Regulation of

SEC. 3. If at any time such exchange shall be made, the said Board of County Commissioners may such exchanges. assign such stock, and shall, on the receipt of such bonds, in the presence of the clerk of said Board, or his deputy, cancel such bonds by writing the word "cancelled" on the face of such bonds, and by cutting off the seal of the County from such bonds, and all coupons still attached to such bonds shall be cut off and burned in the presence of said Board, and the said clerk or his deputy, and the clerk of the said Board shall make a record of the proceedings, stating what bonds were cancelled, how many and what coupons, if any, were cut off and burned.

SEC. 4. This act shall take effect and be in force from and after its passage.

Approved February 13th, 1874.

AN ACT

To authorize the Funding of the Debt of the several Counties of Colorado Territory.

Be it enacted by the Council and House of Representatives of Colorado Territory, That the several Counties of Colorado Territory are hereby authorized to issue to any person or corporation holding any county order or orders of said Counties issued prior to February 1, A. D. 1874, coupon bonds of said County in lieu coupon bonds. thereof to any amount equal to the face of said or

der or orders.

SEC. 2. The Board of County Commissioners of Regulating the the different Counties shall also have the right to sale of bouds. sell any of such bonds to any person not holding or not wishing to exchange county orders, but no bond shall be sold unless for cash and not then at a discount of more than five (5) per cent. on its par value including the cost and commission of sale. The money arising from the sale of such bonds shall be forthwith used in redeeming the outstanding orders of said County, and for no other purpose whatever.

of bonds

rate of interest.

I imitation of the issue.

SEC. 3. No bonds shall be of a less denomination

Denomination than fifty ($50) dollars and if issued for a greater amount than for some multiple of that sum, such bonds to draw interest at the rate of ten (10) per cent. per annum from the date of their delivery, the interest to be paid at the office of the County Treasurer on the first (1st) day of January in each year upon the production of the proper coupons for the same, such bonds to be payable at the pleasure of said County after the year 1879, but due and payable absolutely on the 31st day of December, 1882; Provided, That the whole amount of the bonds issued under this act shall not exceed the sum of the County indebtedness existing the first day of February A. D. 1874; and provided further, that it shall be the duty of the County Commissioners of any County when they shall determine to issue bonds in pursuance of this act, to ascertain and determine the amount of county orders of such County issued prior to the first day of February, A. D. 1874, remaining due and unpaid at the time of such computation, and they shall make a certificate of the amount so ascertained and determined, and the said certificate shall be recorded by the Clerk of said County upon the records of said County, and the aggregate amount of bonds issued by such County shall not exceed the sum in said certificate mentioned, and any bond issued in excess of said bond shall be null and void.

Anthentication.

SEC. 4. The bonds issued as provided in sections one (1) and two (2) of this act shall be signed by the majority of the Board of County Commissioners, and attested by the Clerk of said County, and bear the seal of the County upon each bond, and shall be numbered and registered in a book kept for that purpose in the order in which they are issued, each bond shall state upon its face the amount for which the same is issued, to whom issued, and the date of its issuance.

SEC. 5. In no case in exchanging orders for bonds shall an order be taken for less than its par value, nor any bond be issued for less than its par value.

to prescribe the

SEC. 6. The Board of County Commissioners are commissioners further authorized to prescribe the form of said forin of bonds, bonds and the coupons thereto, and to provide for the annual interest accruing on the bonds actually issued and delivered, and for the ultimate redemption of such bonds, they may levy a tax upon all taxable property in the said counties for that purpose, which tax shall be paid in cash only, and shall be kept by the County Treasurer of said county as a special fund, to be used in the payment of the interest on and the redemption of such bonds only, such tax to be levied and collected as other taxes.

SEC. 7. Nothing in this act shall be construed to authorize any increase whatever in the debt of any county in this Territory.

SEC. 8. This act shall take effect and be in force from and after the first day of March, A. D. 1874. Approved February 11th, 1874.

AN ACT

To authorize the Funding and Paying of the Debt of Clear
Creek County.

DIVISION I.

FUNDING THE DEBT BY BOND.

Be it enacted by the Council and House of Representatives of Colorado Territory, That the Board of County Commissioners of Clear Creek County, Colorado Territory, are hereby authorized to issue to any person, or corporation, holding any County orders of said Clear Creek County issued prior to January 1, 1874, coupon bonds of said County of Clear Creek in lieu thereof, to an amount equal to the face of said order, together with the interest due thereon.

Coupon bonds.

of bonds

SEC. 2. The Board of County Commissioners of Regulating sale Said County shall also have right to sell any of such bonds to any person not holding, or not wishing to exchange County orders; but no bond shall be sold unless for cash, and not then at a discount of more than five (5) per cent. on its par value, including the cost and commission of sale. The money arising from the sale of such bonds shall be forthwith used in redeeming the outstanding orders of said Clear Creek County, and for no other purpose whatever, said orders to be redeemed in the order of the date of their presentation to the County Treasurer for payment.

Interest, rate and principalhow paid.

SEC. 3. No bond shall be for a less denomination than fifty (50) dollars, and if issued for a greater amount than for some multiple of that sum, such bonds to draw interest at the rate of ten (10) per cent. per annum from the date of their delivery, the interest to be paid at the office of the County Treasurer on the first (1st) day of January in each year upon the production of the proper coupons for the same, such bonds to be payable at the pleasure of said County after the year 1876, but shall be due and payable absolutely as follows, to-wit: Five thousand (5,000) dollars of said bonds to be due and payable on the first (1st) of January, A. D., 1879. Ten thousand (10,000) dollars of said bonds to be due and payable on the first (1st) day of January, A. D., 1883, and the balance of said bonds to be due and payable on the first (1st) day of January, A. D., 1887; Provided, That the whole amount of the bonds issued under this Act shall not exceed the sum of twenty-five thousand (25,000) dollars.

SEC. 4. The bonds issued, as provided in section one (1) and two (2) of this Act, shall be signed by a majority of the Board of County Commissioners, and attested by the Clerk of said County, and bear the seal of the County upon each bond, and shall be

numbered and registered in a book kept for that purpose in the order in which they are issued; each bond shall state upon its face the amount, to whom issued, and the date of its delivery.

SEC. 5. In no case in exchanging orders for bonds shall an order be taken for less than its par value, nor any bond be issued at less than its par value, except as provided in section two (2) of this Act.

Registration.

Interest and

SEC. 6. The Board of County Commissioners of said County are further authorized to prescribe the form of said bonds, and the coupons thereto; and to provide for the annual interest accruing on the bonds actually issued and delivered, and for the ulti- redemption. mate redemption of such bonds, they may levy tax upon all taxable property in Clear Creek County for that purpose, which tax shall be paid in cash only, and shall be kept by the County Treasurer of said County as a special fund, to be used in the payment. of the interest on, and the redemption of these bonds only. The Board of County Commissioners may, at their discretion, after the year 1876, levy an annual tax equal to ten (10) per cent. of the amount of bonds issued, which tax, when collected, shall constitute a sinking fund and to be applied in the redemption of the bonds; Provided, That in no case shall said tax be levied and collected except when there shall be due and payable a sufficient amount of said bonds to meet the tax so collected; such tax to be levied and collected as other taxes.

SEC. 7. Nothing in this Act shall be construed to authorize any increase whatever in the debt of ClearCreek County.

DIVISION II.

PAYING THE DEBT BY SPECIAL TAX.

SEC. 1. The Board of County Commissioners of Clear Creek County, Colorado Territory, shall have power and be authorized (for the purpose of paying