Show county bonds bonas an act authorizing 0 counties to issue bonds for 0 the c purpose funding outstanding indebtedness arid and for other purposes be it enacted by the governor arid and legislative assembly of the territory of utah SECTION 1 that whenever it shall be necessary to construct add to complete or repair the court house jail or other count county buildings or purchase the ground or make other county improvements or whenever it may bo be desirable to fund or average any ally existing debt incurred for county purposes and an the ithe revenues afforded by bv reasonable taxation are con insufficient sufficient to do the same the county court may issue negotiable coupon bonds in any sum of money not exceeding one per t u in of the taxable property wherein such county to be ascertained a by the last assessment of territorial and county taxes said bonds shall be of the denomination of not less than five hundred nor more than one thousand dollars each and bearing an annual rate of interest not exceeding six per payable semiannually semi annually and such bonds shall be payable not more than 20 years from date and the principal and interest of such bonds shall be paya payable bleat at such place as the county court shall direct and the right to lo redeem redfern them at any time after ten years year 8 may bo be reserved the county court of such euch county may submit to the resident taxpayers of such county the question of bon bonding d in the coil county n ty anti and for that purpose athe the county court of the county de desiring ff to bond is hereby authorized to call a special election for that purpose or the ilie same arne s may be submitted at any general 1 election but the man rier of conducting a special election shall be as provided by law for the election of county officers and if upon the returns it shall appear that the majority of the votes cast shall be in favor of bonding the county court shall proceed to issue bonds as provided in ill his act such bonds shall be advertised for sale arid and disposition at least once a week for four successive weeks in i n a newspaper having a general cil circulation reu in the county where such bonds are arc voted and also in any other paper that the county court may direct 1 no second or subsequent loan and issue of bonds made to secure the same shall be made or authorized by said county court as above provided so ion long P as the first loarl loan and bonds principal and interest made under the provisions of this act shall remain i unpaid SEC 2 whenever lic never any bonds are issued under the provisions of this act they shall be signed by the probate judge and attested by the county clerk under the seal of the court issuing the same faine they shall be lithographed lithographer litho graphed or prin printed tedon on bond paper and shall state upon their face the late date of their issuance the amount of the bond for what purpose is issued mcd also the time and place of payment and the iho rate of interest to bo be have bay c attached thereto coupons one for each of the semiannual semi annual payments of interests and there shall ho be attached to each of said bonds the certificate of the clerk of the proper county in in lorill form as follows I 1 county clerk ottlie county OL of i in ii I 1 the it e I 1 territory arri tor i of utah do cei certify tiby that alij annexed bond was issued and delivered in the treasurer of said county this day of A 1 D 18 in testimony whereof I 1 have hereunto set fet my hand arid and affixed the seal of the county court of said county this day of 18 SEC 3 the county clerk shall deliver such bonds bends to the treasurer of such county and charge him there therewith wit upon the proper books in in his ot ollice c and tile the same shall be deemed as part of the funds of the county in the hands of the treasurer thereof who shall bo be 1 liable upon liis his official bond I 1 as in case of other funds ami securities belonging 0 to the county and such b bonds 0 s may be old eold by the treasurer and may be sold at any place within the united states stales but at no greater discount than five per cent such sale shall lie be made by and with the consent of the county court tho the bonds issued as in this let act provided inay may be sold from time to time in the installments as money may be needed arld under e r th alie e direction of the county court until the whole or of such bonds adall have been disposed of and aft after er said bonds aru disposed of the I 1 county issuing them shall be esto ill c d from iro r ill coil contesting testing the e validity of the sanie and tile the pa same le shall be upheld by all courts SEC 1 whenever the bonds are sold or ne negotiated 0 as aa herein provided the county court shall annually anft make ft a tax levy of not less than one tenth of 1 per cent on tho the taxable property of such county and cause the same to be placed upon the tax duplicate or ashes ement roll properly designated in in a separate column for the current and succeeding year and such tax when collected shall be invested in the londs bonds aforesaid or other territorial or county securities and thereupon shall constitute a sinking fund for the extinguishment 0 and ultimate liquidation da lion of the debt created by the issue of such bonds sm 5 the county court shall provide by taxation for the annual payment of the interest int cret accruing on oil all bond bouldi sold and fr far that purpose shall make a distinct arid and specific levy and cause the sanie cameto to lie placed in a t separate column upon the tax duplicate or assessment roll and such levy when collected shall be applied to the payment of tile the interest as a aforesaid fo re and the balance if all any I 1 to the payment of the principal of such deit debt and for no other purpose whatever SEC 6 if such lucli bonds or any portion of them hall not be sold old as aforesaid the county tre treasurer asprer shall return them to the county clerk who shall give him tile the proper credit upon his books an anil at the next session sass ion of tho the county court thereafter the county clerk shall lay such bonds before it and such county court shall cancel or otherwise destroy the same ili in the presence of such county clerk and treasurer and shall cause an entry of the fact to be made in the minute book per 7 all nets acts and parts of acts in in conflict wit with this act are hereby repealed SEC 8 this act shall take effect aud and be in force from and after its approval approved starch 10 1892 |