Page:Federal Reporter, 1st Series, Volume 2.djvu/553

 543 FEDERAL REPOSTEB. �the state were authorized to fund their outstanding îndebt- edness. �Under the provisions of this act the complainant and de- fendant made an adjustment and compromise, whereby the complainant agreed, upon certain conditions, to remit 25 per cent, of its claim upon ail of said bonds of both classes, and the defendant agreed to issue new bonds for the balance due after such remission ; and also agreed that it -would annually levy a tax of one-half of 1 per cent, per annum upon ail the taxable property of said county, to pay interest and principal of such new bonds. It was further agreed that if such county should make default in the payment of any instalment of interest when due, or of the principal of said new bonds, for a period of 60 days, that the said county of Pulaski should for- feit the 25 per cent, remitted, and would pay the holder of such new bonds the full amount of the original indebtednesa for which they had been issued, and that the acceptance of the new bonds was not to discharge or release said county from any portion of its original indebtedness, unless the interest on said new bonds and the principal thereof should be paid �at maturity. �In pursuance of this agreement, new bonds were issued, containing on their face the foUowing stipulation: "Theper- son to whom this bond is issued having, at the request of said county and its authority, made a concession and reduc tion of 25 per centum of the principal and interest of the bonds presented for funding, the county of Pulaski hereby pledges and binds itself to pay the principal and interest of this bond, as the same becomes due and payable, and to annually levy a tax, payable only in the lawful money of the United States, and faithfuUy apply the same, when coUected, to the principal and interest of this bond ; and it is hereby stipulated that this bond is not to be a waiver by the holder thereof of any of the provisions of the act under which the Burrendered bonds were issued, and that this bond preserves the obligation of the contraot of eaeh and ail of said bonds as fully as if set forth herein." �The old bonds were delivered to defendant, and new bonds ����