Page:1889 Territory of Dakota Session Laws.djvu/126

Rh tion 1 of said act and inserting in lieu thereof: February 1st, 1889, and by striking out the word "semi-annually" where it occurs in the 19th line of section 1 of said act, and inserting in lieu thereof the the word "annually," and by striking out of section 1 of said act the 39th and 40th lines thereof and the words "each bond" in the 41st line thereof, and inserting im lieu thereof the words, "which became a law March 7th, 1887, and as amended by the 18th Legislative Assembly."

Approved, February 26, 1889,

CHAPTER 40.

FUNDING BONDR.

AN ACT Authorizing the Refunding of Outstanding County Bonda.

Be it Enacted by the Legislative Assembly of the Territory of Dakota.

§ 1. .] Each and every organized county of this Territory is hereby autherized and empewered by and through its Board of County Commissioners, when in the judgment of said Board it is deemed to be to the best interesta of the county to issue its negotiable bonds in the name of the county corporation for the sole purpose of funding the outstanding bonded indebtedness existing against the ceunty, that is dueand payable, er is about to become due and payable, or whenever said indebtedness can be refunded at a lower rate of interest.

§ 2. .] The bonds issued under the previsien of this act shall be in denominztious of not less than $100.00 nor more than $1,000.00; shall bear the date of their issue; shall be made payable to the purchaser or bearer, and shall be made payable in not less than ten nor more than twenty years from their date, and bear interest at à rate not exceeding six and one-half (64) per cent. per annum, and payable annually or semi-annually as may be agreed upon, with eoupons attached for each interest payment. Tbe bonds and each coupon shall be signed by the Chairman of the Board of County Commissieners, and shall be attested by the County Clerk or Auditor. The seal of the county shall be affixed to each bond but net to the coupons. Said bonda shall be engraved orlithographed on good bond paper, and each bend shall recite upon its face that it is issued under the provisions of this act, designating it by its title and date of approval or becoming a law. Said bonds may be made payable anywhere in the United States.

§ 3. .] Said bonds may be exchanged at not less than par value for an equal amount of bonds permitted to be