funded under the provisions of section.1 of this act, of the county issuing them, or said bonda may be sold by the Board of County Commissioners, at not less than par value, and the proceeds applied solely to the payment of such indebtedness. When such bonds are so taken up and paid by the issue ef bonds as herein provided for, such bonds shall be marked "Paid by bond No..... "(giving number of bond) and shall be retained by the county treasurer until his settlement with the county commissioners, and shall then be carefully compared with the bend registered and after such comparison shall be placed in the custody of the county auditor or county clerk and it shall be his duty to preserve the same.
§ 4 Tax.] The board of county commissioners shall each year levy upon the taxable property of the county a sufficient tax to pay the interest on said bonds as the same accrues and a reasonable time before maturity, a sufficient tax to provide a sinking fund for the payment of the bonds when they mature.
§ 5. Payment.] When said bonds and the several ceupons thereto attached mature, it shall be the duty of the county treasurer to pay the same on presentation out of any funds in his hands applicable thereto, and shall cancel them when paid by writing or stamping across the face of each coupon or bond the words: "Cancelled by payment this...day of .___- ” (inserting the day of payment).
§ 6. Registry.] Before the bonds are delivered to the purchaser they shall be presented to the county treasurer, who shall register them in a book to be kept for that purpose and known as the ‘bond register," in which register he shall enter the number of each bond, ita date, date of maturity, amount, rate of interest, to whom and where payable.
§ 7. Negotiable.] Bonds issued in substantial conformity to this act shall in law be censidered negotiable.
§ 8. Repeal.] All acts or parts of acts in conflict with this act are hereby repealed.
§ 9. Effect-when.] This act shall take effect and be in force frem and after its passage and approval.
Approved March 2, 1889.
