Page:1889 North Dakota Session Laws.pdf/130

 twenty years from their date, and bear interest not to exceed six per cent, per annum, payable semi-annually, with coupons attached for each interest installment; said bonds and coupons shall be signed by the chairman of the board of county commissioners, or the chairman of the county board as the case may be, and shall be attested by the county clerk, or in counties having an auditor, by the county auditor. The seal of the county shall be affixed to each bond, but not to the coupons. Said bonds shall be printed, lithographed, or engraved on good bond paper, and each bond shall state on its face that it is issued in accordance with an act of the Legislative Assembly of the State of North Dakota, entitled "an act authorizing counties to fund outstanding indebtedness, and adjust disputed claims; to issue and dispose of bonds, and to provide for the payment of the principal and interest thereof, "approved--1890, (here insert date of approval of this act), and a copy of this act shall be printed on the back of each bond. Said bonds may be made payable anywhere in the United States.

§ 4. BONDS IN EXCHANGE FOR OUTSTANDING INDEBTEDNESS.] Said bonds may be exchanged at par value for an equal amount of indebtedness of said county with the holder of such indebtedness, whether evidenced by county warrants, bonds or orders, judgment or adjusted claim; or said bonds may be sold by the board at not less than par value, and the proceeds applied solely to the payment of the indebtedness for which they were issued. A record of each bond so issued shall be kept by the county treasurer showing the number of each bond so issued, its date, amount, rate of interest, when and where payable, the amount received therefor, to whom sold, and how the proceeds were disposed of, and it shall be the duty of the county clerk or auditor to keep a duplicate account of the same.

§ 5. TAX.] The board of county commissioners or county board, as the case may be, shall levy each year upon the taxable property of the county a sufficient tax to pay the interest on said bonds as the same accrues, and a reasonable time before maturity a sufficient tax to provide a sinking fund for the payment of the bonds when they mature.

§ 6. COUNTY TREASURER TO PAY.] When said bonds and the coupons thereto attached mature, it shall be the duty of the county treasurer to pay the same on presentation, out of any funds in his hands applicable thereto; and he shall then cancel them by writing or stamping across the face of each coupon or bond the words: Paid this.......day of.......(inserting the date of the payment).

§ 7. COMMISSION.] The county treasurer shall be allowed a commission of one-fourth of one per cent. on the face value of said bonds for receiving and disbursing all funds arising from the sale or exchange of said bonds, and the commission herein provided for shall be in lieu of all other commissions allowed by law,