Page:1889 Territory of Dakota Session Laws.djvu/121

66 § 3. .] It shall be the duty of such board, to receive sealed proposals for the purchase of said bonds, after giving notice for ten days in three newspapers of general daily circulation, published as follows: One in the city of St. Paul, in the state of Minnesota; one in the city of Bismarck, inthe Territory of Dakota, and one in the county where the bonds are to be issued, and said bonds shall be sold to the highest bidder for cash; provided said bonds shall not be sold for less than their par value, provided further, the said board may reject all bids and postpone the sale of said bonds fora time, not exceeding twenty days.

§ 4. .] The proceeds arising from the sale of said bonds shall be deposited by the purchaser thereof in the treasury of the county, and shall be paid out only on theorder of the Board of County Commissioners.

§ 5. .] It shall be the duty of said board to require the County Treasurer to give a further and additional bond, with good and sufficient sureties, in a sum to be determined by said board before said bonds are paid into the treasury. Said bond shall be approved by said board.

§ 6. .] For the purpose of prompt payment of principal and interest of the bonds herein provided for, there shall be levied by the board of county commissioners, at the time the other taxes are levied, such sums as shall be sufficient to pay such interest and at reasonable time prior to the maturity of said bonds in addition thereto, a sinking fund tax shall be annually levied sufficient to retire and pay said bonds at their maturity, and it shall be the duty of the County Treasurer to pay promptly on the first days of April and October in each year, such interest as shall then be due, and to purchase said bonds at not more than their par value, and retire and cancel the same with the sinking fund tax as fast as the same shall be received. And no tax or fund provided for the payment of such bonds, either principal or interest, shallat any time be used for any other purpose. Provided, that the Board of County Commissioners may deposit any portion of the sinking fund provided for hereby in any National Bank in the Territory of Dakota, which shall furnish to the county a good and sufficient bond, and receive interest on the same which shall be credited to the sinking fund itself. It shall be the duty of the Treasurer when said bonds or any coupons attached thereto are paid to cancel the same by writing upon the face thereof the date of payment.

§ 7. .}] Before the bonds are delivered to the purchaser they shall be presented to the County Treasurer, who shall register them in a book to be kept for that purpose, and known as the bond register, in which register he shall enter the number of each bond, its date, date of maturity, amount, rate of interest, to whom and where payable.

§ 8. .] The fund arising from the sale of said bonds shall be applied by the said board to the purchase of seed