commis-
sioners of said county shall provide the form of said bonds,
and shall issue and negotiate the same.

SEC. 2. The proceeds of said bonds shall be applied Proceeds of solely to funding the indebtedness of said county.

bonds, how applied

SEC. 3. The county commissioners of said county are Levy of tax. hereby authorized and directed to levy annually a tax sufficient to pay the interest on said bonds as it becomes due,

together with the principal of said bonds, at maturity.

SEC. 4. This act shall take effect and be in force from To take effect. and after its passage.

Approved, February 17, 1875.

AN ACT

To provide for funding the warrants of Madison county.

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

son county.

SECTION 1. The county commissioners of Madison Bon is of Madicounty are hereby authorized and empowered to prepare in printed form, bonds of such denominations as such commissioners shall deem best, payable in not less than five nor more than twenty years after the date thereof, for the purpose of funding outstanding and unpaid county warrants of said county; said bonds shall be for the payment by the County of Madison, of the sum specified therein

Presentation of warrants.

Destruction of warrants.

to the holders thereof respectively, and shall bear interest at the rate of ten per cent. per annum, which said interest shall be payable annually, on the first day of July of each year, and there shall be attached to said bonds, coupons for the payment of said interest; and said coupons shall be receivable in payment of county taxes; and said bonds and coupons shall be signed by the chairman of the county board, and when delivered to parties entitled thereto, shall be countersigned by the county clerk, who shall affix the seal of the county thereto.

SEC. 2. The holders of all outstanding county warrants, drawn upon the treasurer of said Madison county, bearing date prior to the first day of July, A. D. 1876, shall, at any time prior to the first day of July 1876, present the same to the county clerk of said county in sums not less than that which may be fixed by said commissioners, and the said county clerk shall in lieu thereof, give a bond or bonds to the holder of said warrants equal to the amount of principal and interest, if any, due upon such warrants; and thereupon said county clerk shall cancel said warrants, and the party presenting the same shall sign a receipt for the bond or bonds received in lieu of said warrants, 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; and unless the warrants are so cancelled, and receipt given as aforesaid, the county clerk shall be charged with the amount of the warrants, and shall be liable therefor on his official bond.

SEC. 3. The county commissioners shall, at their next session after the issuance of said bonds, carefully examine the receipts and warrants so delivered to the county clerk, and upon being satisfied of their correctness, shall burn each and every one of said warrants.

SEC. 4. Within four months after the passage of this

notice.

act, the said commissioners shall cause to be published for Publication of not less than four nor more than eight successive weeks, in each newspaper printed in said county, a notice requiring all persons holding warrants upon the county treasurer of said county to present the same, to be funded as herein. provided, and upon all such warrants issued prior to July 1, 1875, which shall not be presented and funded before July 1, 1876, the interest thereon shall cease and be forever thereafter barred.

paid.

SEC. 5. The payment of said bonds and coupons shall Bonds, how be made from the sinking fund of said county, and the taxes assessed to furnish said sinking fund shall be paid only in cash or in said coupons, and whenever there shall be in said fund the sum of five hundred dollars over and above the amount necessary to pay the coupons that may be due at the time, the said commissioners shall cause to be published in each newspaper in said county, for two consecutive weeks, a notice stating the amount of said fund on hand, and inviting holders of said bonds to put in sealed proposals, stating the terms on which they will sell any bonds held by them, and the county commissioners shall purchase such bonds as shall have been offered at the lowest price, in sufficient quantities to exhaust the amount of money in said sinking fund. Payment for bonds so purchased shall be made by the county treasurer, who shall endorse on the back thereof the amount paid, and the holder shall sign a receipt for the amount so paid on the back of each bond so purchased; and said county treasurer, upon the auditing and settlement of his accounts by the proper officers of such county, shall be allowed credit for all sums by him paid and endorsed on said bonds, and the county commissioners shall thereupon cancel said bonds, and destroy each of them by burning the

same.

SEC. 6. And all such bonds which shall remain un

bonds for pay. ment.

Presentation of paid at maturity, shall cease to draw interest after that date, unless the holder thereof shall, when the same becomes due, present the same to the county treasurer, who, if there are no funds in his hands to pay the same, shall endorse thereon, "Presented this day of

To take effect.

A. D. 18——, and not paid for want of funds," and sign his name thereto.

SEC. 7. This act shall take effect and be in force from and after its passage.

Approved, February 23, 1875.

Bonds of
Hall county.

AN ACT

To provide for the funding of the warrants of the city of Grand
Island, Hall county, Nebraska, and for other purposes.

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

SECTION 1. That the city council of Grand Island, Grand Island, Hall county, Nebraska, be, and the same are hereby authorized and directed to cause to be prepared in proper form and style, printed bonds, with coupons attached, to the amount of two thousand dollars payable twenty years after date and bearing interest at the rate of ten per cent. per annum, payable semi-anuually in the city of New York, said bonds to be of the denomination of one hundred dollars each, unless otherwise directed by the city council of Grand Island, said bonds shall be signed by the mayor and council of said city and countersigned by the city clerk, and the corporate seal of said city shall be attached to each bond so issued by said clerk.

SEC. 2. The holders of all outstanding warrants due and unpaid against said city of Grand Island, shall present

warrants.

the same to the mayor of the city of Grand Island in sums Presentation of of fifty dollars or over, as said council may direct, and said mayor shall submit all said warrants as aforesaid, so deposited with him to the city council at their next regular meeting, for their consideration, and after being ordered and directed by resolution of said city council, the mayor shall in lieu of such warrants and the interest due thereon, give a bond or bonds of said city of Grand Island, as above directed, to the holder or holders of said warrants, equal in amount to such warrants and interest: Provided, That interest on such warrants shall not be computed or paid at a greater rate than ten per cent. per annum,: And, provided further, That said bonds shall not be exchanged as above at less than ninety cents on the dollar. The mayor shall forthwith cancel all such warrants by writing on the face thereof. "Cancelled this day of -187by issue of bond or bonds numbered," said cancellation shall by signed by the mayor and by the holder or holders of such warrant or warrants presenting the same.

SEC. 3. The city council of said city are further authorized, if in their judgment it shall be deemed best to sell and dispose of said bonds, so as aforesaid issued and place the proceeds of such sale in the treasury of said city for the purpose of paying the outstanding and unpaid warrants against said city.

Sale of bonds.

SEC. 4. The city council of said city are hereby Levy of tax. authorized and directed to levy annually a tax sufficient to

pay the interest on said bonds, as aforesaid, together with

the principal of said bonds to be paid at maturity.

SEC. 5. This act shall take effect and be in force from To take effect. and after its passage.

Approved, February 25, 1875.