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Security.

Liability.

Cancellation.

Annual statement.

all interest thus paid, which coupons shall be filed with and cancelled by the auditor of state, and the auditor's receipt taken therefor, and retained by said treasurer; that the moneys thus collected and remaining in the hands of the said state treasurer, after the payment of the said interest, as herein provided, except a sufficient amount to pay the accruing interest upon such bonds for the current year, shall be retained as a sinking fund for the final redemption of such bonds, and shall be, by the said state treasurer, at once invested as follows, to-wit: First, in redeeming the bonds of the county, city or township issuing the same; second, in the bonds of the State of Kansas; third, in the bonds of the United States: Provided, That the bonds thus purchased shall in all cases be purchased at the lowest market price: Provided however, That no tax shall be levied for the creation of a sinking fund until one-half of the time for which the bonds were issued has expired.

SEC. 20. The state shall be deemed the custodian only of the taxes so collected, and credited to such county, city or township, and shall not be deemed in any manner liable on account of any such bond; but the tax and funds so collected, shall be deemed pledged and appropriated to the payment of the interest and principal of the registered bonds herein provided for, until fully satisfied, and the state treasurer shall be liable on his official bond for the faithful disbursement of all moneys so collected or received by him.

SEC. 21. That when any registered bonds shall mature, the same shall be paid off by the state treasurer out of any money in his hands or under his control for that purpose, and when so paid the same shall be endorsed by the state treasurer, on the face thereof, in red ink, "cancelled," together with the date of such payment, and thereupon be filed with the auditor of state, who shall enter satisfaction of such bonds in the record where the same are registered.

SEC. 22. The treasurer and auditor of state shall an

nually, on the thirtieth day of November of each year, publish a detailed statement of the business transacted by them during the preceeding year under the provisions of this act.

SEC. 23. All laws or parts of laws of this state inconsistent with the provisions of this act, are hereby repealed.

SEC. 24. This act shall take effect and be in force from and after its publication in the Kansas Weekly Commonwealth.

Approved March 2, 1872.

I hereby certify that the foregoing is a true and correct copy of the original enrolled bill now on file in my office, and that the same was published in the Kansas Weekly Commonwealth March 7, 1872.

W. H. SMALLWOOD,
Secretary of State.

CHAPTER LXIX.

DICKINSON COUNTY.

AN ACT to authorize Dickinson county to issue bonds.

Be it enacted by the Legislature of the State of Kansas:

SECTION 1. That the board of county commissioners May issue bonds. of the county of Dickinson be authorized and empowered to issue the bonds of said county in an amount not exceedFor what purpose ing three thousand dollars for the purpose of repairing bridges, which bonds shall be made payable in not less than five nor more than ten years from their date, and shall draw interest annually at the rate of ten per cent.

SEC. 2. The said bonds shall be signed by the chairman of the board of county commissioners and attested by the county clerk, and shall have interest coupons attached.

SEC. 3. The board of county commissioners shall Tax to be levied. annually levy and assess such per cent. upon the taxable property of said county as shall be sufficient to pay the interest maturing upon said bonds, and to create a sinking fund for their final redemption.

SEC. 4. This act shall take effect and be in force from and after its publication in the Kansas Weekly Commonwealth.

Approved February 17, 1872.

I hereby certify that the foregoing is a true and correct copy of the original enrolled bill now on file in my office, and that the same was published in the Kansas Weekly Commonwealth February 22, 1872.

W. H. SMALLWOOD,
Secretary of State.

CHAPTER LXX.

ATCHISON COUNTY.

AN ACT to authorize the county commissioners of Atchison county to issue and sell the bonds of the county.

Be it enacted by the Legislature of the State of Kansas:

applied.

SECTION. 1. The county commissioners of Atchison county are hereby authorized to issue and sell the bonds May issue bonds. of said county, and shall apply the proceeds thereof to the Proceeds, how payment of all county orders, and the interest thereon which shall be due, and outstanding debts of said county at the time of issuing said bonds, also to the payment of the current expenses of said county for the year A. D. 1872.

SEC. 2. No bond shall be issued under the provisions of this act for a less sum than one hundred dollars. Said bonds shall have coupons attached thereto, and be made payable to bearer, and bear a rate of interest not exceeding ten per cent. per annum, which interest shall be payable semi-annually on the first day of January and the first day of July in each year.

SEC. 3. Said bonds shall be made payable at a time and place therein named, not less than ten nor more than Payable, when. thirty years from the date of the issuing of the same.

SEC. 4. All bonds issued under the provisions of this

act shall be signed by the chairman of the board of county To be registered. commissioners, and countersigned by the clerk of said county, and shall have the official seal of said clerk attached, and be by said clerk registered in a book to be by him kept for that purpose; and when any bond or bonds so issued shall have been sold, the proceeds of such sale shall be paid over to the county treasurer to be by him disbursed for the purposes hereinbefore specified, and no other.

Sale of bonds,

how made.

Proviso.

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SEC. 5. The sale of the bonds issued under the provisions of this act shall be made in the following manner, viz: Said board of county commissioners shall publish in the official paper of the county, and in such other manner as they may deem proper, for at least thirty days previous to the date fixed for awarding the sale of said bonds, inviting sealed proposals for the purchase of such bonds, and said board of county commissioners shall, at a regular session, open and consider all proposals made, and shall award the sale of said bonds to the highest and best bidder, payment to be made in county orders, or current funds: Provided, All proposals shall be made for one hundred dollars, or some multiple of one hundred dollars of said bonds: And provided further, Nothing in this act shall be construed to authorize the sale of any of said bonds for less than eighty-five cents on the dollar.

SEC. 6. The said board of county commissioners shall Tax to pay inter- levy annually such a per cent. on the taxable property in said county, as shall be necessary to pay the interest on

est and a

sinking fund.

Amount.

all bonds issued in accordance with the provisions of this act as the same shall mature, also levy a tax to create a sinking fund for the final redemption of the principal of said bonds, and said board of county commissioners shall invest the sinking fund in the bonds of the State of Kansas, or in the bonds of Atchison county, or apply the same to the taking up of the bonds issued under the provisions of this act, in the order in which they may be presented by the holders thereof, and in case no bond or bonds are presented, the said board of commissioners may call in, and take up the same, and no bond or bonds shall draw interest after the said board of commissioners shall have given thirty days' public notice in the official paper of the county that they are ready to pay the principal and interest of said bond or bonds.

SEC. 7. The amount of the bonds issued under the provisions of this act, shall not exceed forty-five thousand dollars.

SEC. 8. This act shall take effect and be in force from

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